look news india
Even a year and a half after mandatory registration under the Prevention of Money Laundering Act, jewellers are still reluctant to report high-value or suspicious cash transactions.
Less than a fifth of the one lakh jewelers are registered with the respective trade bodies or reported suspicious or cash transactions above Rs. One lakh. In the year 2023, the government issued guidelines for precious metals dealers to comply with anti-money laundering norms. According to an estimate, there are more than one lakh jewelers across the country. Importantly, very few of the registered jewelers report cash transactions of more than one million to the nodal officer. Amid this report, a shocking figure has also come to light. In which it has been told that, in the year 2023, about 155 tonnes of gold was imported unofficially in India. Surprisingly, no suspicious transactions have been reported in the last one year.
As per the guidelines issued by the government, it is mandatory for jewellers with an annual turnover of more than Rs 500 crore to disclose transaction details to the Financial Intelligence Unit (FIU). In addition, jewellers with an annual turnover of less than Rs 500 crore will have to register with trade bodies such as the Indian Bullion and Jewellers Association, Gem and Jewellery Council and Gem and Jewellery Export Promotion Council. As per the arrangement, these trade bodies will appoint a nodal officer to provide the required information to the FIU. Therefore, such jewellers are not required to register with the FIU. According to a spokesperson of the Gem and Jewellery Council, the national body of jewellers, they have about two thousand registered members. Who are automatically considered registered for PMLA. An officer of the council acts as the nodal officer and coordinates with the FIU.
