News digest: PMLA rules, spectrum holding limit, H1B visa rules, and more

From govt discussing to set up sovereign wealth fund to market trading sessions, BS brings you up to date with the latest news

PMLA rules: Cash deal limit may be reduced to curb money laundering

The Centre is planning to tighten the anti-money laundering rules pertaining to the “reporting and maintenance of record” by mandating reporting entities to furnish information of entities dealing in cash above a certain amount, a move to curb money laundering. Under the current Prevention of Money Laundering Act (PMLA) rules, such reporting is required for all cash transactions of value exceeding Rs 1 million, all cross-border wire transfers of more than Rs 500,000, and all purchase and sale of immovable property of Rs 5 million or more.