THE PREVENTION OF MONEY-LAUNDERING (MAINTENANCE OF RECORDS) THIRD AMENDMENT RULES, 2020

Overview :

MINISTRY OF FINANCE (Department of Revenue) vide notification / Gazette id No. CG-DL-E-16042020-219065 and G.S.R. 254(E) issue and publish date 16th April, 2020, has published the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2020 in exercise of the powers conferred by section 73 read with section 11A and section 12AA of the Prevention of Money-laundering Act, 2002.

Applicability :

They shall come into force on the date of their publication in the Official Gazette, i.e. 16th April, 2020.

Why This Amendment?

To amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005

Change via this Amendment :


In rule 8 of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, in sub-rule (5), for the words “specified therein” the following words, brackets, letters and figure shall be substituted : –


“in respect of transactions referred to in clauses (A), (B), (BA), (C) and (E) of sub rule (1) of rule 3 for the months of March 2020, April 2020 and May 2020, and in respect of transactions referred to in clauses (F) of sub rule (1) of rule 3 for the quarter January-March 2020”

Official Source : http://egazette.nic.in/WriteReadData/2020/219065.pdf

Disclaimer : IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION.

AUTHOR : CS LALIT RAJPUT (CLICK HERE TO VIEW PROFILE)