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Sales of jewellery fall due to PAN card mandatory
Posted on: 05/Feb/2016 10:05:30 AM
Following the Centre making proof of PAN card mandatory from this month for purchase of gold jewellery worth Rs 2 lakh the jewellery sales have fallen 25-30 per cent in the first two weeks of January.
Worried over the sudden drop in business, jewellers and various gems and jewellery associations held a candle light protest in Mumbai and across India on Monday.
Many jewellery associations are on agitation path since they suffered losses of 25-30 per cent in business transactions in last 15 days due to the PAN card requirement from the customers buying jewellery of Rs 2 lakh and above.
Jewellery associations have made representations to the Finance Minister and the Finance Secretary and urged them to make the PAN card mandatory on jewellery purchase of over Rs 10 lakh instead of the present Rs 2 lakh.
If the government does not take action, there will be more protests. The PAN card restriction has discouraged majority of semi-urban and rural jewellery buyers, who are engaged either in farming (no income tax obligation) or in small trade practices.
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