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Finance Ministry Mulls Stricter Norms For High Value Jewellery Transactions
As per the Business Standard report, the finance ministry is mulling to tightens norms in respect of high value jewellery transactions. Further as per sources, it has been proposed to link such transactions with Aadhaar, Pan or any other ID. Officials however prefer aadhaar over PAN as proof of identification.
The report also said that there has been made a suggestion to bring jewellery and gem dealers under the ambit of the Prevention of Money Laundering Act (PMLA). And in such a case when the proposal gets through, then such transactions will be verified by entering one time password.
In August 2019, the finance ministry proposed that jewellery transaction amounting to more than Rs 50,000 crore need to be reported. But following operational hurdles, the proposal was withdrawn.
This time there can be a relaxation in the threshold of such transactions.
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