Jewellery and watch-maker Titan Co estimates its income to come down about Rs 500 crore in the current fiscal as customers are now required to produce permanent account number (PAN) for transactions exceeding Rs 2 lakh.

In December last year, the Finance Ministry had reduced the purchase limit for quoting PAN to Rs 2 lakh per transaction from Rs 5 lakh as part of its efforts to check the menace of black money.

"We would have around Rs 400-500 crore effect on our turnover. This would be loss of turnover. This is our estimate," Titan Co Managing Director Bhaskar Bhat told PTI.

Bhat said Titan sales have already come under pressure from the earlier limit of Rs 5 lakh, without disclosing the exact figures.

Titan had said last month its cash sales of jewellery items between Rs 2 lakh and Rs 5 lakh could be hit by the new PAN rule.

Bhat claimed the company has not "resorted to means circumvent the rule" by splitting the bill.

"We are suffering on account of that. We do not break up bill as Rs 1 lakh and Rs 1 lakh and then sell," he said.

Titan posted a revenue of Rs 11,903.21 crore for the fiscal year ending March 2015. Currently, the company derives 73% of its revenue from jewellery and 25% from watches. The rest comes from eyewear and the precision-engineering segment for the company. Its watch segment is witnessing an annual growth of about 10%.

"People are buying; luxury segment and premium segment is growing. However, mass market has got affected," Bhat said.

The company has partnered with global IT giant Hewlett-Packard (HP) for its smart-watch segment.

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