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.
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)