• India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
More
InspirationalCareerBengaluruDelhiMumbai
Hindi Tamil Telugu
More
In the news
Narendra Modi
Amit Shah
Box Office Collection
Bharatiya Janata Party (BJP)
OTT releases
Hindi Tamil Telugu
User Placeholder

Hi,

Logout

India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
Home / News / India News / All gold transactions may soon require PAN
Next Article
All gold transactions may soon require PAN

All gold transactions may soon require PAN

By Vaneet Randhawa
Edited by Sneha Johny
Aug 27, 2017
12:07 pm

What's the story

The panel that was set up to look at all aspects of household finance in India has recommended that PAN card should be required for all gold transactions.

Previously, it was needed only for transactions over Rs. 2 lakh.

Moreover, to avoid gold transactions going underground, the committee suggested that all gold purchases be recorded using an electronic registry such as a depository.

Data

Indian households and their love for gold

According to a report from World Gold Council, an approximated 22,000-23,000 tonnes of gold lies idle in Indian households and organizations (temples, charities etc) in India. The yearly imports total to almost 850-1,000 tonnes which is valued at $35-45 billion.

You're
25%
through

01 Jan 2016

Policy on gold: PAN compulsory for transaction Rs. 2 lakh

In 2016, the Indian government brought out policies stating that any consumer who purchases gold valued over Rs. 2 lakh would be required to submit his/her PAN details.

In 2015, the government had also introduced an excise duty of 1% on non-silver jewellery.

A scheme that enabled consumers to convert their gold into a financial instrument that reaped interest was also introduced.

You're
50%
through

27 Aug 2017

Scrutiny tightens around household gold

The panel further revealed that gold holdings in Indian households are invariably high compared to other parts of the world and this may be due to tax evasion.

The panel also suggested that a modification of gold bonds which are currently in operation should be introduced.

These RBI bonds, the panel said, should be physically reclaimed and not just reclaimed in cash upon maturity.

You're
75%
through

Gold bonds

Lack luster enthusiasm for gold monetization in the past

The Modi government had floated several gold monetization schemes in 2015, where people could earn interest on their unused gold.

However, other than the initial enthusiasm at the time of launch, the schemes didn't percolate to the common man.

Indians, it was noticed were not after liquidity of gold and moreover, these bonds exposed them to scrutiny which Indian gold buyers didn't want.

Done!
Facebook
Whatsapp
Twitter
Linkedin
Related News
Latest
India
Narendra Modi
Reserve Bank Of India (RBI)
PAN Card

Latest

How RBI is using AI to tackle financial fraud Reserve Bank Of India (RBI)
Honda Gold Wing Tour 50th Anniversary Edition launched at ₹40L Honda Motorcycle and Scooter India
Abhishek Pathak reunites with Ajay Devgn for 'Drishyam 3' Ajay Devgn
Here's how RCB's have fared in IPL finals Indian Premier League (IPL)

India

Trump unveils Afghanistan strategy, asks India to play greater role Afghanistan
Bank union go on strike, services hit Bank Strike
Chinese media: PLA live fire drills meant to awe India Independence Day
ONGC takes over HPCL, slated to be India's third-largest refiner ONGC

Narendra Modi

Amarnath terror strike: Protesters across Gujarat cry for revenge Gujarat
Was a kid, didn't even have moustache: Tejashwi on FIR Central Bureau Of Investigation (CBI)
Report: 73% Indians have confidence in Modi government India
Kendriya Vidyalayas introduce video and programming games in their curriculum Education

Reserve Bank Of India (RBI)

Four new cyber cells for Mumbai Police India
ICAI to check if banks misreport bad loans India
RBI to soon circulate new Re. 1 notes India
RBI wants to introduce bank account number portability India

PAN Card

Government extends Facilities for Long Term Visa holders India
Aadhaar-PAN linkage to target black money, terrorist-financing: Centre tells SC India
Aadhaar to be mandatory for new bank accounts Aadhaar Card
Received Form 16? Know all about its nitty-gritty here! Income Tax Department of India
Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin
All rights reserved © NewsBytes 2025