Planning on buying jewellery? You’ll have to take your PAN/Aadhar card along

The next time you plan on buying gold or silver jewellery, don’t forget to take your PAN or Aadhaar card or quote the numbers of the respective cards, if the purchases are above Rs 50,000.

According to chartered accountant Bhargav Vaidya, who provides consultancy services to the gems and jewellery sector, and the secretary of one of the country's largest bullion association, predicts that the KYC requirements for bullion and jewellery will be revised lower from the present Rs 2 lakh in the upcoming budget.

"I think the KYC (compliance) will be cut to Rs 50,000 from Rs 2 lakh at present in the Budget for FY18," Vaidya, proprietor of BN Vaidya & Associates, told ET.

Currently, only purchases above Rs 2 lakh require know-your-customer-compliance in the gold market.

If the move is implemented, it will be a continuation of the government's crackdown against black money hoarders as post demonetisation, entities holding unaccounted wealth in the form of scrapped Rs 500 and Rs 1,000 notes converted these largely into jewellery, bullion and real estate.