In a budget that has proved disappointing for many taxpayers, especially those who were hit hard by the covid-19 pandemic, the finance minister maintained status quo as far as the income tax slabs and other tax relief measures are concerned
KYC for gold purchases: How to keep your data safe while dealing with non-financial entities
Any cash transactions to purchase gold would require a government-issued identity card January 11, 2021 / 11:20 AM IST
Shopped for gold from your favourite jewellery outlet and faced a barrage of requests for identify proofs and documentation?
The jewellery retailer may have been going beyond the brief.
Now, the Ministry of Finance has clarified that the Government has not mandated any new documents or paper trail while making purchases.
The Prevention of Money Laundering Act (PMLA) guidelines have mandated know-your-customer documentation for purchase of jewellery in cash.
Currently, if you buy jewellery worth more than Rs 2 lakh, you need to submit copies of your photo IDs. Since December 28, jewellers had been requesting KYC documents for cash purchases of less than Rs 2 lakh. But if you buy jewellery through credit and debit cards or cheques no documentation was needed.