PMLA News

All India Gem & Jewellery Federation, DGSTI to meet to discuss PMLA

All India Gem & Jewellery Federation, DGSTI to meet to discuss PMLA

MUMBAI: The All India Gem & Jewellery Federation (GJF) will meet with the Directorate General of Goods and Services Tax Intelligence (DGSTI) on Friday to discuss prevention of money laundering act (PMLA), 2002 provisions that were extended to the ...

Holiday in India Means Demand for Gold Will Rise

Holiday in India Means Demand for Gold Will Rise

So, while September import figures of gold (in the month of Dusshera) were robust, they could have been even higher if the PMLA was not in effect, some associations claimed. According to a report put out by news agency Reuters, India imported 48 metric ...and more »

Jewellers welcome govt's decision to remove industry from PMLA

Jewellers welcome govt's decision to remove industry from PMLA

MUMBAI: Welcoming the Centre's decision to remove the gems and jewellery dealers from purview of the reporting requirement under the Prevention of Money Laundering Act (PMLA), the industry today termed it as a positive step which will boost the festive ...and more »

PMLA: Gems, jewellery dealers exempt from reporting requirement

PMLA: Gems, jewellery dealers exempt from reporting requirement

The Government of India has received representations from various associations in the gems and jewellery sector with respect to certain incongruities in August 23 notification, an official order said. Recommended By Colombia. "After considering various ...

PMLA case: Hasan's aide dies

PMLA case: Hasan's aide dies

Mumbai: A special court was recently informed that co accused of businessman Hasan Ali in the Prevention of Money Laundering Act (PMLA) case, Kashinath Tapuriah (80) has died. Tapuriah's defence had recently submitted his death certificate telling the ...and more »

No longer under PMLA, jewellers hope for better business during Diwali

No longer under PMLA, jewellers hope for better business during Diwali

With the government's decision on Friday to keep jewellery dealers out of the purview of the Prevention of Money Laundering Act (PMLA), jewellers in the city are hoping for a better festive season this year. Welcoming the move, Fatehchand Ranka ...

India's Sept gold imports jump 31 pct on festive demand-GFMS

India's Sept gold imports jump 31 pct on festive demand-GFMS

“Dussehra demand was weak due to the PMLA,” said the Mumbai dealer. Indian jewellers thought the PMLA required them to keep records of customers' personal identification number or tax code for transactions above 50,000 rupees ($765.58), which limited ...and more »

India gold prices swing to premium ahead of Diwali festival

India gold prices swing to premium ahead of Diwali festival

“Dussehra (festival) sales were disappointing due to the PMLA. Now since the rule has been withdrawn, we are expecting good demand,” said Arjun Raychaudhuri, managing director of MMTC-PAMP India, the biggest refiner in the country, referring to sales ...and more »

Dhanteras 2017: Gold sales likely to remain buoyant despite GST hiccups

Dhanteras 2017: Gold sales likely to remain buoyant despite GST hiccups

New Delhi: Jewellers are bracing for the festive season and the trend is looking better due to the government decision on the Prevention of Money-laundering Act (PMLA) and stability in the prices of the precious metal. India is celebrating Dhanteras on ...

India's September gold imports jump 31 percent on festive demand - GFMS

India's September gold imports jump 31 percent on festive demand - GFMS

Indian jewellers thought the PMLA required them to keep records of customers' personal identification number or tax code for transactions above 50,000 rupees ($765.58), which limited gold sales by buyers hesitant to give the information. Indian ...and more »