Legal UpdatesRBI

Govt. allows submission of Aadhaar No. & PAN until notified by Central Govt. rather than 31 December, 2017

RBI updates

On December 12, 2017, Central Government in consultation with RBI issues Prevention of Money-laundering (Maintenance of Records) Seventh Amendment Rules, 2017. Central Govt. substitutes Rule 6 (17) (a) proviso with the words, figures and letters with, “submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government”.

Earlier Rule 6 (17) (a) proviso under Prevention of Money-laundering (Maintenance of Records) Rules, 2005 referred the Aadhaar number, and Permanent Account Number should be submitted by 31 December, 2017

Govt. further substitutes Rule 6 (17) (c) proviso which states that if the clients who already had an account based relationship with reporting entities before the amendment to Prevention of Money-laundering (Maintenance of Records) Rules, 2005 and has fails to submit the Aadhaar number and Permanent Account Number until notified by the Central Government, their account would be ceased till the time the Aadhaar Number and Permanent Account Number gets updated.

Prevention of Money-laundering (Maintenance of Records) Rules, 2005 has been amended under the power conferred by Sec. 73 (1) and (2) (i), (j), (jj) and (k) of the Prevention of Money – laundering Act, 2002.

 

 

 

 

 

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