Jewellers likely to protest mandatory PAN card requirement

Jewellers on Friday said they might launch 'protests' against the government's decision to make PAN cards mandatory for any transactions of Rs 2 lakh and above, the implementation of which started from this month.

Jewellers' associations from across the country met in Mumbai on Friday to discuss the government move to make Permanent Account Number (PAN) cards mandatory on any transaction of Rs 2 lakh.

They said that due to this move, their business has gone down by 25-30%.

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"We are planning to take representation to the finance minister and the finance secretary in two-three days and urge them to make the PAN card mandatory on jewellery purchase of over Rs 10 lakh instead of the present Rs 2 lakh," All India Gems and Jewellery Federation (GJF) Chairman Sreedhar GV told PTI.

After suffering losses of 25-30%, jewellers are agitated and things are going out of hand, he added.

"If the government does not take action, there will be protests in a major way. Things are not looking up and many associations are discussing on candle light march and strike," GJF Director Ashok Minawala said.

According to GJF, with just 22.3 crore PAN cards issued in India, over 70% of the demand comes from the rural sector where jewellery is bought both for use as well as a security.