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Do I need PAN card to buy gold in India?
You need to show/submit a PAN card copy to the jeweller only if you are purchasing gold coins or gold jewellery in cash of Rs.2,00,000 (two lakh rupees) or more. PAN card is not required if the payment is been made via cheque or credit/debit card and even if the purchased gold price is more than Rs.2,00,000.
Earlier post demonetization the limit for buying gold in cash (with PAN card as a compulsion) was set to Rs.50,000 (fifty thousand rupees) but the limit was later increased as jewellers were unhappy about the strict rule as it was hampering their business with gold jewellery purchase reduce significantly in that period.
The government made PAN card compulsion for buying gold jewellery purchase as a lot of black money was being used to buy gold.
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