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.
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