The All India Gems and Jewellery Trade Federation (GJF), the national trade body for the promotion and growth of trade in gems and jewellery sector, has expressed dissatisfaction over imposition of PAN card requirement on transactions above R1 lakh, as proposed in the Union Budget 2015-16.
“This is not practical and will discriminate 70% of the rural buyers as they are not under tax net and do not have PAN cards,” claimed Haresh Soni, chairman, GJF.
“The high import duties have promoted smuggling and this new measure shall in no way stop generation of black money. The delay in lowering duty on gold only hamper our economy as black money will be generated and parked in gold. Government will require to come up with more trade-friendly policies where industries can develop and grow to build the economy,” he said.
However, he welcomed several new initiatives by the government in the Budget proposals, including gold monetisation scheme and also bringing jewellery sector under ‘Make in India’ programme of the government.