Traders watch out! Centre mulls limiting cash deals at Rs 50,000 in bullion

Retail jewellers may be exempted as customers are allowed to buy jewellery up to Rs 2 lakh in cash

Bullion traders may soon have to conduct all transactions above Rs 50,000 through banks, with the government considering a proposal to limit cash deals to bring transparency in the trade.  

Retail jewellers, however, are likely to be exempted from the proposed move, as customers are still allowed to buy jewellery up to Rs 2,00,000 in cash without providing the permanent account number (PAN), sources close to the development said.

A large number of jewellers were under the scanner of the income tax (I-T) department over the spike in sales just after demonetisation was announced on November 8. Many jewellers