Government to make mandatory quoting PAN and Aadhaar number for gold purchases above Rs 50,000 in FY18 budget

Gold purchases above Rs 50,000 may soon become mandatory to attach your PAN and Aadhaar number. The government is planning to introduce this new rule in the upcoming budget according to a report.

Currently, Gold purchases above Rs 2lakh only require know-your-customer-compliance in the gold market. 

gold bars

Charted Accountant Bhargav Vaidya who provides consultancy services to gems and jewelry sector to government expects the KYC requirement for bullion and jewelry will be revised from Rs 2 lakh to much lower purchases in FY18.

Such a move from the government can be expected in the budget as a crackdown against the black money holders. Post-demonetization, many such people converted huge amount of the scrapped Rs 500 and Rs 1000 into jewelry, bullion and real estate.

If Vaidya's prediction proved to be correct, all the buyers will need to submit their PAN or Aadhaar numbers or Kisan credit card number in case of people in rural areas for purchasing gold above Rs 50,000.

Regulators like Enforcement Directorate and Department of Revenue Intelligence have been busy in figuring out bullion traders who have sold gold illegally post-demonetisation.

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