Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2017 - 1/2017 - Prevention of Money-Laundering

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 1/2017 New Delhi, the 12th April, 2017 G.S.R. 347(E). -In exercise of the powers conferred by sub-section (1) read with clause (h), clause (i), clause (j) and clause (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003) , the Central Government in consultation with the Reserve Bank of India hereby makes the following further amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 , namely:- 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2017. (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 ,- (a) in rule 2, in sub-rule (1), for clause (fa) , the following clause shall be substituted, namely:- (fa) Regulator means -- (i) a person or an authority or a Government which is vested with the power to license, authorise, register, regulate or supervise the activity of reporting entities or the Director as may be notified by the Government for a specific reporting entity or a class of reporting entities or for a specific purpose; (ii) the Reserve Bank of India with respect to Central KYC Records Registry as defined in clause (aa) of sub-rule (1) of rule 2 ; (b) after rule 9A , the following rule shall be inserted, namely:- 9B. Inspection by Reserve Bank of India .-(1) The Reserve Bank may, with respect to functions of the Central Registry referred to in rule 9A, call for any information, statement or other particulars from the Central Registry or cause an inspection of the Central Registry to be made by one or more of its officers as the Reserve Bank may deem fit. (2) The Reserve Bank shall supply to the Central Registry, a copy of the report of such inspection. (3) It shall be the duty of every director or officer or employee of the Central Registry to produce before the officer making an inspection under sub-section (1) all such books, accounts and other documents in his custody and to furnish him with any statement and information relating to the affairs of the Central Registry, as the said officer may require of him. (4) The expenses of the inspection under sub-rule (1) shall be borne by the Central Registry. [F.No. P.12011/5/2011-ES Cell-DoR] BIPLAB KUMAR NASKAR, Under Secy. Note : The principal rules were published in Gazette of India, Extraordinary, Part-II, Section 3, Sub-Section (i) vide number G.S.R. 444(E) dated the 1st July, 2005 and subsequently amended vide number G.S.R. 717(E), dated the 13th December, 2005 , number G.S.R. 389(E), dated the 24th May, 2007 , number G.S.R. 816(E), dated the 12th November, 2009 , number G.S.R. 76(E), dated the 12th February, 2010, number G.S.R. 508(E), dated the 16th June, 2010 , number G.S.R. 980(E), dated the 16th December, 2010 , number G.S.R. 481(E), dated the 24th June, 2011 and number G.S.R. 576(E), dated the 27th August, 2013 , number G.S.R. 288(E), dated the 15th April, 2015, and number G.S.R. 544 (E), dated the 7th July, 2015, number G.S.R. 693 (E), dated the 11th September, 2015, number G.S.R. 730(E), dated the 22nd September, 2015 and number G.S.R. 882(E), dated the 18th November, 2015.