Centre notifies “Real Estate Agents” with annual turnover of Rs 20 lakhs or above as “persons carrying on designated businesses or professions” under PMLA, 2002; Rescinds earlier notification

In exercise of the powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-Laundering Act, 2002, the Central Government hereby rescinds the notification of the Government of India, Ministry of Finance, Department of Revenue, No. 8/2017, dated 15 November, 2017, published in the Gazette of India, Part II, Section 3, Sub-section (ii), extra-ordinary, vide GSR 1423 (E) dated the 16 November 2017, except as respects things done or omitted to done before such recession and notifies the ―“Real Estate Agents”, as a person engaged in providing services in relation to sale or purchase of real estate and having annual turnover of Rupees twenty lakhs or above, as ― “persons carrying on designated businesses or professions”.


Central Government makes the following amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005:

  • Rules may be called the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020.
  • In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 2, in subrule (1), in clause (fa);-

(a) For the sub-clause (iii), the following sub-clause shall be substituted, namely:- ―

“(iii) the Central Board of Indirect Taxes and Customs, constituted under Central Boards of Revenue Act, 1963, with respect to the dealers in precious metals and precious stones.”

(b) After the sub-clause (iii) as so substituted, the following sub-clause shall be inserted, namely; ―

“(iv) the Central Board of Indirect Taxes and Customs, constituted under Central Boards of Revenue Act, 1963, with respect to the real estate agents.”

Read the notification, here: NOTIFICATION


Ministry of Finance

One comment

  • Thanks for sharing nice information regarding real estate and also Buying land for investment or for a living is considered to be a major move financially rather than investing in any other

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