Truth Verify: Whether or not KYC is critical to purchase gold or silver jewelery of any quantity? Study

New Delhi A report associated to the necessity of KYC within the buy of gold and silver was just lately revealed. On this media report it was claimed that to purchase gold-silver jewelery of any value, it might be essential to get a PAN card or Aadhaar card primarily based KYC. However this information is fake in truth test.

This report unfold the phantasm that prospects should get KYC finished on each buy of gold and silver. This has been denied within the PIB’s Truth Verify and the declare is deceptive. The PIB’s Truth Verify states that in keeping with the notification solely KYC is required to be finished on jewelery of above Rs 10 lakh.

Want of KYC on the quantity of greater than 10 lakhs
In keeping with the notification issued by the federal government on December 28 below the PMLA, in keeping with the notification, the brand new KYC rule shall be relevant when a buyer has bought jewelery price Rs 10 lakh or extra in a month. In keeping with the Finance Ministry, earlier than shopping for money for jewelery, gold or valuable stones over Rs 2 lakh, PAN or Aadhaar was required. This rule continues.

Notification issued to cease cash laundering and terror financing
The notification issued by the federal government below the PMLA is critical as per the foundations of the Monetary Motion Process Pressure (FATF). The FATF displays cash laundering and terror financing. It has its personal guidelines to forestall terror financing and cash laundering. India is a member of FATF since 2010.

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