Centre Notifies Real Estate Agents with Turnover more than 20 Lakh Covered under Money Laundering Act

Central Government rescinds earlier notification and notifies Real Estate Agents (with a turnover of 20 lakhs or more) as a person carrying on designated profession or business.

By exercising its power conferred under the Money Laundering Act, the Central Government rescinded its earlier notification(no. 8/2017) dated 15.11.2017.

It stated that Real Estate Agents who have an annual turnover of more than 20 lakhs would be defined as persons carrying on designated businesses or professions.

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New amendments made to Prevention of Money-laundering (Maintenance of Records) Rules, 2005:

  • Rules would now be called Prevention of Money-laundering (Maintenance of Records), (Fourth Amendment) Rules, 2020.
  • The sub-clause (iii) of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 is substituted with the Central Board of Indirect Taxes and Customs constituted under CBRA(Central Board of Revenue Act) with respect to dealers of precious stones.

A new sub-clause is inserted after substitution of sub-clause(iii):-

  • the Central Board of Indirect Taxes and Customs constituted under CBR Act,1963 with respect to real estate agents.

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