08 Dec 2019
DiamondWorld Directory
Home |
News
Home
PMLA rules to apply to gem & jewellery sector with immediate effect
According to the notification, any dealer of precious metals, precious stones, and other high-value goods with a turnover of Rs. 2 crore or more in a financial year will be covered by the Act. The Rs. 2-crore limit will be calculated on the basis of the previous year's turnover, according to the notification.
By: Diamond World News Service
|
Sep 1 2017 10:59AM
|
Reference: 15560  

DecreaseIncrease

The provisions of the Prevention of Money-laundering Act (PMLA), 2002, will apply to the gem & jewellery sector with immediate effect, the Centre has said in a notification.

According to the notification, any dealer of precious metals, precious stones, and other high-value goods with a turnover of Rs. 2 crore or more in a financial year will be covered by the Act. The Rs 2-crore limit will be calculated on the basis of the previous year's turnover, according to the notification.

The Directorate General of Goods and Services Tax Intelligence (DGGSTI) will be appointed under the Act to monitor and adjudicate with respect to the gems & jewellery sector.

Issued in the Gazette of India on August 23, the notification has taken the sector by surprise. Sources say the government’s move to apply the provisions of PMLA to the sector is a spillover of income-tax raids on jewellers soon after the government's decision to demonetise high-value currency notes last November. At the time, jewellers had sold gold and jewellery at a huge premium for banned currency notes.

This is yet another step by the government in the past few weeks to stop the misuse and laundering of money. Last Friday, the government had banned gold coins and articles coming from South Korea at zero duty under the Free Trade Agreement. Before that, it had banned the export of jewellery above 22 carats.

Source: Business Standard

Have Your Say
* Your view
* Name:
* Email:
* Town/city:
* Country/State:
Search News by City
Recent Issue
2019
AVAILABLE NOW...!
News in Pictures
Videos
Young Diamantaires
Pictures: 16
Stunning Jewellery from Cannes 2019
Pictures: 24
Sparkly Jewels at Oscars 2019
Pictures: 19
Golden Globes 2018
Pictures: 15
Spotted: Who Wore What (December 2018)
Pictures: 4
India Diamond Week
Pictures: 8
Spotted: Who Wore What (October 2018)
Pictures: 7
Spotted: Who Wore What (September 2018)
Pictures: 6
70th Emmy Awards
Pictures: 11
35th India International Jewellery Show 2018
Pictures: 46
JJS - IJ Jewellers Choice Design Awards 2015 powered by GIA
Views: 22495
GJEPC Chairman Interview
Views: 20543
IJ Jewellers Choice Design Awards 2012 - Part 1
Views: 27733
Promo for IJ Awards 2012 at NDTV Profit
Views: 40667
IJ Jewellers Choice Design Awards 2012- Part 2
Views: 44414
Couture India 2016 - A Business Boutique Show by IJ Magazine
Views: 17472
Savjibhai Dholakiya, Surat Businessman (Diamond Merchant) speaks in Vibrant 2015
Views: 42546
IJ Jewellers Choice Design Awards 2013 - NDTV Video
Views: 40295
Advertisement
GIA_NEWS
Advertisement
Mohra India
Member of:
Supporter of: