Traders protest making PAN must for buying gold

Bullion market remained closed in the national capital on Wednesday as traders refrained from doing business to protest the Budgetary proposal that would make it mandatory to quote Permanent Account Number (PAN) for purchases of above Rs 1 lakh.

"Making it mandatory to quote PAN for purchasing gold above Rs 1 lakh is negative for the industry, which would drastically reduce their business," said a bullion trader.

Bullion traders have been pressing for rollback of the proposal announced on February 28 in the Union Budget for the year 2015-16.

Gold had closed Rs 100 higher at Rs 26,550 per 10 gram, while silver had moved up by Rs 200 to Rs 37,800 per kg in Tuesday's trade.