PAN-Aadhaar Card Based KYC Necessary For All Quantity of Gold, Silver Jewellery Purchase? PIB Calls it Misleading, Know Truth

Team Latestly
·1-min read

New Delhi, January 8: Amid the pandemic, there is an outbreak of false information. Several fake news is being spread on social media platforms. In recent, a claim has gone viral that PAN / Aadhaar card-based KYC (Know your customer) is necessary for buying any quantity of gold and silver jewellery.

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The claim suggested that the government has made KYC compulsory for all the cash transactions of gold and silver jewellery. However, the Press Information Bureau has called the claim misleading. Did Authorities Find 3,000 Tonnes of Gold Reserves in Uttar Pradesh? GSI Reveals Truth.

"This claim is misleading. According to the notification, KYC is required to be done only on jewellery of above Rs 10 lakh," PIB's fact check handle tweeted on Friday.

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PIB Tweet:

The government said that only persons or entities buying gold and silver 'in cash transactions worth Rs ten lakhs or above need to fill KYC documents. This is a requirement of Financial Action Task Force (FATF), an inter-governmental boy that sets international standards to prevent money laundering and terror financing.