Precious metals, stones sellers to keep up data of money offers of Rs 10 lakh

Dealers of treasured metals and stones will henceforth have to keep up data of money transactions value Rs 10 lakh or extra cumulatively with a single buyer.
The Finance Ministry has notified such sellers in treasured metals and stones and likewise actual property brokers with over Rs 20 lakh turnover below the ambit of Prevention of Money Laundering Act (PMLA).
Nangia & Co LLP Director Mayank Arora mentioned the modification notifying sellers in treasured metals and stones goals to plug the loophole whereby money transactions as much as Rs 2 lakh with out KYC – PAN and Aadhaar – have been allowed within the gems and jewelry sector.
“This amendment classifies such dealers as reporting entities and such dealers would have to maintain records of all cash transactions cumulatively in excess of Rs 10 lakhs with a customer,” Arora mentioned.

He mentioned actual property brokers are thought-about as a reporting entity below the PMLA, 2002.
“Recent amendment to the Prevention of Money Laundering Rules, 2005 has appointed the Central Board of Indirect Taxes and Customs as the Regulator, responsible for specifying procedure and manner of maintaining records by real estate agents,” Arora added.