Jewelers supporting black money?

That a lot of black money is routed to buy gold and real estate is a known fact. And now with the Govt trying to do some little bit about tracking this black money, it comes as a rude shock to know that the jewellery industry is almost up in arms, trying to prevent the Govt from implementing anything which helps track the money.

The jewelers are miffed that the Govt is planning to make PAN card mandatory for any transactions of over Rs.1 lakh. This move, is most certainly a step in the right direction to curb unaccounted cash and in developed countries, this is a norm. No one questions this. Yet the jewelers in India, taking advantage of the free democracy we live in, are planning to go on a strike if this mandatory PAN card rule is not rolled back! They say that this move could affect 60% of its sales but what about the unaccounted cash affecting the entire country?

This can truly happen only in India where a good, ethical way ahead is always questioned as people have got used to an easy, illegal way out. In fact the illegal route is the norm and when we try to legalize it, the very same people who supported the fight against corruption, oppose the right way ahead. Sales will get affected the bigger picture will get better. The jewelers say that most people who buy gold do not have a PAN card. Then isn’t that all the more reason to get this fallacy corrected? And if someone can afford to buy  gold, they don’t have money to spend Rs.200 to buy a PAN Card? This PAN card has to be made mandatory; it would be a pity if the Govt bows down to their threats.