Central Government notfies the dealers in precious metals, precious stones as "persons carrying on designated businesses or professions"

Last updated: 02 January 2021

The Central Government has notified that the 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 precious metals, precious stones as persons carrying on designated businesses or professions – if they engage in any 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.

 

[F. No. P-12011/14/2020-ES Cell-DOR]
ARVIND SARAN, Director



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