You may soon have to quote PAN, Aadhaar

 On gold buys over Rs 50k Currently, customers are required to undergo the know-your-customer compliance for any bullion or jewellery purchases over Rs 2 lakh.  In the upcoming Budget for 2017-18, the government may make quoting PAN or Aadhar mandatory for gold or silver purchases over Rs 50,000, reports the Economic Times today. In rural areas, too, Kisan Credit Cards might have to be produced for such purchases. Some experts expect the disclosures to apply on purchases only above Rs 1 lakh. Currently, customers are required to undergo the know-your-customer compliance for any bullion or jewellery purchases over Rs 2 lakh.

 The move is expected largely as a crackdown on unaccounted wealth which is believed to have been converted into jewellery, bullion, and real estate post the government's demonetisation exercise. Some jewellers also acknowledge that certain constituents in the trade could be exchanging old Rs 500 and Rs 1000 notes for gold, and silver to an extent, causing a damage to the industry’s repute. Considering the surge in sales since demonetisation was announced, regulators like the income-tax, Enforcement Directorate and the department of revenue intelligence have already been surveying dealers and jewellers across the country.

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