The Centre has decided to withdrew an August 23 notification that brought dealers in precious metals under the Prevention of Money-Laundering Act, 2002. With this, Aadhaar will cease to be mandatory for jewellery transactions exceeding ₹50,000. Other identity proof, too, need not be furnished, say industry watchers.
“Over the past 20 days we met every department and key government personnel... This is a proud movement for our industry and we look forward to good business in the festive season,” Gems and Jewellery Federation, Chairman Nitin Khandelwal told BusinessLine.
The Finance Ministry said it was made aware of ‘certain incongruities’ in its notification and had received representations from various associations in the gems and jewellery sector.