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The revenue department is working on rules for the recently amended anti-money-laundering legislation. Until the rules are firmed up, there would be no reporting or ‘know your customer’ obligation on dealers in jewellery and precious stones, sources in the Finance Ministry said.
The Prevention of Money Laundering (Amendment) Act 2012 had, among other things, brought dealers in precious metals, precious stones and other high-value items within the scope of the legislation.
The amended law came into force on February 15 this year.
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