Gold merchants are out of the ambit of the prevention of money laundering act: GettyKottayam: The Friday meeting of the GST council has some good news in store for the gold lovers and investors.
The government has decided to do away with the requirement of producing PAN card for buying gold worth up to Rs 2 lakh.
The earlier cap of Rs 50,000 has been raised after gold merchants have been excluded from the ambit of the prevention of money laundering act.
The merchants are no longer required to pass on the details of every purchase upto Rs 2 lakh to the intelligence wing of the economic affairs department.
The requirement to necessarily connect gold transactions with the registered PAN cards was introduced by the government in August.
The gold merchants were brought under the ambit of the act after rampant complaints that the precious metal was being used as a tool to launder black money.
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