PMLA - Maintenace of Records, Other Topics

[Ethirajan Parthasarathy]

Rule 3 of PMLA (Maintenance of Records) Rule 2005 provides for maintenance of records of 7 types of transactions with threshold limit specified therein.

It follows only such transactions have to be reported by “Reporting Entities”

Recent notification has included reporting of certain transactions carried out by CAs on behalf of their client.

I presume CAs are required to report such specified transactions subject to threshold limit specified in Rule 3 above, that too only if transactions are done by cash and for & on behalf of “clients”.

View of experts are solicited

Posts / Replies

[DR.MARIAPPAN GOVINDARAJAN]

Your views are correct.