If you are now buying less than Rs 2 lakh worth of jewelery, jewelers can ask you for a Know Your Customer (KYC) document just like a PAN and Aadhaar card. He fears that the government may decide to make KYC mandatory for cash transactions in the next budget.

 If you are now buying less than Rs 2 lakh worth of jewelery, jewelers can ask you for a Know Your Customer (KYC) document just like a PAN and Aadhaar card. He fears that the government may decide to make KYC mandatory for cash transactions in the next budget.

The attitude of government agencies is strict

The attitude of government agencies has tightened. In such a situation, jewelers fear that trouble could ensue if agencies become aware of some suspicious transactions. "Jewelers have started demanding KYC from customers," said Mehta, who operates from Zaveri Bazaar, the main gold trading center in Mumbai. This has led to confusion as customers do not want to share their KYC with jewelers.

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India consumes up to 850 tonnes of gold annually

The government is planning to formulate a comprehensive gold policy to develop gold as an asset class. That means it will not remain an undeclared asset but an investment and luxury holding. India consumes 800 to 850 tonnes of gold every year.