The Government of India has decided to rescind the notification on the Gems and Jewellery sector, wherein the dealers in precious metals, precious stones and other high value goods were notified as person carrying on designated business and professions under the Prevention of Money-Laundering Act, 2002 (PMLA).
The Centre had earlier received representations from various associations in the Gems and Jewellery sector with respect to certain incongruities in Notification No. 4/2017 dated August 23, 2017.
A separate notification after due consideration of points raised and wider stakeholder consultation in this regard, shall be issued separately, said a statement on Friday.
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