Exempt Gems |& jwellery from PMLA Requirement

The Government has received representations from various Associations in the Gems and Jewellery sector with respect to certain incongruities in Notification No. 4/2017 dated 23rd August, 2017, wherein dealers in precious metals, precious stones and other high value goods were notified as person carrying on designated business and professions under the Prevention of Money-Laundering Act, 2002. After considering various aspects of the issue, the Government has decided to rescind the said notification.

MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION

New Delhi, the 6th October, 2017

G.S.R. 1223(E).—In exercise of 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 rescinds the notification No. 4/2017, dated the 23rd August, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 1058(E), dated the 23rd August, 2017, with immediate effect, except as respects things done or omitted to be done before such rescission.

[F. No. P.12011/4/2015-ES Cell-DoR]
BIPLAB KUMAR NASKAR, Under Secy.

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