MoF revises definition of “real estate agents” for purposes of PMLA
December 29, 2020
The MoF has notified that “real estate agents” for the purposes of the Prevention of Money Laundering Act, 2002 (PMLA), that is, “persons carrying on designated businesses or professions” under section 2(1)(sa)(iii) of the PMLA, means a person engaged in providing services in relation to sale or purchase of real estate and having annual turnover of Rs. Twenty lakhs or above.
In view of the revised definition, an earlier notification dated 15 November 2017 under which “real estate agents” were defined in terms of section 2(zm) of the Real Estate Development Authority Act, 2016 has been rescinded. The revised definition for purposes of the PMLA will apply prospectively.
To refer to the gazette notification dated 28 December 2020, click here.
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