Central Govt to Monitor International Transactions over Rs 50k as per New PMLA Rules

Central Govt - Monitor International Transactions - New PMLA Rules - taxscan

The Central Government is all set to monitor international transactions over Rupees 50,000/- as per the new Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (PMLA Rules). Under the new guidelines, every international transaction exceeding Rs 50,000 would be scrutinized more closely. A reporting entity will have to identify the clients, authenticate their identities, and…

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