LiveGovernment has taken out, gems and jewelry dealers from the purview of the reporting requirements under the Prevention of Money Laundering Act (PMLA).
This means that, a PAN card is now not required for jewelry purchases of over Rs.50,000. Government has taken back August 23 notification which notified dealers in precious metals,precious stones and other high value goods as persons carrying on designated business and professions under the PMLA,2002.
As per,Revenue Secretary Hasmukh Adhia, there was a lot of misunderstanding about the notification and to avoid the panic in the market, government has decided to withdraw the notification.
