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PAN card mandatory even to sell gold kept in home
Posted on: 28/Aug/2017 12:13:04 PM
The central finance regulatory committee has recommended that PAN card must be made mandatory to sell gold. The Financial Regulatory Committee was formed during the meeting conducted by the Finance Stability and Improvement Committee last year.
The head of the committee was Mr. Tarun Ramadurai, who is the Professor of Economics at the London Imperial College. The council undertook a detailed study of various related subjects such as import of gold in India.
The committee, in its report, mentioned that the largest amount of gold was imported in India as compared to the other countries and that the quantum of gold import was increasing every year. The committee observed that many individuals, who hoard black money, indulge in the investment by gold import. So, the Committee had strongly recommended that PAN card data must be made mandatory for any transaction involving gold.
The central government has already ordered that whenever gold above the value of Rs. 2 Lakhs is sold, the PAN card data must be obtained from the buyer/customer. In this situation, the central government is strongly exploring the possibility of implementing the recommendations of the Finance regulatory Committee to make PAN data mandatory for all gold-related transactions.
