Poll code, PAN norm may hit Tritiya sale

Jewellery sale, which netted around Rs 800 crore during last year’s Tritiya, is feared to come down drastically as the movement of cash is being seriously monitored. With surveillance teams demanding documentary proof for the cash in their possession, jewellers feel that this will have a telling effect on the sale. 

“In the backdrop of such cash seizures by officials, people may not take the risk of carrying big sums and come to the shops,” President of Tamil Nadu Jewellers Federation DR Ragunath told DT Next. 

With just a little over a week left for the polls, flying squads and surveillance teams have intensified their checks. 

Moreover, since the election machinery is also keeping a vigil to prevent the political parties from distributing gold coins to voters, jewellers across the state are worried as this could play spoilsport.

“Due to this, we expect that most buyers will purchase only small size jewellery or coin on this day and will postpone their major gold purchases,” he said.

According to Ragunath, making PAN card mandatory for purchases over Rs 2 lakh will also deter the few buyers who wish to make major purchases on this day. 

“We are also wary of the government regulation making us accountable for filling Form 60 or 61 in the absence of PAN and submit the details once in every quarter to the authorities,” he said. 

The gold rate on Saturday was Rs 2873 per gram and there may be a moderate rise owing to the Akshaya Tritiya day and the upcoming muhurthams, said another jeweller in the city.