The government has removed gems and jewellery dealers from the purview of the reporting requirement under the Prevention of Money Laundering Act (PMLA). An official order said that the government rolled back August 23 notification that notified dealers in precious metals, precious stones and other high-value goods as persons carrying on designated business and professions under the PMLA.
Revenue Secretary Hasmukh Adhia said in New Delhi yesterday that after considering various aspects of the issue, the Government has decided to withdraw the notification.
Under the PMLA, every reporting entity is required to maintain a record of all transactions of value exceeding 10 lakh rupees, all cross-border wire transfers of more than 5 lakh rupees and all purchase and sale of immovable property of 50 lakh rupees or more.
With this, Aadhaar will cease to be mandatory for jewellery transactions exceeding 50,000 rupees. The requirement of other identity proof has also been waived off.
