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Govt clarifies KYC needed only for cash purchase of jewellery above Rs 2 lakh ANI | Updated: Jan 09, 2021 17:28 IST
New Delhi [India], January 9 (ANI): The Department of Revenue (DoR), Ministry of Finance has clarified that any purchase of gold, silver, jewellery, or precious gems and stones below Rs 2 lakh does not require PAN or Aadhaar of a customer as mandatory Know Your Customer (KYC) document.
Sources said that the notification issued under PML Act, 2002, on December 28, 2020, is a requirement of FATF Dealers in Precious Metals and Precious Stones (DPMS) to carry out KYC and Customer Due Diligence only when they conduct cash transactions above Rs 10 lakh.
Jan 09, 2021, 11:08 AM IST
NEW DELHI: The Department of Revenue (DoR), Ministry of Finance has clarified that any purchase of gold, silver, jewellery, or precious gems and stones below Rs 2 lakh does not require PAN or Aadhaar of a customer as mandatory Know Your Customer (KYC) document.
Sources said that the notification issued under PML Act, 2002, on December 28, 2020, is a requirement of FATF Dealers in Precious Metals and Precious Stones (DPMS) to carry out KYC and Customer Due Diligence only when they conduct cash transactions above Rs 10 lakh. This is a requirement of FATF (Financial Action Task Force) - the global money laundering and terrorist financing overseer which as the inter-governmental body sets international standards aimed to prevent illegal activities on terror funding and money laundering, they added.
KYC only in case of purchase of jewellery, precious stones value more than ₹2 lakh
January 09, 2021
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Finance Ministry on Saturday clarified that only purchase of jewellery above ₹2 lakh needs mandatory Know Your Customer (KYC).
“Any purchase of gold, silver, jewellery or precious gems and stones below ₹2 lakh does not require PAN or Aadhaar of a customer as mandatory KYC document,” a source in the Revenue Department of Finance Ministry said.
Sources said that the notification issued under PML Act, 2002, on December 28 is a requirement of FATF (Financial Action Task Force) where Dealers in Precious Metals and Precious Stones (DPMS) to carry out KYC and Customer Due Diligence only when they conduct cash transactions above ₹10 lakh. FATF is the global money laundering and terrorist financing overseer which as the inter-governmental body sets international standards aimed to prevent illegal activities on terror funding and money laundering.