KYC not needed for buying jewellery above Rs 50,000

Jewellers and consumers will not have to keep record of PAN and Aadhar for purchases above Rs 50,000

In a major relief for bullion dealers and jewellery retailers, the government has rescinded applicability of the Prevention of Money Laundering Act (PMLA) on purchases of precious ornaments above of Rs 50,000.

In a notification issued on Friday, the Ministry of Finance said, “The government has received representations from various associations in the gems and jewellery sector with respect to certain incongruities in the August 23, 2017 notification wherein dealers in precious metals, precious stones and other high-value goods were notified as persons carrying on designated business and professions under the PMLA. After considering various aspects of the issue, the