GJF resents PAN card requirement for transaction above Rs 2 lakh

KOLKATA: Gems and jewellery trade today expressed resentment over the requirement to produce PAN card for any transaction above Rs 2 lakh.

All India Gems and Jewellery Trade Federation (GJF), the apex body representing the trade, said earlier the threshold limit for producing PAN card was Rs 5 lakh.

GJF director Bachhraj Bamalwa told reporters that lowering of the threshold limit would adversely affect the trade as most of the rural buyers do not have PAN cards.

"We want the threshold limit be raised to Rs 5 lakh and urge the finance ministry in this regard", he said.

GJF regional chairman Sankar Sen said only 23 crore PAN cards have been issued so far.

"We are apprehending that sales will fall as a result of this and also affect thousands of artisans who are involved with the trade", he said.

Indian gems and jewellery industry is one of the largest in the world and the size was equivalent to four to five per cent of the country's GDP, he said.