RBI 2000 rupees note: After RBI’s decision to withdraw Rs 2000 from circulation, many retail jewelers are asking for copy of Aadhaar and PAN card to accept high value amounts . This is because jewelers want to take precautions against tax scrutiny.
RBI had said on Friday that people will have to change the note of 2 thousand rupees by 30 September. A person can change up to Rs 20,000 by visiting any branch. There is no limit for depositors, but KYC norms will apply.
Tax check on jewellers
After demonetisation in 2016, several jewelers faced stiff tax scrutiny for accepting invalid Rs 500 and Rs 1000 notes. According to Mint’s report, CEO and Managing Director of IPO bound Senco Gold and Diamond said that we will accept Rs 2000 notes from customers with KYC at all 139 stores. He said that KYC stands for Know Your Customer and includes proof of copies of PAN and Aadhaar card.
Demand for PAN and Aadhaar Card
What rules for more than 50 thousand
PMLA norms prescribe KYC-free cash sales up to Rs 50,000 per person. Personal identity proof such as Aadhaar is required for sales from Rs 50,000-2 lakh and a PAN card is mandatory for anything above that value.
On 8 November 2016, the government demonetised Rs 500 and Rs 1,000 notes till the midnight of that day. This resulted in crowding of jewelery and luxury stores with some customers having black money. Along with this, the tax of many people was also investigated.
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