India rethinks jewellery sales oversight after slump in gold demand

goldmIndian authorities withdrew on Friday an amendment that made jewellers subject to anti-money laundering legislation and caused a drop in gold sales.

The Prevention of Money Laundering Act obliges banks and other financial institutions to report all cash transactions above 50,000 rupees ($765) to the government, including customers’ personal identification numbers or tax codes.

 

Transactions by jewellers in the world’s second-biggest gold consumer were added to the list in August but without specifying a financial threshold.

 

However, that dented jewellery sales during the gold-buying festival season because customers were wary of providing personal details, industry body the All India Gems and Jewellery Trade Federation said.

 

 

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