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PAN card affects jewellery business
Posted on: 11/Nov/2016 11:57:56 AM
Prime Minister Narendra Modi`s announcement to demonetize Rs.500 and Rs.1, 000 notes has affected the jewellery business.
Day before yesterday there was crowd in the jewel shops but now there is no crowd. Jayantilal Challani, President of Madras Jewellers and Diamond Merchants Association while speaking about this said: On the day when the announcement to demonetize Rs.500 and Rs.1, 000 notes was made, there was heavy rush in the night in the jewel shops. Lots of people purchased gold. Yesterday and today there were only one fourth businesses. For the last two days business were done using credit, debit cards and cheques. Moreover PAN card is required for purchases over Rs 2 Lakhs. This has also affected the business. All the businesses are dull because people dont have new currencies. It will take one month to return to normalcy.
