Over the years, gold in India has been considered as the most precious investment as Indians believe it to be a symbol of wealth, power and prosperity.
Gold in India is bought in the form of jewellery or coins. Investment in yellow metal is also made through Exchange-Traded Fund (ETF) or Sovereign Gold Bond (SGB) scheme as we Indians always see investment in gold as a wise decision.
In a bid to boost investment in gold, the GST Council, last year, provided relief to this sector by withdrawing KYC norms and PMLA.
As per the council norms, if a person is buying jewellery above Rs 50,000, he will not be required to submit his PAN or Aadhaar card details.
Further, an entity dealing in gems or jewellery or any other high-value goods having turnover of Rs 2 crore or more will not be covered under PMLA.
During 2017, gold hit a high of Rs 31,350 per 10 grams (on September 8), and a low of Rs 28,300 (on January 2).
Now, let us know what happens when we invest in gold jewellery.
Buying physical gold jewellery comes with lot of responsibility as you may not get it at the same price everywhere because their prices fluctuates. There are no specific rules for pricing and invoicing when you buy a gold ornament.
However, there are some points you must keep in mind before buying a gold jewellery.
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