Guwahati News Desk: Department of Revenue (DoR) has clarified that a mandatory KYC document is not required for those who purchase precious gems and stones or gold, silver, jewellery below Rs 2 lakh.
According to sources, the notification issued on December 28, 2020, under (Prevention of Money Laundering) PML Act, 2002, is a requirement of FATF (Financial Action Task Force) Dealers in Precious Metals and Precious Stones (DPMS) to carry out KYC and Customer Due Diligence only when they carry out cash transactions beyond Rs 10 lakh.