‘Record high value cash deals for gems, gold’

Dealers of precious metals and stones will now be required to maintain a record if they are dealing in cash transactions over Rs 10 lakh.

Published: 01st January 2021 09:22 AM  |   Last Updated: 01st January 2021 09:22 AM   |  A+A A-

Gold

For representational purposes

By Express News Service

NEW DELHI:  Dealers of precious metals and stones will now be required to maintain a record if they are dealing in cash transactions over Rs 10 lakh. The Finance Ministry has notified such dealers in precious metals and stones and also real estate agents with over Rs 20 lakh turnover under the ambit of Prevention of Money Laundering Act. 

Nangia & Co LLP Director Mayank Arora said the amendment aims to plug the loophole wherein cash transactions up to Rs 2 lakh without KYC - PAN and Aadhaar’ were allowed in the gems and jewellery sector.

“This amendment classifies such dealers as reporting entities and such dealers would have to maintain records of all cash transactions cumulatively in excess of Rs 10 lakhs with a customer,” Arora said. He said real estate agents are also considered as a reporting entity under the PMLA, 2002. 

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