Black money survelliance: IT department ups vigil on all cash gold purchases

Zee Media Bureau

New Delhi: Getting more aggressive in blocking loopholes that may lead to black money going unnoticed, the central government is soon going to come out with guidelines, which will require the jeweller to keep a tab on buyers making jewellery purchases of Rs 2 lakh or more a year from his shop.

The jeweller will have to ensure that he keeps the PAN card details of all customers, making high value cash purchases of Rs 2 lakh or more.

If the buyer does not have PAN card, then the jeweller will need to keep details of any other identity cards like driving licence, aadhar card. And any buyer who may not posses any of these identity cards will have to fill up form 60 and submit that with the jeweller.

The income tax department, on its part, will keep strict vigil on each jeweller to see if any large purchase evade the scanner. 

Currently, a customer at a jewellery shop has to produce PAN card only if he makes a purchase of over Rs 2 lakh. To avoid surveillance, a number of customers have developed a practice of making repeated cash purchases.