- Alert for those who buy gold
- Fear of jewelry companies
- Confusion among customers
Why do you want to? Now jewelery shops are taking KYC documents from those who buy gold. The jewelers hope that the central government will be able to make KYC documents mandatory for the purchase of gold in cash in the coming budget.
According to an Economic Times report, jewelers are concerned about the central government’s application of the Money Laundering Act to the jewelery sector. The jewelers believe that any suspicious transactions could cause trouble for government agencies.
Currently KYC documents are mandatory to put or buy with money other than gold. However, there are speculations that the central government may apply this rule to gold as well. That’s why jewelry companies are already taking care.
Jewelry companies are now required to report every transaction to government agencies. Agencies also often have open castings that you can attend to get selected. That is why jewelery companies are also seeking KYC documents for purchases below Rs 2 lakh. However, there is confusion among buyers on this point.