Govt revokes notification, puts gems, jewellery dealers out of PMLA

The Asian Age.

Business, Economy

A separate notification after due consideration of points raised and wider stakeholder consultation, shall be issued separately.

New Delhi: The government on Friday revoked the notification on the Gems and Jewellery sector which included jewellers under the Prevention of Money Laundering Act.

The notification held dealers in precious metals, precious stones and other high value goods as persons carrying on designated business and professions under the Prevention of Money-Laundering Act, 2002 (PMLA).

This move is expected to attract traders in Gujarat which is set for an assembly election this year.

“Any entity dealing in gems/ jewellery/ other high-value goods and with a turnover of Rs 2 Crore or more in a financial year will not be covered under the PMLA,” reported ANI.

This move comes after the Centre received representations from various associations of jewellers demanding rollback of inconsistencies in this regard.

A separate notification after due consideration of points raised and wider stakeholder consultation in this regard, shall be issued separately, said a statement on Friday.