Luxury stores across the country are having a tough time convincing people to share their permanent account number (PAN) details. The government has come up with a new policy that make it mandatory for the purchaser to give their PAN details if they make a purchase of over INR two lakhs. This is done in a bid to flush out the black money in the market.
This new move has deterred many a regular customer as they can no longer pay in cash and now prefer to shop abroad where they do not need to furnish any details while making the purchase.
The luxury brand stores are feeling the pinch as many of their handbags, watches and accessories cross the two lakh mark and ever since the rule they have seen their sales dwindle.
These stores are desperately trying to find a way around this problem so that their sales graph rises again.
[ Via : Timesofindia ]