Tougher norms for high-value gems and jewellery transactions on cards

The finance ministry is considering proposals to sharpen its focus on high-value transactions in the gems and jewellery sector, among others. One suggestion is to link these with the Aadhaar card number (which every citizen is expected to have) or other identity. Preliminary discussions have taken place, said an informed source. Aadhaar is considered better for this purpose than the idea of a PAN (income tax) number.

After the demonetisation in November 2016 and implementation of the goods and services tax from July 2017, all commercial activities are sought to be tracked in a systematic manner. Even so, a need is