Introduce KYC in Phases, Say Gold Traders

Introduce KYC in Phases, Say Gold Traders

Gold Silver Reports — Introduce KYC in Phases, Say Gold Traders — Gold traders have said the government’s `know your customer’ guidelines for all-cash transactions should be introduced in a phased manner to prevent loss of business to the unorganised or parallel trade where such stringent checks don’t exist . 

Authorities suspect that a lot of black money gets parked in gold.To curb this, the income-tax department has asked jewellers to maintain details of every cash transaction and check the identity of customers from their PAN cardAadhar carddriving licencevoters ID card while selling gold jewellery worth `2 lakh or more. Gold buyers who fail to give their PAN must fill up Form 60 . 

Jewellers who have auditable accounts under the Income Tax Act will have to submit the details of all such aggregate cash transactions in form 61A to the Directorate of Income Tax (intelligence and criminal investigation) .

“PAN is compulsory as per Rule 114B of the IT Rules of 1962,“ said Priyabrata Pramanik, additional director of income tax (intelligence & criminal investigation).“In case of jewellery purchase of amount exceeding `2 lakh, whether through cash, credit card, debit card, demand draft or cheque, PAN is compulsory .“ For instance, if a PAN cardholder goes to the retail shop to buy jewellery without the card then he has to tell his name and date of birth to the jeweller if he forgets his PAN num ber.

The jeweller can check the authenticity of his PAN card details in the income tax website immediately. To buy jewellery of any value, the customer has to furnish PAN carddriving licensevoters IDpassport to the je weller to establish his or her identity. If the customer is not carrying any of these then he will be barred from buying jewellery .

If someone does not have a PAN, then he has to fill up form number 60 of Income Tax Rules 1962 . — Neal Bhai Reports 

Introduce KYC in Phases, Say Gold Traders

  • एग्री कमोडिटीज की बात करें तो इलायची पर अपर सर्किट लग गया है। मॉनसून में हुई देरी के चलते भी इलायची पर दबाव है। वहीं स्टॉक्स होल्ड करने की वजह से भी इसके दाम चढ़े है। उधर अच्छे मॉनसून से सोयाबीन की अच्छी पैदावार की उम्मीद है। सोयाबीन ऑयल प्रोसेसर्स एसोसिएशन ने सरकार से मांग की है कि कच्चे सोयाबीन तेल के इंपोर्ट पर कस्टम ड्यूटी बढ़ाई जाए। सोयाबीन ऑयल प्रोसेसर्स एसोसिएशन के मुताबिक कस्टम ड्यूटी 12.5 फीसदी से बढ़ाकर 37.5 फीसदी होनी चाहिए। वहीं रिफाइंड ऑयल पर ड्यूटी 20 फीसदी से बढ़ाकर 45 फीसदी होनी चाहिए। जानकारों को ज्यादा सप्लाई से सोया ऑयल के दाम घटने की आशंका है। जिससे किसानों, इंडस्ट्री को नुकसान उठाना पड़ सकता है।


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