Sale of luxury goods plummet due to new PAN card rule

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.

ALSO READ -   The best of Luxpresso : ad campaigns, watches, handbags, makeup, perfumes, strawberry dishes and more

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.

ALSO READ -   This week in Luxpresso - Fashion week at Milan and Paris, birthstones, jewels, shoes and Polaroid eyewear

[ Via : Timesofindia ]

Leave a comment

Your email address will not be published.