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Finance Ministry plans tougher norms for high-value jewellery transactions: Report

The finance ministry is considering tightening norms for high-value jewellery transactions, Business Standard reported. Linking the transactions with Aadhaar or another ID proof has been proposed, the report said.

Officials prefer Aadhaar over PAN as ID proof, sources told the paper. Another suggestion is to bring gem and jewellery dealers under the purview of the Prevention of Money Laundering Act (PMLA), the report said. Moneycontrol could not independently verify the story.

If high-value transactions in the jewellery space are linked with Aadhaar, then the deals will be verified using a one-time password (OTP), the report stated.

In August, the finance ministry had said jewellery transactions over Rs 50,000 crore must be reported. But it was withdrawn after two months following operational issues.

This time, the threshold on the transactions might be relaxed, the report added.

In July last year, import duty on gold and silver was hiked to 12.5 percent from 10 percent. After demonetisation and introduction of the Goods and Services Tax (GST), commercial transactions have come under the government’s scanner.

Courtesy - Money Control

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