Buying gold: Government trashes report saying KYC documents needed for purchase of gold below Rs 10 lakh

The government has trashed a media report which stated that KYC will be required for any purchase of gold and silver.

The government has reiterated that jewellery purchases of above Rs 10 lakh only need to furnish KYC.

New Gold Policy

The government has reportedly been planning to introduce a gold policy to develop it as an asset class. This would categorise gold as an asset class and not “undisclosed treasure”.

It is a common practice for an individual to buy gold worth below Rs 2 lakh in the name of family members.

According to a report in The Economic Times, jewellers now feel that government has become more stringent. They feel they are linking up all transactional details to clamp down on them.

On December 28, the Finance Ministry brought gold trade under the purview of Prevention of Money Laundering Act.