The Central Government has notified that the Principal Additional Director General (Audit), Central Board of Indirect Taxes and Customs (CBIC) as the officer to deal with inquiries under section 13 of the Prevention of Money Laundering Act, 2002, in relation to the dealers in precious metals and precious stones and the real estate agents.
A notification issued by the Ministry of Finance on Thursday stated that “In exercise of the powers conferred by sub-section (1) and (3) of section 49 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby appoints the Principal Additional Director General (Audit), Central Board of Indirect Taxes and Customs, as the Director, to exercise the powers conferred under section 13 of the said Act with regard to the dealers in precious metals and precious stones and the real estate agents, with effect from the 15th Day of November, 2022.”
As per section 13 of the PMLA, the Director may, either of his own motion or on an application made by any authority, officer or person, call for records referred to in subsection (1) of section 12 and may make such inquiry or cause such inquiry to be made, as he thinks fit.
If the Director, in the course of any inquiry, finds that a banking company, financial institution or an intermediary or any of its officers has failed to comply with the provisions contained in section 12, then, without prejudice to any other action that may be taken under any other provisions of this Act, he may, by an order, levy a fine on such banking company or financial institution or intermediary which shall not be less than ten thousand rupees but may extend to one lakh rupees for each failure.
The Director shall forward a copy of the order passed under sub-section (2) to every banking company, financial institution or intermediary or person who is a party to the proceedings under that sub-section.
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