DGGSTI to now check money laundering in gems and jewellery sector
The Dollar Business Bureau The Directorate General of Goods and Service Tax Intelligence (DGGSTI), the newly created intelligence arm of GST, has been named as the ‘regulator’ for handling cases of money laundering in the gems and jewellery sector. Last week, the Finance Ministry in a notification had amended the Prevention of Money-Laundering (Maintenance of Records) (PMLA) Rules, 2005 and made DGGSTI a regulator for the gems and jewellery sector. Under the PMLA Act, the regulator issues rules and recommends measures to establish the identity of the client in different dealings. The regulator may prescribe increased or simplified measures for verifying the identity of client after considering the client’s type, business relationship, value and nature of the transactions based on risks involved related to overall laundering of money and financing for terrorist activities. Under the new PMLA ...
World economy moving closer to curb illegal transactions: FM
The Dollar Business Bureau Finance Minister Arun Jaitley, said that the world economy has moved quite closer in recent years and the countries across the world have decided through G-20 and other international forums to cooperate and coordinate with each other to punish those who are involved in illegal and illicit transfer of money across the border. He further said that the present government has taken various steps to squeeze the black money including undisclosed assets within and outside the country, and added, the government’s focus is on reasonable tax rates and ‘ease of doing business’ for incentivising people to abide by laws and avoid evasion of taxes etc, reported a PIB release. Various steps have been taken by the present government ...
Fifty percent of exports to free ports examined physically: FIEO
Sai Nikesh | The Dollar Business Even as the Government of India (GoI) in its Union Budget 2015 announced strict and stringent measures to curb money laundering, sources said a surge in trade between India and the United Arab Emirates during the past few years has been under intelligence watch. Endorsing the same, Ajay Sahai, Director General of the Federation of Indian Export Organisations (FIEO), when contacted by The Dollar Business said, “We have been given to understand that 50% of all consignments exported to Free Ports like Dubai are physically examined. If that be the case, any mischief cannot go undetected for a long time.” However, there is a need to strike a nice balance, so that while revenue ...
