Kathmandu, July 7 -- Buyers of gold or other precious metals worth over Rs500,000 will have to provide their fingerprint to bullion traders, according to a proposed directive of the Inland Revenue Department.

The directive has been proposed with an aim to limit money laundering and terrorism financing as a part of 'Know Your Customer or KYC' policy.

The Inland Revenue Department, which has assumed the responsibility of working as a regulator of the gold market, prepared the draft of the directive which is currently under the inter-ministerial discussions.

The Money Laundering Prevention Act categorises bullion traders as reporting entities that need to keep a record of customers who buy precious metals worth over Rs1 million as well as...