Mumbai: The government on share traders and jewelers is becoming more and more strict. To curb black money and stop black marketing of gold, the government has decided to bring all the businessmen and jewelers doing business worth more than Rs 2 crores in the law of the Prevention of Money Laundering Act (PMLA). The government had issued the notification regarding this August 23.
The government suspects that despite the demonetization and GST fraud continues in Share market for which steps have been taken. The government’s decision has created an uproar in the share market. However, no one has shown any courage to openly oppose this decision. With the new government rules, 80 percent of the country’s jewelers will come under the P.M.L.A law.With the new law of government, businessmen are afraid that the authorities can misuse it. At the same time, the government has reduced cash purchase limit from Rs 2 lakh to Rs 50 thousand. The Share traders say that according to the new rules, now every businessman and jeweler should take a pan card on every transaction above Rs 50,000.So far, PAN Card limit was fixed at Rs 2 lakh till now. Also, the government has proposed a panel of financial regulators, in which it has been said that a PAN Card is required for every purchase of gold. If the government agrees with it, no matter how much money of gold purchases, a PAN card may be necessary.
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