Record-keeping of cash deals in gems & jewellery trade now a must under PMLA SECTIONS Share Synopsis Govt notifies dealers in precious metals and stones as designated businesses under PMLA to tackle money laundering through multiple cash deals up to or above Rs 10 lakh. For income tax purposes, cash transactions up to a threshold of Rs 2 lakh without KYC --PAN or Aadhaar -- are allowed in the gems and jewellery sector. Any sale in cash above Rs 2 lakh requires KYC. Mumbai: Cash transactions in gold, silver, diamonds and other precious stones have come under the Prevention of Money Laundering Act (PMLA) ambit.