Quoting PAN for sales over Rs 2L to badly hit jewellery industry: GJF

Even in 10 metro cities, the sales are likely to drop by 50 per cent, jewellers body GJF said.

All India Gems and Jewellery Trade Federation has opposed the government’s decision to make PAN mandatory on any transaction over Rs 2 lakh and above from January 1.

It said the move would affect the business and lead to the growth of the unorganised sector and has sought the limit to be hiked to Rs 10 lakh.

Sreedhar GV, chairman of GJF, said it was not practical for 70% of the rural buyers to give PAN card to buy gold worth Rs 2 lakh and above.

“Most of the rural b ..

[Source:- ndtvprofit]