Saturday, December 5, 2020
Home News Reports Plans to bring jewellery sector under PMLA could strengthen PM Modi's fight against black...

Plans to bring jewellery sector under PMLA could strengthen PM Modi’s fight against black money

The NDA government has been trying to bring in more transparency in the jewellery sector. It is well known that gold is a popular investment where black money is parked. Earlier in August 2017 , the government had brought jewellery sector under PMLA (prevention of money laundering act).

According to the rules notified in August 2017, every jewellery store with a turnover of 2 crores would come under the PMLA radar. Every cash sale in excess of Rs. 50,000 had to be reported to the government by these stores. However, the order was reversed in October 2017 to improve easy of doing business. Gold imports had surged after the removal of the original order in August 2017.

What are provisions of PMLA ?

The Prevention of Money Laundering Act 2002 enables the government to confiscated property derived from money laundering and punish the offenders under the act from 3 to 7 years in prison. The act also empowers the government to make rules regarding maintenance of records to monitor transactions in sectors which are potentially prone to money laundering. Maintaining KYC (know your customer) records make black money transactions harder for both the customer and the owner of firms.

Plans to bring back KYC norms in Jewelry sector

The NDA government is planning to bring back the regulation with a higher cash limit for reporting. This time, it might take a more accommodating view on ease of doing business to ensure that the common man is not affected by the rules. It was found that many customers did not have PAN cards in the previous attempt to regulate use of cash in the jewellery sector. Reporting limit for cash transactions might be increased from current Rs. 50,000 limit. Bringing back the KYC reporting norms under PMLA could help in curbing future use of black money in gold purchases.

 

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Rahul Gandhi tweets to fuel farmers’ protests: Here is how Congress had promised similar farm laws in 2019 election manifesto

Congress promised abolition of APMC Act and replacement of Essentials Commodities Act, 1955 in manifesto, thereby promises similar farm bills

Anil Vij tests positive for Coronavirus days after he joined third phase of vaccine trials: Here is why there is no reason to panic

As Covaxin trial is double blinded, there is 50% chance that Anil Vij got placebo in place of vaccine, and he only received one dose

TRS goes from 99 to 56 seats, BJP goes from 4 to 49: Here is why, and it is not what English media thinks

Elections to the GHMC were actually due in February of 2021 but TRS decided to pre-pone the elections by three months to gain an upper hand

NIA files chargesheet in Khalistan Liberation Front narco-terror case: Narco-terrorist Singh was using money from drug trade to strengthen KLF

Accused used to receive smuggled Heroin from Pakistan-based Jajbir Singh Samra and use proceeds to strengthen Khalistan cause

‘We will make Ravan humane, justify his abduction of Sita’: Saif Ali Khan on his role of ‘Lankesh’ in upcoming movie ‘Adipurush’

Saif Ali Khan courted another controversy recently after he revealed that the makers of his upcoming movie 'Adipurush' have decided to show 'Ravan' as humane

United Nations classifies marijuana as a ‘less dangerous drug’, decision, for which India voted too, to help further medicinal use

With the categorisation of marijuana as a less dangerous drug, it is believed that the medicinal and therapeutic potential of the drug can now be recognised.

Recently Popular

‘We will make Ravan humane, justify his abduction of Sita’: Saif Ali Khan on his role of ‘Lankesh’ in upcoming movie ‘Adipurush’

Saif Ali Khan courted another controversy recently after he revealed that the makers of his upcoming movie 'Adipurush' have decided to show 'Ravan' as humane

How a teacher from Solapur, Ranjitsinh Disale, won the coveted Global Teacher Prize and $1 million: Here is his story

32-year-old teacher Ranjitsinh Disale won the Global Teacher prize and prize money of $1 million for his extensive work in the field of the girl child education

Ex-Indian cricketer Yuvraj Singh’s father Yograj Singh joins Farmer’s protests, justifies “Indira thok di” comment

Multiple videos of Yograj Singh, Yuvraj Singh's father, have gone viral on social media where he has been giving provocative speeches amid the ongoing farmer protests

From supporting Khalistanis to hurting religious sentiments of Sikhs: A brief intro of the new liberal favourite, Diljit Dosanjh

Singer Diljit Dosanjh has become the new blue-eyed boy of the left-liberal gang after he supported ongoing farmers protest

Watch: Angry Rajdeep Sardesai threatens to sack his staff in charge of social media for failing to link up his Instagram live

Rajdeep Sardesai had announced that he was doing a live chat on his Instagram page to discuss Hyderabad municipal election results

Kangana Ranaut vs Diljit Dosanjh fight turns ugly, she calls him Karan Johar’s pet dog

Days after Kangana mistook an elderly lady in Punjab farmers' protest for Bilkis Bano of Shaheen Bagh 'protests', Punjabi singer-actor Diljit Dosanjh got into a war of words with her on Twitter.

Rahul Gandhi tweets to fuel farmers’ protests: Here is how Congress had promised similar farm laws in 2019 election manifesto

Congress promised abolition of APMC Act and replacement of Essentials Commodities Act, 1955 in manifesto, thereby promises similar farm bills

Fake TRP row: Republic TV Assistant VP Ghanshyam Singh granted bail after being lodged in Taloja jail for 25 days

Republic TV VP Ghanshyam Singh was kept at the Taloja Central Jail for 25 days after he was arrested by the Mumbai Police in TRP case

India Today Data Intelligence Unit strikes again, makes a mistake with basic math while reporting Hyderabad Municipal election results

TRS had secured 88 seats in 2016, but India Today claimed they had won 99 seats, and calculated 99 minus 56 as 46.

Anil Vij tests positive for Coronavirus days after he joined third phase of vaccine trials: Here is why there is no reason to panic

As Covaxin trial is double blinded, there is 50% chance that Anil Vij got placebo in place of vaccine, and he only received one dose

Punjab police arrest 8 for the brutal attack on Ram Shiv Bhakt Sena chief, main accused absconding: Here is what had happened

Chief of the Hindu organisation Shri Ram Bhakt Sena was brutally attacked by bike-borne assailants on December 2

USA imposes visa restrictions on members of Communist Party of China and families amidst growing infiltration in Universities

USA has imposed restrictions on travel visa of the members of the Chinese Communist Party (CCP) and their families.

‘Don’t know why he got it in the first place’: Captain Amarinder Singh calls Parkash Singh Badal returning of Padma Vibhushan ‘theatrics’

Captain Amarinder Singh called former Punjab CM Parkash Singh Badal returning of Padma Vibhushan as 'theatrics'

Despite strong protest by MEA, Canada and UK continue to interfere in India’s internal issue, pass statements on farmer protest

Amidst renewed farmer protest, Canada and UK have been exercising unwarranted interference in the internal affairs of India.

Serial Killer Mohammad Razi arrested for killing three people in three days and beheading one of the victims, said he ‘enjoyed it’

A 22-year-old serial killer has been arrested for killing three people on three consecutive nights last week in Gurugram

TRS goes from 99 to 56 seats, BJP goes from 4 to 49: Here is why, and it is not what English media thinks

Elections to the GHMC were actually due in February of 2021 but TRS decided to pre-pone the elections by three months to gain an upper hand

Connect with us

245,563FansLike
493,141FollowersFollow
20,300SubscribersSubscribe