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India Eases Selling Procedures for Jewelers
Oct 8, 2017 6:12 AM
By Rapaport News
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RAPAPORT... Jewelers in India have welcomed an amendment to the country’s laws that exempts them from government scrutiny over money laundering.
The central government notified dealers in precious metals, precious stones and other high-value goods, with annual turnover of more than $306,000 (INR 20 million), that they would no longer have to report transactions under the Prevention of Money Laundering Act, the All India Gems & Jewellery Trade Federation (GJF) explained on Friday.
In addition, jewelers will no longer have to verify the identity of customers making a jewelry purchase for more than $765 (INR 50,000), the GJF reported. Consumers previously had to present their permanent account number (PAN) cards when making such purchases.
“This is really great news for the industry,” said Nitin Khandelwal, chairman of the GJF. “The support we got from various associations and chain-store owners on this concern was phenomenal. This is really a proud moment for our industry, and we look forward to good business during the festive season.”
The GJF and other jewelry trade representatives lobbied the government on these issues ahead of Friday’s meeting of the Goods & Services Tax Council, which is responsible for overseeing implementation of the country’s new tax system.
The updated rules are expected to boost sales during the ongoing festive season – a popular period for buying gold and jewelry – that culminates in the Diwali festival on October 19.
Image: Gem & Jewellery Export Promotion Council.
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Tags:
anti money laundering, diamonds, GST, India, jewellery, Jewelry, PAN Card, Rapaport News
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