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The Government has expanded the purview of the anti money-laundering law to enforce know your customer (KYC) norms for retail purchases of gold and precious stones.
Simply put, all dealers in precious metals and stones will have to comply with KYC requirements for transactions beyond a limit (likely to be Rs 50,000).
The move – facilitated by an amendment to the PMLA – will rein in unreported cash transactions in the bullion trade, say experts.
Currently, tax collection at source of one per cent is applicable on jewellery sales above Rs 5 lakh.
Srivats.kr@thehindu.co.in
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