PAN norms for gold purchase: Bullion traders strike on Feb 10

According to Harshvadan Choksi, former president of Ahmedabad Choksi Mahajan, the new ceiling for producing PAN card mandatory on purchase of gold is too low.

By: Express News Service | Ahmedabad | Published:February 8, 2016 12:00 am

Responding to nationwide bandh call by bullion traders against lower ceiling on gold purchase without PAN card, bullion merchants in the state will down their shutters on February 10. This is against a Central government order which makes it mandatory for gold buyers to produce PAN card on gold purchase of above Rs two lakh. It was Rs five lakh earlier.

According to Harshvadan Choksi, former president of Ahmedabad Choksi Mahajan, the new ceiling for producing PAN card mandatory on purchase of gold is too low.

He said only 12 to 15 per cent PAN cardholders in the country carry their PAN cards while purchasing gold. Those who do not have PAN card usually produce other documents to show they are genuine buyers.

Rauf Bangali, leader of Bengali gold ornament makers association, said ornament makers have not yet decided to join the stir of gold traders. “If they (traders) ask us to join them, we will join them,” he said.

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