GST

DG GST Intelligence made PMLA Regulator for Gems and Jewellery Sector

DG GST Intelligence made PMLA Regulator for Gems and Jewellery Sector under Prevention of Money-laundering (Maintenance of Records) Rules, 2005.

As per clause (fa) of sub rule (1) of Rule 2 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, the Regulator means –

(i) a person or an authority or a Government which is vested with the power to license, authorise, register, regulate or supervise the activity of reporting entities or the Director as may be notified by the Government for a specific reporting entity or a class of reporting entities or for a specific purpose;

(ii) the Reserve Bank of India with respect to Central KYC Records Registry as defined in clause (aa) of sub-rule (1) of rule 2”;

Now, the DG of GST Intelligence has been included in the definition of the Regulator with respect to Gems and Jewellery Sector. It is to be noted that Rule 3 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 lays down various obligations for maintenance of records with respect to nature and value of transaction.

DG GST Intelligence made PMLA Regulator for Gems and Jewellery Sector 

MINISTRY OF FINANCE
(Department of Revenue)

Notification No. 5/2017

New Delhi, the 23rd August, 2017

G.S.R. 1057 E).—In exercise of the powers conferred by sub-section (1) read with clauses (h), (i), (j) and (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby makes the following further amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:—

1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2017.

(2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 2, in sub-rule (1), in clause (fa), after sub-clause (ii), following sub-clause shall be inserted,-

“(iii) the Directorate General of Goods and Service Tax Intelligence with respect to Gems and Jewellery Sector.”

[F.No. P-12011/4/2015-ES Cell-DoR]

BIPLAB KUMAR NASKAR, Under Secy.

Note : The principal rules were published in Gazette of India, Extraordinary, Part-II, Section 3, Sub-Section (i) vide number G.S.R. 444 (E), dated the 1st July, 2005 and subsequently amended by number G.S.R. 717 (E), dated the 13th December, 2005, number G.S.R. 389 (E), dated the 24th May, 2007, number G.S.R.816 (E), dated the 12th November, 2009, number G.S.R. 76 (E), dated the 12th February, 2010, number G.S.R. 508 (E), dated the 16th June, 2010, number G.S.R. 980 (E), dated the 16th December, 2010, number G.S.R. 481 (E), dated the 24th June, 2011 and number G.S.R. 576 (E), dated the 27th August, 2013, number G.S.R. 288 (E), dated the 15th April, 2015, number G.S.R. 544 (E), dated the 7th July, 2015, number G.S.R. 693 (E), dated the 11th September, 2015, number G.S.R. 730 (E), dated the 22nd September, 2015, number G.S.R. 882 (E), dated the 18th November, 2015, number G.S.R. 347 (E), dated the 12th April, 2017, number G.S.R. 538 (E), dated the 1st June, 2017 and number G.S.R. 1038 (E), dated the 21st August, 2017

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