PAN requirement to impact sales of Rs 2-5 lakh jewellery:Titan

Titan Co expects cash sales of jewellery items between Rs 2 lakh and Rs 5 lakh to be impacted to some extent after the government lowered the transaction threshold of quoting PAN to Rs 2 lakh.
Earlier this month, Finance Ministry had amended the limit for quoting PAN for purchase of jewellery if the sum involved is Rs 2 lakh per transaction from from Rs 5 lakh as part of measures to curb domestic black money generation.
"This may potentially have some impact on the cash sales of individual products ranging from Rs 2 lakh to Rs 5 lakh, which amount to less than 10 per cent of the revenue of the division in the recent past," Titan Co said in a BSE filing.

The company is already compliant regarding PAN requirement for jewellery purchases above Rs 5 lakh, it said adding, "so this will not get affected by the amendment".
The government had made mandatory from January 1 for cash payment made to settle hotels bills or for buying foreign travel tickets of Rs 50,000 as it tightened disclosure norms to curb black money.
The PAN requirement for non-luxury cash transactions was set at Rs 2 lakh, while the same was made mandatory on purchase of immovable property of Rs 10 lakh.

As part of his role on the Board, Mr. Subramaniam will

be guiding Rajeev Agrawal, Innoviti's MD & CEO and the leadership team, on the overall financial and operational aspects of business strategy as the firm scales up its flagship solutions - uniPAY and smelending.Com. Rajeev Agrawal, MD & CEO, Innoviti said, "Subbu's presence on our Board immediately fortifies the company's corporate governance principles and validates our policies therein. His rich and diverse expertise across corporate strategy and finance will not only benefit our core operations but will also equip our teams with the requisite mentorship and guidance to move in the right directions."
S. Subramaniam, Board Member, Innoviti said, "I'm very excited to be a part of the Innoviti Board as the nominee of Titan Company Ltd. In a very short span of time, Innoviti has pioneered both the payment automation and SME lending spaces in the country today. Innoviti's technologies are today impacting small businesses by altering the way they access capital, among other things. I look forward to interacting with the key leadership and core management teams, as we look to expand our offerings in the marketplace." About Innoviti Payment Solutions Pvt. Ltd.

Innoviti processes over Rs. 8,000
crore of payment transactions annually, including Rs. 1000 crore of credit. Innoviti's smelending.Com is #1 in the segment of SME lending, processing over Rs 400 crore per year. uniPAY is India's only omni-channel payment platform for managing payment automation. The company has won Deloitte Asia Pacific award three years in a row and Red Herring Asia award twice. Innoviti is backed by marquee investors such as Titan Company (JV between Tata Group and TIDCO), Catamaran Ventures and New India Investment Corporation, Canada. For more information, visit https://bsmedia.business-standard.comwww.Innoviti.Com.
Media Contact:
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Sarath Chandra Nerella
Sarath@innoviti.Com
+91-7795348478

Marketing Manager
Innoviti Payment Solutions Pvt. Ltd.
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Mitesh Karamchandani
Mitesh.Karamchandani@zenogroup.Com
+91-9819072471
Senior Account Manager
Zeno Group India
Photo: http://photos.Prnewswire.Com/prnh/20151009/10132317 Source: Innoviti Payment
Solutions Pvt. Ltd.