MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 13th July, 2022
G. S. R. 575(E).—In exercise of the powers conferred by section 73 read with sections 11A and 12AA of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby makes the following rules further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:—
1. Short title commencement.- (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2022.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 (hereinafter referred to as the said rules), in rule 2, in sub-rule (1),-
(i) in clause (ba),-
(a) in sub-clause (v), for the words “body of individuals, and”, the words “body of individuals;” shall be substituted;
(b) after sub-clause (v), the following sub-clause shall be inserted, namely:-
“(va) a person who is heading the reporting entity in India, if the reporting entity is located in an International Financial Services Centre; and”;
(ii) in clause (d),-
(a) in sub-clause (c) of the second proviso, after the words “bank account statement”, the words “or if the reporting entity is located in an International Financial Services Centre, statement of foreign bank” shall be inserted;
(iii) After the third proviso, the following proviso shall be inserted, namely:-
“Provided also that in an International Financial Services Centre, the national identity card and voter identification card, by whatever name called, issued by the Government of foreign jurisdictions or agencies authorised by them capturing the photograph, name, date of birth and address of a foreign national shall also be considered as officially valid document:”;
(iv) after clause (cb), the following clause shall be inserted, namely:-
„(cba) “International Financial Services Centre” means an International Financial Services Centre set up under section 18 of the Special Economic Zones Act, 2005 (28 of 2005);‟.
3. In the said rules, in rule 9A, in sub-rule (1), the following proviso shall be inserted, namely:-
“Provided that in an International Financial Services Centre, no such receiving, storing, safeguarding and retrieving of records shall be required for a client who is a foreign national.”.
[F.No. P-12011/6/2020-ES Cell-DOR]
MEHTA SAMPADA SURESH, Director (Headquarter)
Note: The principal rules were published in Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i), vide numbers G.S.R. 444 (E), dated the 1st July, 2005 and last amended, vide number G.S.R. 800(E), dated the 28th December, 2020.
