PAN Norm Eased For Gold, Jewellery Purchase: 5 Points
Purchase of jewellery worth Rs 50,000 and above will not require individuals to furnish their PAN (Permanent Account Number) details. The government on Friday removed gems and jewellery dealers from the requirement of reporting transactions above Rs 50,000. It rolled back its notification dated August 23 that classified dealers in precious metals, precious stones and other high value goods as persons carrying on designated business and professions under the Prevention of Money Laundering Act (PMLA), 2002. Under PMLA, all reporting entities, like banks, are required to report cash deposits over Rs 50,000. The government said a separate notification in this regard would be issued later.
Here are five things to know:
Under the Prevention of Money Laundering Act rules, every reporting entity is required to maintain a record of all transactions of value exceeding Rs 10 lakh, all cross border wire transfers of more than Rs 5 lakh and all purchase and sale of immovable property of Rs 50 lakh or more.
The government has received representations from various associations in the gems and jewellery sector with respect to certain incongruities in August 23 notification, an official order said. "After considering various aspects of the issue, the Government has decided to rescind the said notification," it said.
"A separate notification after due consideration of points raised and wider stakeholder consultation in this regard, shall be issued separately."
Revenue Secretary Hasmukh Adhia said that there was a lot of misunderstanding about the notification and so the government has decided to withdraw the notification to prevent panic in the market.
The GST Council on Friday recommended reduction in the tax rate of range of items at its 22nd meeting held in New Delhi. Finance Minister Arun Jaitley, who heads the GST Council, said after the day-long meeting, that the GST rate on many daily-use items will be reduced.
-
Talking Points This Week: Leadership Shock At Nvidia, Earnings Strength, And The Fog Over Hormuz
The Anthropic IPO pricing and first trading day, Nvidia's upcoming earnings, and any fresh signals from Iran will set the tone for the following week.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.