BY : Ipancardstatus.co.

in

This is just not practical and can

discriminate 70% of rural buyers,
including farmers because they're not
under tax net and have PAN cards.

We also urge the us government to

remove pan card necessity for jewellery
sector and keep status-quo on
employing tax collected at source (TCS)
on sales of bullion on Rs 2 lakh and also
on Rs 5 lakh of jewellery",GJF Chairman
Sreedhar GV said inside a release issued
here.

The All India Gems and Jewellery Trade

Federation (GJF) on Wednesday
expressed
dissatisfaction
in
the
government's decision to create UTI
PAN card status mandatory on any
transaction of Rs 2 lakh and above.

Unveiling the brand new norms,

Revenue Secretary Hasmukh Adhia on
Tuesday said on purchasing jewellery or
bullion, a serious source of blackmoney, quoting of PAN will be required
in the event the sum involved is Rs 2
lakh per transaction.

The gems and jewellery sector will not

be a source to draw black money while
there is a value addition of 15-20% in
developing these products, while
bullion is often a preferred segment for
investment by black money holders.

Echoing similar views, GJF Director

Bachhraj Bamalwa said:"The gems
and jewellery sector just isn't the
generator of black money.

As of March 31, 2015, you will find

approx 22.3 crore PAN cards issued in
India. Will it be justifiable to ask about
for a pan card to approximately 89-90%
from the population, that don't possess
one",
he
asked.

The government says the move click

here is required to try to control the
number of black money inside the
system.
However, All India Gems and Jewellery
Trade Federation
(GJF)
director
Bachhraj Bamalwa.

The Economic Times that this gem and

jewelry sector hasn't been the generator of
black money.
More than 80 percent with the value of
jewelry is rock like gold and silver coins
which are legitimately imported near your
vicinity."

CREDIT : Ipancardstatus.co.in