August 27, 2017
The newly created GST intelligence arm, Directorate General of Goods and Service Tax Intelligence, has been named the regulator for dealing with money laundering cases in the gems and jewellery sector.
The regulator under PMLA issues guidelines and prescribes measures to establish client identity in different transactions.
Under PMLA, every reporting entity is required to maintain record of all transactions of value exceeding Rs 10 lakh, all cross border wire transfers of more than Rs 5 lakh and all purchase and sale of immovable property of Rs 50 lakh or more.