The Central Government notified the ‘Real Estate Agents’ and ‘dealers in precious metals, precious stones’ under the Prevention of Money Laundering Act, 2002.
The government notified the “Real Estate Agents”, as a person engaged in providing services in relation to sale or purchase of real estate and having annual turnover of Rupees twenty lakhs or above, as persons carrying on designated businesses or professions.
The Government in exercise of the powers conferred under section 2(1)(sa)(iv) of the Prevention of Money-laundering Act, 2002, rescinded the notification of the Government of India, Ministry of Finance, Department of Revenue, No. 8/2017, dated 15 November, 2017, except as respects things done or omitted to done before such recession.
The Central Government notified the dealers in precious metals, precious stones as persons carrying on designated businesses or professions, if they engage in any cash transactions with a customer equal to or above Rs 10 lakhs, carried out in a single operation or in several operations that appear to be linked.
The government further notified the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020 which seeks to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 2, in sub-rule (1), in clause (fa), for the sub-clause (iii), “the Central Board of Indirect Taxes and Customs, constituted under Central Boards of Revenue Act, 1963, with respect to the dealers in precious metals and precious stones,” the sub-clause shall be substituted.
After the sub-clause (iii) was so substituted, “the Central Board of Indirect Taxes and Customs, constituted under Central Boards of Revenue Act, 1963, with respect to the real estate agents,” sub-clause shall be inserted.
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