Monday, January 18, 2016

#Jewellers protest against #PAN Card proof on purchase of Rs.2 lakh and above

Representative of Jewellers Associations from Bengaluru and Karnataka, said, “Our members and many of the jewellery Associations are on agitation path since they suffered losses of 25-30% in business transactions in last 15 days. The fall in business is a result of several factors which include the PAN card requirement from the customers buying jewellery of Rs. 2 lakh and above. We have taken representations to the Finance Minister and the Finance Secretary and urged them to make the PAN card mandatory on jewellery purchase of over Rs. 10 lakh instead of the present Rs. 2 lakh.”

From January 1, 2016, PAN has been made mandatory for all transactions above Rs. 2 lakh in cash or through card in entire Gems & Jewellery sector.