No new KYC disclosures have been mandated for cash purchase of gold, silver or precious gems and stones and only high-value cash transactions continue to require the filing of documents such as income tax PAN or biometric ID Aadhaar, finance ministry sources said Friday.

On 28 December, the Department of Revenue, under the Finance Ministry, had issued a notification that cash purchase of jewellery, bullion and precious gems and stones of value more than Rs 2 lakh is not allowed without KYC procedures in the country for the past few years.

The notification issued under PML Act, 2002 on December 28 stated that only persons or entities buying gold, silver, jewellery or precious stones 'in cash transactions' worth Rs 10 lakh or above need to fill know your customer or KYC documents.

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