The jewellery industry argues that the norm has affected the footfalls to the jewellery stores, in large numbers, thereby slowing down business drastically. Also, with business being affected, the artisans working in the industry too are left with little or no jobs. The jewellers protesting are part of or associated with over 300 associations of the industry in India.
The PAN mandate has affected the rural buying demand, as this sector is exempted from tax and thereby do not own PAN cards.
The mandate came into effect on January 1,2016, wherein, all transactions above Rs 2 lakh in cash or through card attracted the PAN declaration for the gem and jewellery sector.
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