Economy

No more PAN to buy jewellery above Rs 50000

No more PAN to buy jewellery above Rs 50000”

You will, for now, not be asked to furnish your PAN card while purchasing jewellery worth over Rs 50,000.

In a major relief for bullion dealers and jewellery retailers, the government has rescinded applicability of the Prevention of Money Laundering Act (PMLA) on purchases of precious ornaments above of Rs 50,000.

The notification held dealers in precious metals, precious stones and other high value goods as persons carrying on designated business and professions under the Prevention of Money-Laundering Act, 2002 (PMLA). Critical amongst these, were the requirement under Rule 9 of the PMLA Rules, whereby a reporting entity must verify the identity of its clients, via a KYC process, for every transaction of Rs. 50,000 or more (whether conducted as a single transaction or several transactions that appear to be connected).

News agency ANI tweeted saying "Govt revokes GST notification on gems and jewelry, separate notification to be issued separately after due consideration".

More news: Betty's Brother To Be Introduced in New Installment

The decision was taken at the 22nd GST Council meeting on Friday. The limit of Rs 2 crore was to be calculated on the basis of the previous year's turnover, said the notification.

Earlier the government has made the PAN card compulsory for the purchase of jewellery to avoid the illegal cash flow. Exporters may be given relaxation in filing GST returns till March 2018.

The Group of Ministers, under Sushil Modi, set up to look into GSTN glitches is believed to have briefed the Council on the portal's functioning.

Businessmen with annual turnover less than Rs 20 lakh may be allowed to file the returns using a simple form.



Like this

loading...
loading...

Latest


07 October 2017
Technical Scrutiny: Alexion Pharmaceuticals, Inc. (ALXN), Heat Biologics, Inc. (HTBX)
Russell Investments Group Ltd. boosted its stake in shares of Alexion Pharmaceuticals by 19.1% in the first quarter. On September 5 the stock rating was upgraded to "Overweight" from "Overweight" in a report issued by JP Morgan.

07 October 2017
Delhi Boys Die Of Suffocation After 9 Hours In A Locked Car
Around 10 pm, the investigating officer asked the family members to go home and return with the photographs of the children. A missing persons complaint was filed at the Ranhola police station. "It was first suspected they had been kidnapped".

07 October 2017
Next Weeks Broker Price Targets For Progressive Corporation (The) (NYSE:PGR)
Over the past year, the price of The Progressive Corporation (PGR ) has increased 59.23% while the S&P 500 has increased 17.92%. Thrivent Financial For Lutherans grew its holdings in shares of Progressive Corporation (The) by 544.0% during the 2nd quarter.

07 October 2017
Altria Group, Inc. (MO) — Recommendation Trends
Altria Group, Inc . (NYSE:MO) touched its 1-Year High price of $77.79 on 06/20/17 and its 1-Year Low price of $60.01 on 07/28/17. Cohen Klingenstein Limited Co holds 13,240 shares. 6,619 were accumulated by Lombard Odier Asset Management (Switzerland) Sa.

07 October 2017
NAN responds to Sixties Scoop compensation deal
Her suit sparked more than eight years of litigation in which the government fought tooth and nail against the claim. The full details of the settlement must still negotiated and it has to be approved by the court.

07 October 2017
Shanghai SIPG midfielder Oscar: Conte system forced me out of Chelsea
Against Tottenham too, I always scored against them", he said. "I think it's the two games that were very hard to face off". The Brazilian playmaker left the London club for Chinese side Shanghai SIPG in a €60m transfer ten months ago.

07 October 2017
Influential Analyst Rating Changes: EQT Midstream Partners, LP (EQM), Meritor, Inc. (MTOR)
The rating scale runs from 1 to 5 with 5 indicating a Strong Sell, 1 indicating a Strong Buy and 3 indicating a Hold. EQT Corporation (EQT ) is an interesting player in the Basic Materials space, with a focus on Independent Oil & Gas.

07 October 2017
LPL Financial Holdings Inc. (NASDAQ:LPLA) Achieve New Highs
The fund owned 497,860 shares of the financial services provider's stock after selling 52,398 shares during the period. The stock of Barracuda Networks Inc (NYSE:CUDA) earned "Mkt Perform" rating by JMP Securities on Tuesday, January 3.

07 October 2017
JetBlue Airways Corporation (JBLU) CEO Sells $37120.00 in Stock
This is based on a 1-5 numeric scale where Rating Scale: 1.0 Strong Buy, 2.0 Buy, 3.0 Hold, 4.0 Sell, 5.0 Strong Sell. (NYSE:GG). Cambridge Investment Research Advisors Inc. lifted its position in JetBlue Airways Corporation by 8.7% in the first quarter.

07 October 2017
Healthy Overload - McDonald's Testing New Vegan Burger
But before vegans in the United States get too excited, they should know that they'll have to fly overseas to give it a taste. Still, there are some other vegan fast-food options you can munch on while impatiently waiting for the McVegan .