Sources in the Finance Ministry said on Friday that no new rules regarding KYC have been implemented for cash purchases of jewelery.
new Delhi. Sources in the Finance Ministry said on Friday that no new rules related to ‘Know Your Customer’ have been implemented for cash purchases of gold, silver and precious gems and stones and only high value PAN card, Aadhaar or other documents will be required in case of horse trading.
KYC required for cash purchase of jewelery worth over two lakh rupees
The Revenue Department of the Ministry of Finance clarified the notification issued on December 28, 2020, stating that the requirement of KYC on cash purchases of jewelery, gold, silver and precious metals gems and jewelery worth more than two lakh rupees has been released in the country since last few years is. It is still going on.
The notification issued on December 28 under the Anti-Money Laundering Act, 2002 (PML Act, 2002) states that KYC documents have to be filled for cash transactions of gold, silver, jewelery and precious metals of Rs 10 lakh or more.
Sources said that this is necessary under the FATF (Financial Action Task Force). This FATF has been created globally which works against money laundering and financing terrorists. India is a member of FATF since 2010.
Sources said that the KYC document has already been made mandatory in India on cash purchases of more than two lakh rupees, so no new category has been created for such disclosures in the notification. However, this is a requirement under the FATF.
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