FM yet to work out applicability for mandatory PAN card exceeding the value of Rs. 1 Lakh

Finance Minsiter Arun Jaitley had announced in his Budget speech that PAN number will be mandatory for all sales and purchases of over Rs. 1 lakh. And the jewellery trade unions had opposed the move fearing the loss of business. So, if there is no notification, there is no question of removal of it.

“It is wrongly reported in the media that only jewellery purchase will require PAN card. In fact, it is proposed to be levied on any transaction,” clarifies Bachhraj Bamalwa, Director, GJF.

As per sources, the finance ministry may soon announce the applicability of PAN card though the ministry has not fixed the Limit yet. However, as of now, no amendment is made in Section 139A of the Income-tax Act, 1961 and Rule 114B which deals with PAN.

“Let us keep our fingers crossed and hope for the best that GJF's untiring efforts will yield fruitful results,” said Bachhraj Bamalwa, Director, GJF.

Immediately after the announcement in the finance budget on 28th February 2015, GJF had geared up and representations were made to various authorities starting from representation to BJP West Bengal president by SSBC and to various leaders from UP Sarafa association and multi-city press conferences were held by GJF.

At present, there is requirement to obtain the PAN of the customer for sale of jewellery and bullion of Rs. 5 lakh or more at any one time.