Jewelers get a break
This was expected move, probably this was arm twisting for election funds. On one hand they say honest and simple people will be protected no one will question them , they also say they want cash less or less cash economy , all tall claims are floored now. If they want cash less economy then why they are not making card /cheque payment mandatory for high value purchase like Gold ,if someone wants to buy in cash he /she should give PAN card AADHAAR card. They also make a propoganda that so many JANDHAN accounts have been opened , what is the purpose of those accounts if high value purchase is in the form of cash , are these account for money laundering purpose.
All black money goes into gold all rich and influential people will get affected so they have backtracked ,
Transparency international should take up this case and some one should approach Supreme court with PIL for this backtracking and fooling cheating hundreds of honest Tax payers more
All black money goes into gold all rich and influential people will get affected so they have backtracked ,
Transparency international should take up this case and some one should approach Supreme court with PIL for this backtracking and fooling cheating hundreds of honest Tax payers more
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Some people may not like this but we should see both sides of coin. Small traders /Jewelers are also party of the Society. There are large number of small traders where common man approaches. This decision have neither effected Tanishq, PC Jewelers , Gitanjali and other big brands. Because common man does not go there. In the marriages sometimes ladies for their daughters purchases gold without telling their husbands or keeping it as safety measures. So this step is particularly for small traders.Both side of coins should be balanced. These provision of PMLA has finished a large number of small traders. Regarding one comment that during demonetization Jewelers sold 100 Kg of Gold. But small traders even cannot afford 1 KG. Moreover what action taken against big Jewelers who sold this but they might have made happy to Govt and Income Tax people. So while commenting see both sides . i want to clear I retired from bank and no interest in small Jewelers trade. more
Oct 08
I feel any item is purchased above Rs. 50000/- including gold, PAN Card No. must be entered and payment should be done through Card or cheque. more
Oct 07
Not only the limit of cash purchases without PAN has been enhanced from Rs. 50,000/- to Rs. 2,00,000, also Jewelers has been excluded from the Act of money Laundering. This raises two questions here. First, who has cash of Two Lakhs of Rupees? Certainly not the honest tax payers, whose majority of fund is in Banks. Second, during demonetization, it was in News that, several jewelers sold hundreds of Kg. of Gold with PAN or without proper records. Therefore, who are being benefited by excluding jewelers from Money Laundering Act? Errant Jewelers only? Mainly of Gujarat? Accordingly. it is evident that, the present Government is not protecting interests of honest Tax Payers but protecting interests of cheats and tax evaders. Vande Matram! Bharat Mata Ki Jay! more
Oct 07
