The editorial, “A regressive decision” (October 11), minces no words. The relaxation in KYC norms for jewellery purchase is indeed a regressive move, probably taken to please the traders’ lobby.
Next to real estate, jewellery has been a big avenue of hoarding black money. By permitting purchases of up to Rs 2 lakh without KYC, we have opened the flood gates for that. Unscrupulous traders and customers will find ways to make several bills to sell/buy the same item. Added to rampant under-billing in the sector, this would mean virtually no limit on the quantity of jewellery people can
Next to real estate, jewellery has been a big avenue of hoarding black money. By permitting purchases of up to Rs 2 lakh without KYC, we have opened the flood gates for that. Unscrupulous traders and customers will find ways to make several bills to sell/buy the same item. Added to rampant under-billing in the sector, this would mean virtually no limit on the quantity of jewellery people can
