Tuesday, March 15, 2016

Jewellers lost 20% of business after govt's PAN mandate

The govt's decision to make PAN card compulsory for purchasing jewellery worth Rs 2 lakh and above has prompted high net worth Indians to shop overseas - mostly in Dubai,  Malaysia & Singapore.

Jewellers with operations in nation & overseas have watch business grow 10-20% in the first two months of 2016 from a year earlier, mainly because of purchases by Indian tourists. PAN became compulsory from Jan 1st.Click for bullion tips

The All India Gem & Jewellery Trade Fed has told that jewellers have lost 15%-20% of their business since PAN became compulsory. "People are cagey for enhance their PAN information to jewellers," Popley contributed. Womens are permitted to bring in jewellery worth  1 lakh rupee & men Rs 50k duty free from overseas if they have stayed there for 6 months or more.