Planning To Purchase Jewellery Know If You Require KYC Or Not

The Division of Income (DoR) underneath the Ministry of Finance on Saturday clarified that solely buy of jewelry above Rs 2 lakh wants obligatory Know Your Buyer (KYC). ALSO READ | LPG Cylinder Reserving: Now, Missed Name Facility For Indane Gasoline Clients

Information company ANI quoted a DoR supply saying as “Any buy of gold, silver, jewelry or valuable gems and stones under Rs 2 lakh doesn’t require PAN or Aadhaar of a buyer as obligatory KYC doc.”

As per the report, the centre whereas clarifying a December 28, 2020 notification stated that money buy of jewelry, bullion and valuable gems and stones of worth greater than Rs 2 lakh shouldn’t be allowed with out KYC within the nation for the previous few years.

The discover issued underneath the PML Act said that individuals/entities buying gold, silver or excessive worth stones ‘in money transactions’ value Rs 10 lakh or above must fill the KYC doc as it’s a requirement of FATF (Monetary Motion Activity Pressure.)

FATF is an inter-governmental physique that oversees world cash laundering and terrorist financing, and units worldwide requirements aimed to stop unlawful actions.

Sources clarified that the misinformation being circulated that any buy of gold, silver, jewelry or valuable gems even when under Rs 2 lakh, in money require KYC– are baseless.

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(With inputs from ANI) 



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