Only purchase of jewellery above Rs 2 lakh needs mandatory KYC daijiworld.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from daijiworld.com Daily Mail and Mail on Sunday newspapers.
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.
No need to submit PAN or Aadhar as KYC to purchase gold, but there s a catch
Know what the Ministry of Finance has said regarding the purchase of gold, silver, jewellery, or precious gems.
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Updated: Jan 9, 2021, 11:13 AM IST
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.
Government clarifies KYC needed only for cash purchase of jewellery above Rs 2 lakh
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This story is from January 9, 2021
Government clarifies KYC needed only for cash purchase of jewellery above Rs 2 lakh
ANI / Jan 9, 2021, 17:54 IST
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(Representative image)
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 permanent account number (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.
Al-Biruni and Hindu-Muslim Relations: Lessons from Malaysia
Although there has been peaceful coexistence between Hindus and Muslims in Malaysia, this is now under threat.
Al-Biruni.
World01/Jan/2021
Although Malaysia is a multicultural country whose constitution guarantees the freedom of religion for those of all faiths, its recent politics has been heading in the direction of intolerance and bigotry. A case in point is the worrying trend in Hindu-Muslim relations.
For more than 1,000 years, Muslims and Hindus have co-existed in the Indian subcontinent. Due to the current conflicts that have their origins in the activities of political parties, many assume that Hindus and Muslims have been antagonistic towards each other for centuries. While it is true that there has been a great deal of friction and conflict between them, at the same time, the more than 1,000 years of occupying the same land led to the development of a rich culture that was a product of interaction, respect and