Control over grey market
The directive to ban cash in transactions above Rs 2 lakh will result into people deferring their cash purchases and this will impact the gems and jewellery industry. In the long run, the move will
certainly help in taming the grey market and unorganised sector's size in India as companies look at becoming more tax compliant.
Jignesh Jain
Director, Gurjar Gem Pvt Ltd
Mumbai
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