Inland Revenue Department Directs Gold and Silver Traders Traders to Halt Transactions Through Personal Accounts

The Inland Revenue Department (IRD) has issued a fresh directive requiring gold, silver, and other precious metal or commodity traders to stop conducting business transactions through personal bank accounts. The move aims to strengthen financial transparency and ensure all business activities are routed through officially registered channels.

• Traders must carry out all transactions strictly through bank accounts registered under their business or institutional name.

• The use of personal bank accounts belonging to owners, employees, family members, or any third party for business dealings has been prohibited.

• For the purchase or sale of precious metals or high-value items worth Rs. 10 lakh or above in a single transaction, payments must be received only from the bank account of the customer or their immediate family member.

The IRD stated that the directive is intended to tighten oversight in the precious metals market and ensure compliance with financial reporting standards.