PMLA Relaxation: Govt. extends the operation of Small Bank Accounts [Read Notification]
PMLA Relaxation- operation of small bank accounts – Taxscan
PMLA Relaxation- operation of small bank accounts – Taxscan
The Government on Wednesday notified the relaxation under the Prevention of Money Laundering Act (PMLA), 2002 operation of small bank accounts of trusts till 31 December, 2021.
“In exercise of the powers conferred by clause (iiia) of sub-rule (5) of rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, the Central Government hereby extend the period for which small account shall remain operational till 31st December, 2021,” the notification issued by the Finance Ministry said.
Last year also the Finance Ministry notified the relaxation under the Prevention of Money Laundering Act (PMLA), 2002 operation of small bank accounts of trusts till September 30, 2020.
To Read the full text of the Order CLICK HERE
Support our journalism by subscribing to Taxscan AdFree. Follow us on Telegram for quick updates.
