PMLA rules to apply to gem & jewellery sector with immediate effect: Govt

Recently, the govt had banned gold coins and articles coming from South Korea at zero duty under FTA

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