CURRENT AFFAIRS

Detailed explanation-1: -YOU MAY LIKE TO READ. The Department of Revenue (DoR), Ministry of Finance has clarified that any purchase of gold, silver, jewellery, or precious gems and stones below Rs 2 lakh does not require PAN or Aadhaar of a customer as mandatory Know Your Customer (KYC) document.

Detailed explanation-2: -PAN card and Aadhaar card are required for purchase of gold worth over Rs 2 lakh.

Detailed explanation-3: -A married woman can hold up to 500 grams of gold, an unmarried woman can store 250 grams of gold and the limit for male members of the family is 100 grams.

Detailed explanation-4: -Technically, there is no limit up to which one can own gold jewellery or ornaments in India. However, married women In India can keep up to 500 grams of gold jewellery and ornaments, without any proof, according to an income tax notification dated May 11, 1994.

Detailed explanation-5: -All asset classes barring gold require KYC documents for any transaction. But in the case of gold, one needs to submit KYC documents if he or she buys gold worth Rs 2 lakh or more. The govt has been trying to make gold as an asset class at par with stocks, mutual funds and real estate.