PAN card not mandatory for jewellery purchases above ₹50,000

The Finance Ministry on Friday announced that PAN and Aadhaar details will not be mandatory for jewellery purchases above ₹50,000. Any entity dealing with gems and jewellery and with an annual turnover of ₹2 crore or more shall not be covered under the Prevention of money laundering act. The ministry is expected to issue a separate notification after due consideration.