INDIAN JEWELLER

All cash purchases of gold to come under IT scanner

The guidelines will require the jeweller to keep a tab on buyers making jewellery purchases of Rs. 2 lakh or more a year from his shop.

Post By : IJ News Service On 16 August 2016 12:49 PM
The Union Government in its drive against black money, is likely to introduce guidelines, which will require the jeweller to keep a tab on buyers making jewellery purchases of Rs. 2 lakh or more a year from his shop, says reports. The report further states that the jeweller will have to ensure that he keeps the PAN card details of all customers, making high value cash purchases of Rs. 2 lakh or more. If the buyer does not have PAN card, then the jeweller will need to keep details of any other identity cards like driving licence, Aadhar card. And any buyer who may not posses any of these identity cards will have to fill up Form 60 and submit that with the jeweller. Besides, the income tax department, on its part, will keep strict vigil on each jeweller to see if any large purchase evade the scanner, adds a report. At present, a customer at a jewellery shop has to produce PAN card only if he makes a purchase of over Rs. 2 lakh. To evade surveillance, a number of customers have developed a practice of making repeated cash purchases.

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