Welcoming the Govt’s decision to remove the gems and jewellery dealers from purview of the reporting requirement under the Prevention of Money laundering Act (PMlA), the industry on Saturday termed it as a positive step which will boost the festive sales.
“This is a great news for the industry and we are thankful to the Government for this decision. This is a positive step and will help boost the market sentiment. We look forward to good business during festive season,” All India Gems and Jewellery Trade Federation (GJF) Chairman Nitin Khandelwal said here. Govt rolled back August 23 notification that notified dealers in precious metals, precious stones and other high value goods as persons carrying on designated biz and professions under the PMlA Act, 2002, last night.