Will convince the govt to raise limit for PAN cards upto 10 lakh for gold buying: AIGTF

New Delhi, Feb 11 (KNN) Indian jewellers were up in arms on Wednesday, with strikes called in nearly 500 cities to protest against government's decision to mandate the customers to provide PAN cards on purchase of jewellery worth Rs 2 lakh and above. The Gems and Jewellery Associations said they would leave no stones unturned to convince the government to increase the limit up to Rs 10 lakh.

Talking to KNN, Spokesperson of All India Gems and Jewellery Trade Federation (AIGJTF) Ashok Minawala said, “We don’t have any option left but except to convince the Government to raise the limit up to Rs 10 Lakh.”

He said that only 15 per cent people have pan cards in this country and rest 85 per cent don’t have. “The move is affecting our business badly,” Minawala said.

He suggested that Government should raise the limit up to Rs 10 Lakh rupees then gradually make the efforts to increase the number of pan card holders.

He further said that the business in the gems & jewellery sector has gone down to 25-30 per cent which is huge in numbers.

“We had called the strike on Wednesday but we can’t carry it forward because it affects the business which is already down,” he added.

He said that we are waiting for an urgent move from the government soon.

However, on the other hand gold prices are increasing rapidly, which is leading to fall in demand of the yellow metal.

He said that international markets are crashing which is affecting the domestic markets of the gold and the experts doesn’t see that prices of gold will go down in near future. (KNN Bureau)