GJC has communicated to its members an important announcement on Prevention of Money Laundering Act (PMLA).
GJC has been continuously working on this subject since last 12 years and has had several meetings and representations.GJC has managed to represent the concerns of PMLA to its best and expressed thanks to the support from the Government and the FIU departments for resolving the issue to a large extent. There are still few ambiguities in the guidelines, which shall be further discussed and clarified soon.
Based on GJC’s meeting with the departments of Revenue, Financial Intelligence Unit (FIU), DG Audit, Guidance Note on Reporting by Dealers in Precious Metals and Precious Stones has been issued for the industry on 3rd July 2023.
Over past few weeks PMLA has been one of the most crucial issues of jewellery Industry and GJC has been representing this issue proactively.
Key Points for consideration
1. It is imperative that jewellers need to onboard themselves with the FIU, for the PMLA either themselves or through Industry Council / Associations.
2. Process of onboarding:
a. Every dealer having gross annual turnover more than Rs. 500 crores in previous financial year (e.g., FY 2022-23) must appoint a Nodal Officer for the purpose of interaction and information sharing with FIU – India.
Role of Nodal Officer
1. The Nodal officer will have access to FINGate mobile application.
2. Any cash transactions with a customer equal to or above INR 10 Lacs, carried out in a single operation or in several operations that appear to be linked, has to be reported to FIU through FINGate Portal.
b. For the dealers having gross annual turnover less than Rs. 500 crores in previous financial year (e.g., FY 2022-23), Nodal Officer will be appointed by Industry council and Association and would serve as a link between the dealers, industry council and association and FIU India for coordination and dissemination of information.
c. GJC being an apex body of the industry will act as the Nodal officer for its Members and shall be coordinating between FIU and the Industry for dissemination of information.
To view the revised guidelines of PMLA, please click https://shorturl.at/cdjxT
SOURCE:GJC
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