No PAN for jewellery above Rs 50,000

New Delhi : Taking a big U-turn on its current policy to tackle black money, the Modi government on Friday allowed purchase of jewellery above Rs 50,000 without furnishing PAN card.

The government withdrew its August 23 notification which had made PAN mandatory for purchasing jewellery above Rs 50,000.In another major relief for the gems and jewellery sector, bullion traders with turnover up to Rs 2 crore have been brought outside the purview of money laundering act.

After implementation of tough anti-black money laws and GST, the gems and jewellery sector was up in arms against the government citing huge losses because of the twin issues. Under pressure, the government bowed before the traders on Friday .