Jewellery shops to be closed on 11th Feb in Tamil Nadu
Posted on: 10/Feb/2016 9:36:08 AM
The Central Government has recently ordered that production of PAN Card details as compulsory for all financial transactions over Rs. 2 Lakhs.
This has been implemented from 1st January this year.By this order, even jewellery purchase over Rs. 2 Lakhs need to show PAN Card details. Earlier, the requirement of PAN card was for transactions above Rs. 5 Lakhs.
Jewellery traders have been protesting this new order as they apprehend that it would bring the sales down.As a mark of protest against the necessity for PAN card data for transactions over Rs. 2 Lakh, the jewellery traders all over India will be closing their shops as a token protest on 11th February, Thursday.
The President of the Gems & Jewellery Tradrers Association, Mr. Shankar Sen informed that the sales of jewellery has been adversely affected with the order that PAN card details must be entered for transactions over Rs. 2 Lakhs. There was a loss of business to the extent of 30 percent last month alone. So, we request that the previous limit of Rs. 5 lakh for showing PAN card data to be restored.
Pressing on this demand to revert to Rs. 5 Lakh limit and protesting against the new order limit of Rs. 2 Lakh, all jewellery shops in the country will be closed as a token protest on 11th February.
