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Govt receives proposal to make PAN card mandatory for buying gold

By Newsd
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Govt receives proposal to make PAN card mandatory for buying gold
Image: India.com

The government has received a proposal to put some limitations on sale and purchase of gold to avoid tax evasion. As per reports, a panel of financial regulators has proposed that any gold transaction must involve the PAN Card. The proposal adds that the PAN card rule should not be limited to transaction above Rs 2 Lakh, but all the transactions.

It also seeks to put a ceiling on daily cash transactions in lieu of gold. Also, the panel proposed that all gold transactions should be registered electronically.

Chaired by financial economist, Tarun Ramadorai, the panel, also observed that Indian households should release some of their gold holdings and invest them in financial assets that give better returns. India is one of those countries that have the highest rates of household gold holdings. The committee also proposed releasing new RBI gold bonds, which can be redeemed in terms of gold or cash, whatever a household chooses.

The centre has particularly been harsh on tax evaders and has introduced several measures including demonetisation to curb the financial malpractice. However, the government’s anti-black money measures have come under criticism as they do not take into account the non-cash transactions to hide black wealth.

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