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The Central Government has notified thatthe dealers in precious metals and precious stones will be referred to as persons carrying on designated businesses or professions. Read the official announcement below: NOTIFICATION New Delhi, the 28th December, 2020 G.S.R. 799(E).In exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies the dealers in pre
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FAQ :
They are now referred to as 'persons carrying on designated businesses or professions'.
This notification has been issued under the Prevention of Money-Laundering Act, 2002.
The designation applies if they engage in cash transactions with a customer equal to or above Rupees ten lakhs, carried out in a single operation or in several operations that appear to be linked.
The threshold is Rupees ten lakhs.
The notification was issued on the 28th of December, 2020.
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