KYC threshold expected to be cut for jewellery buying in Budget

Jewellers, however, say no black money in system post demonetisation; move will only dampen demand

In a major blow to the already struggling jewellery sector in India, the government might cut the threshold limit for the requirement of the permanent account number (PAN) or Unique Identity Code (Adhaar Number) in urban, and Kisan Credit Card number in rural areas for jewellery or bullion purchases between Rs 50,000-100,000, post Union Budget 2017. The Budget, which will be announced on Wednesday, is likely to further tighten the noose around black money after the demonetisation of Rs 500 and Rs 1000 notes, announced on November 8, 2016.

"The government has already proved that it would go all