Virtual digital asset now covered under the Prevention of Money-laundering Act (PMLA)
MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 7th March, 2023
S.O. 1072(E).—In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to the as the Act), the Central Government hereby notifies that the following activities when carried out for or on behalf of another natural or legal person in the course of business as an activity for the purposes of said sub sub-clause, namely:-
(i) exchange between virtual digital assets and fiat currencies;
(ii) exchange between one or more forms of virtual digital assets;
(iii) transfer of virtual digital assets;(iv) safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets; and
(v) participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset.
Explanation:-For the purposes of this notification “virtual digital asset” shall have the same meaning assigned to it in clause (47A) of section 2 of the Income Tax Act, 1961 (43 of 1961).
[F. No.P-12011/12/2022-ES Cell-DOR]
SHASHANKMISRA, Director (Headquarter)
Mere CBDT Instructions cannot absolve individuals of their obligation to explain the source and nature of their gold holdings, even…
Empanelment of General Observers for ICSI Examinations December 2026 ICSI has invited interested members to enroll as General Observers for…
ITAT answers some important and inter-related issues relating to deduction u/s 80IA In a recent judgment, ITAT has dealt with…
Carry forward of loss can not be denied for belated return, it is only the set off in subsequent year…
Where sales are duly recorded in books and VAT returns, to treat it bogus sales, AO must bringing cogent adverse…
Expenses to celebrate Diwali with staff creates a goodwill and, therefore amounts to expenses incurred for the purpose of business…