PMLA scare changes jewellery business, customers prefer barter

Customers usually exchanged old jewellery for new and settled the difference

With the festive season, gold demand is slowly returning. However, customers now prefer barter deals, to avoid giving their identity details for jewellery buying above Rs 50,000 — required since last month under the Prevention of Money Laundering Act (PMLA) provisions.
 
Some profit booking in a sliding stock market and more income with government employees due to implementation of the pay commission report have ensured some money for gold jewellery, traditionally bought during the Dussehra and Diwali festivals. However, while accepting the three per cent goods and services tax (GST), customers aren’t willing to comply with the