Do I need a PAN card to buy gold in India?

pan card for gold

You need PAN card to buy gold in India only if, you are buying gold or gold jewellery worth Rs.2,00,000 (two lakh rupees) or more and in cash. PAN card is not required if you are buying gold using your debit/credit card, bank cheque, demand draft or by using any online payment method.
Post demonetization this cash limit to buy gold was set to Rs.50,000 (fifty thousand rupees) only but was soon revised to Rs.2,00,000 as it impacted gold jewellery sales badly.

It was speculated that a lot of black money in India is being parked in gold and hence to counter it The Government of India decided to made PAN card a compulsion to keep a check on any such gold related cash transactions.

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