Jewellery shops to be closed on 11th Feb in Tamil Nadu
The Central Government has recently ordered that production of PAN Card details as compulsory for all financial transactions over Rs. 2 Lakhs.
This has been implemented from 1st January this year.By this order, even jewellery purchase over Rs. 2 Lakhs need to show PAN Card details. Earlier, the requirement of PAN card was for transactions above Rs. 5 Lakhs.
Jewellery traders have been protesting this new order as they apprehend that it would bring the sales down.As a mark of protest against the necessity for PAN card data for transactions over Rs. 2 Lakh, the jewellery traders all over India will be closing their shops as a token protest on 11th February, Thursday.
The President of the Gems & Jewellery Tradrers Association, Mr. Shankar Sen informed that the sales of jewellery has been adversely affected with the order that PAN card details must be entered for transactions over Rs. 2 Lakhs. There was a loss of business to the extent of 30 percent last month alone. So, we request that the previous limit of Rs. 5 lakh for showing PAN card data to be restored.
Pressing on this demand to revert to Rs. 5 Lakh limit and protesting against the new order limit of Rs. 2 Lakh, all jewellery shops in the country will be closed as a token protest on 11th February.
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