Be careful before buying gold with 2000 rupee note! Jewelers are taking notes only on these conditions

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RBI 2000 rupee note: After the Reserve Bank of India’s decision to withdraw Rs 2000 currency, many retail jewelers are asking for a copy of Aadhaar and PAN card to accept the higher denomination notes. This is because jewelers want to avoid tax scrutiny.

The RBI said on Friday that people will have to exchange Rs 2,000 notes by September 30. One can exchange up to Rs 20,000 at any branch. There is no limit for depositors, but KYC norms will be applicable.

tax check on jewelers

After demonetisation in 2016, many jewelers sold invalid rupees. 500 and Rs. 1,000 notes faced stricter tax scrutiny. According to a Mint report, the CEO and Managing Director of IPO bound Senco Gold & Diamonds said that we have collected Rs. 2000 notes will be accepted. He said that KYC stands for Know Your Customer and includes proof of PAN and Aadhaar card copies.

PAN and Aadhaar card required

Pune-based PN Gadgil & Sons said it has 29 stores in three states that accept Rs 2,000 notes with announcements. On the other hand, many jewelers of Mumbai say that cash of 20 thousand, 50 thousand and more is being demanded for PAN and Aadhaar card.

50 thousand what is the rule for more than

PMLA norms per person Rs. 50,000 indicating KYC-free cash sales. Rupee. 50,000-2 lakhs requires personal identity proof like Aadhaar for sales and for anything above that a PAN card is mandatory.

On November 8, 2016, till the midnight of that day, the government released Rs. 500 and Rs. 1000 notes were discontinued. As a result, jewelery and luxury shops witnessed a rush of customers with some black money. Along with this, the tax of many people was also investigated.

New guidelines of banks regarding 2000 rupee notes have been announced. Sources claim that no form is required to exchange the notes. If you are going to change 2000 rupee note in the bank then you can exchange 2000 rupee note with another note without ID proof. You do not need any form for this. The country’s largest government bank State Bank of India has given this information in its letter.