Important Rules Gold Buyers Must Follow Amid Price Volatility
With gold prices witnessing sharp fluctuations, experts advise buyers to be aware of government and regulatory guidelines before making purchases. Market analysts say global factors such as policy statements by Donald Trump and large-scale bullion buying by China are influencing international gold prices, which in turn affect domestic rates.
As per rules framed by the Central Government and the Reserve Bank of India, PAN card details are mandatory for gold purchases above Rs. 2 lakh. For purchases exceeding Rs. 10 lakh, buyers must provide PAN, Aadhaar, and income proof. Bills cannot be split to bypass these limits, and such practices can attract action against jewellers.
A 3% GST is levied on gold value and 5% GST on making charges. Buyers must ensure GST details are clearly mentioned on the bill. Gold purchases above Rs. 2 lakh cannot be made in cash and must be routed through banking channels. Digital gold should be purchased only from platforms approved by the Securities and Exchange Board of India or RBI.
Experts also stress buying only hallmarked jewellery, always collecting and preserving bills, and maintaining transaction records to avoid future tax issues.
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