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Govt. rescinds notification relating to gems and jewellery sector

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The Government today said it had decided to rescind the Notification No. 4/2017 dated 23rd August, 2017 relating to Gems and Jewellery sector and that another notification would be issued separately in due course.
 
A press release from the Ministry of Finance said the Government had received representations from various associations in the Gems and Jewellery sector with respect to certain incongruities in the notification, 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.
 
Under the provisions of the notification, various compliances under the PMLA were required to be undertaken by the Gems and Jewellery sector, which was to be overseen by the Directorate General of Goods and Service Tax Intelligence (DGGSTI). These included the requirement under Rule 9 of the PMLA Rules, whereby a reporting entity must verify the identity of its clients, via a KYC process, for every transaction of Rs. 50,000 or more (whether conducted as a single transaction or several transactions that appear to be connected).
 
"After considering various aspects of the issue, the Government has decided to rescind the said notification. 
 
"A separate notification after due consideration of points raised and wider stakeholder consultation in this regard, shall be issued in due course," the release added.
 
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