New limit for reporting gold transactions soon Govt

New limit for reporting gold transactions soon Govt

The government will soon notify a new threshold for reporting to authorities about transactions in gold and other precious metals and stones, with a view to curb parking of black money in bullion, Revenue Secretary Hasmukh Adhia said. On Friday, it had reversed its August order of bringing gems and jewellery dealers under the purview of the reporting requirement of the Prevention of Money Laundering Act (PMLA). In an interview to PTI, Adhia said the August 23 order had to be rescinded because it created “confusion andalot of negative sentiment” because no threshold for transactions to be reported was set.

The Business Standard, New Delhi, 09th October 2017

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