Thursday, December 9, 2021
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India Tightens Grip over Jewellery Industry

India Tightens Grip over the Jewellery Industry. Enforcement Directorate (ED) of India has been given authority to conduct a detailed investigation if gold or money related to gold deals were seized without proper documents.

The Centre has tightened its grip in the jewellery industry including the transactions of gold ornaments. The entire jewellery industry in the country has been brought under the Prevention of Money Laundering Act (PMLA). The Ministry of Finance issued an order pointing out that the jewellery transactions from December 28, 2020, will come under the PMLA. The Enforcement Directorate (ED) will have the authority to conduct a detailed investigation if gold or money related to gold deals is seized without proper documents. The ED has started serving circulars to the jewellery owners in this regard.

If any jewellery transactions worth over Rs 10 lakh takes place, its documents should be kept. This should be produced before the ED if asked. With this, the jewellery owners should keep a record of all transactions. If they fail to produce documents, they will be awarded 3-7 years of imprisonment apart from attaching their properties.

Mines to Market
Prashant Rathod
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