Home buyers to be asked for KYC, info on source of funds by real estate agent
Synopsis
The authorities has issued two notifications dated December 28, 2020, making it obligatory for real estate brokers to keep data of transactions facilitated by them below the PMLA guidelines. Here is a take a look at what has been amended, its impression on dwelling buyers and sellers and what’s going to occur if one doesn’t adjust to the principles.
If you’re looking to purchase a home, then your real estate dealer will ask you to bear KYC course of and supply details about the source of the funds you’ll be utilizing to purchase the home. This is as a result of the federal government has amended the Prevention of Money Laundering Act (PMLA) and has introduced real estate brokers with an annual turnover of Rs 20 lakh or extra, below its ambit as a reporting entity.As a reporting entity, the real estate agent is
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