Posted by What Is Department of Revenue, Ministry Of Finance?
The Department of Revenue functions under the overall direction and control of the Secretary (Revenue). It exercises control in respect of matters relating to all the Direct and Indirect Union Taxes through two statutory Boards namely, the Central Bord of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC). Each Board is headed by a Chairman who is also ex-officio Special Secretary to the Government of India. At present, the CBDT has six Members and the CBIC has six Members. The Members are also ex-officio Special Secretaries to the Government of India.
What Is Prevention of Money-Laundering (Maintenance of Records) Rules, 2005?
An Overview: In exercise of the powers conferred by the Prevention of Money-Laundering Act, 2002 (15 of 2003), rules have been made for maintenance of records of the nature and value of transactions, the procedure and manner of maintaining and time for furnishing of information and verification of records of the identity of the clients of the reporting entities, and called “The Prevention of Money-Laundering (Maintenance of Records Rules), 2005”
What Are The Details About The Notification?
The Department of Revenue, Ministry of Finance, Government of India on 7th March, 2023 notified the amended in Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 under which In exercise of the powers conferred by section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government can makes the rules (mentioned in the notification given at the end of this post) further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. It is a great move by Ministry of Finance to look after the participation of Cryptocurrency (i.e. virtual digital assets) in transactions governed under the Prevention of Money-Laundering Act, 2002.
For More Information:
CLICK HERE For The Official Notification
CLICK HERE For The Prevention of Money-Laundering (Maintenance of Records) Rules, 2005
CLICK HERE To Visit The Website of Ministry Of Finance
640
One comment
Comments are closed.