From now on, customers vying to buy gold need to carry either a PAN card or aadhar car along with them. These regulations may come into effect after announcement of general budget 2017. This regulation will be followed by customers buying more than 50000 worth gold. The same type of regulation is already in place for purchasing more than 2 lakh worth gold where buyer needs to fill in KYC form.
Meanwhile, several departments are working hard to unearth the gold purchases done after the noteban. The KYC limit will also be lowered according to well placed sources. Government has been taking several measures to expose the black money holders who are using many ways to convert their black money.
Post note ban, gold prices followed a downward trend with less demand and reached a 11-month low 2 days back. But, the trend reversed suddenly after being low for some time. The rise continued for the second day as the sales rose unexpectedly for the last 10 days.
After dumping the trend on Tuesday, it continued the upward trend again on Wednesday by 175 rupees to 28,200. On the other hand, silver also observed the same trend. It became costlier by 350 rupees at 39,500. Analysts say there has been an increase in purchase of costly metals by coin makers and industry. Meanwhile, international gold prices rose by 0.35 percent to 1142.30 dollars per ounce.