The Department of Revenue (DoR), Ministry of Finance has clarified that any purchase of gold, silver, jewellery, or precious gems and stones below Rs 2 lakh does not require PAN or Aadhaar of a customer as mandatory Know Your Customer (KYC) document.
“Any cash transactions to purchase gold would require a Government-issued identity card, be it a photocopy of passport, driver's license, PAN or Aadhaar card after the Government issued the notification under the PMLA,” Rajiv Popley, Director of Popley Group of jewellers says.
As part of India's commitment to the Financial Action Task Force (FATF), cash transactions above Rs 10 lakh to purchase gold will be required to complete his/her Know Your Customer (KYC). PAN card and Aadhaar card are valid documents for the mandatory KYC.
Clarifying a December 28, 2020 notification, the Department of Revenue in the ministry said cash purchase of jewellery, bullion and precious gems and stones of value more than Rs 2 lakh is not allowed without KYC in the country for the past few years. This continues.
As per the instruction, income tax officials will not seize gold ornaments up to 500 grams for a married lady. The same limit is 250 grams for an unmarried female. For male whether married or unmarried the CBDT has prescribed a lower limit of 100 grams for each male member of the family.
1 Kg Gold Bullion Bar, Rs 4500000 /kg Mehta Gold Co.
As per the new rules, if jewellery or an artifact made of 14, 18, or 22-carat gold is sold without the BIS hallmark, the jeweller could be penalised five times the cost of the object or imprisoned for up to one year.
Investors like their gold purchases to be private. Physical gold and silver are not tracked electronically. This is important in this time of government surveillance.
In case you do not have the bill, you can sell the coin, bars or jewellery with an established jeweller but only in exchange for gold purchase at their stores. These stores melt the metal in front of you to check its weight and purity. ... It could be in the form of coin, bars or jewellery.
Returns on digital gold assets held for less than 36 months are not strictly taxable. In the case of long-term capital gains, you'd have to pay a 20 percent tax on the whole amount, plus a surcharge and a 4% cess with indexation benefits.
When a Gold Purchase May Not Need to Be Reported
A cashier's check over $10,000 isn't considered cash, and paying with one is seen as different from paying with paper currency. As we can see, the legal definition of the word “cash” is important here.
Gold certificates represent ownership of a quantity of gold, similar to the way that stock certificates represent an ownership share in a company.
When coming into our offices and selling over the counter, you only need to provide one form of identification for anything up to £5,000 (i.e. a current Passport or Driving Licence). ... We will then inspect/weigh the coins and/ or bars and offer you a quote based on the live price of gold at the time of sale.
The Central Board of Direct Taxes (CBDT) vide press release dated December 01, 2016, had clarified that there is no limit on holding of gold jewellery or ornaments by anybody provided the same is acquired from sources explained including inheritance.
The bad news is that most banks do NOT accept gold due to missing evaluation possibilities. During the last 10 years many counterfeit coins and bars appeared because the gold price raised so rapidly. The risk of buying gold with a tungsten core is serious and most banks are not willing to bear buying-risks.
Gold is legal to own. However, there was a time when it was illegal for U.S. citizens to own gold. From 1933 to 1974, it was illegal to own gold bullion without a license. ... Starting on January 1st, 1975, U.S. citizens could freely hold any gold with no licenses.
Hallmark certifies the purity of gold. Since it is the mark of purity, it instills confidence in the mind of the consumer. This means, if you are buying hallmark 18K gold jewellery, it will actually mean that 18/24 parts are gold and rest is alloy which will help you get better resale value at that time.
The hallmarking of gold jewellery is made mandatory by the government. The hallmarked jewellery must have a Bureau of Indian Standard (BIS) mark. To ensure purity in karat and fineness, you must look for the Caratage (22K915).
According to the new hallmarking rules, that came into effect in June, jewellers are only allowed to sell gold items of 14,18 and 22 carats and are required to hallmark their products. In case they don't, they face a penalty — pay five times the cost of the product sold or face up to a year of imprisonment.
Hong Kong. Hong Kong is currently the cheapest place to buy gold. The premium on Australian Nuggets, a type of gold coin, in Hong Kong is some of the cheapest gold to buy in the world at around $1,936 for a one-ounce gold coin.