From April 1, entities to quote LEI for all payment transactions of above 50 crores

The Legal Entity Identifier (LEI) is a 20-digit number used worldwide that will uniquely identify every legal entity or structure to a financial transaction. Pursuant to the Global Financial Crisis, the Legal Entity Identifier (LEI) code is conceived at the initiative of ‘Group of 20, financial stability Board’ for the purpose of better risk management.…

Record-keeping of cash deals in gems & jewelry trade as well as Real Estate now a must

The Ministry of Finance (Department of Revenue) on the 28th December 2020 notifies (G.S.R.799(E) dealers in precious metals, precious stones, in the 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 (15 of 2003), as “persons carrying on designated businesses…