- Clarity for pasidi lovers
- No need to give documents
- Applies to large transactions only
Credible sources in the Finance Ministry said that those who want to buy gold, silver and other precious gems are not required to provide KYC to your customer if they pay money in cash. Stated that no provision was enforced with respect to cash transactions.
Only high value cash transactions like PAN card and Aadhaar card are required. This means KYC documents are required for cash transactions above Rs 2 lakh. These Rules have been in effect for some time. It will continue as well.
According to the Anti-Corruption Act 2002 .. KYC documents must be provided for any transactions involving the purchase of gold jewelery, silver, etc. worth Rs.10 lakhs or above. Therefore, those who buy gold for less than Rs 2 lakh are not required to provide KYC documents.