Another U turn by Modi government!!!
PMLA (Prevention of money laundering Act) required to collect PAN when a jewellar sold goods to a customer in cash for more than 50,000.
However government has listened to jewellary association and has removed them from this requirement.
This has come as a big relief to buyers as well as jewellery traders. However 2,00,000 limit still continued.
This indeed was required. कीतनी कड़वी दवा देगी सरकार एक साथ।
Economy was in deep trouble, now government has to roll back all these complex provisions which were not possible to implement practically.
Jewellers must be happy as they are no more required to collect PAN for purchases with cash more than 50,000. More relief is that it was not income tax act but money laundering act.
Sign up to discuss taxation, accounting and finance topics with experts from all over India.Join Discussion