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Date: 2017-12-12 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by subsection 1 read with clause i, clause j

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Executive Summary: This notification, dated December 12, 2017, amends the Prevention of Money-laundering Maintenance of Records Rules, 2005. It concerns the submission of Aadhaar number and Permanent Account Number (PAN) or Form No. 60 by clients to reporting entities. The amendment specifies that accounts failing to comply with the submission requirements by the date notified by the Central Government will cease to be operational. Key Points / Main Content: Amendments to Prevention of Money-laundering Maintenance of Records Rules, 2005: * These rules are called the Prevention of Money-laundering Maintenance of Records Seventh Amendment Rules, 2017. * The rules come into force on the date of their publication in the Official Gazette. Changes Regarding Aadhaar and PAN Submission: * The deadline of "31st December, 2017" for submitting Aadhaar number and Permanent Account Number is replaced with "such date as may be notified by the Central Government." * For clients with pre-existing accounts, failure to submit Aadhaar number and Permanent Account Number or Form No. 60 by the date notified by the Central Government will result in the account becoming non-operational until submission. Impact Analysis: Reporting Entities: * Impact: Need to update their systems and procedures to reflect the change in the submission deadline for Aadhaar and PAN. * Action Required: Await notification from the Central Government regarding the new deadline for Aadhaar and PAN submission. Clients of Reporting Entities: * Impact: Must submit their Aadhaar number and Permanent Account Number or Form No. 60 to maintain operational accounts. * Action Required: Submit Aadhaar number and Permanent Account Number or Form No. 60 by the date to be notified by the Central Government to avoid account restrictions.

Key Entities Referenced

Prevention of Moneylaundering Act, 2002: A law enacted by the Parliament of India to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering. Prevention of Moneylaundering Maintenance of Records Rules, 2005: Rules pertaining to the maintenance of records under the Prevention of Money Laundering Act, 2002. Prevention of Moneylaundering Maintenance of Records Seventh Amendment Rules, 2017: An amendment to the Prevention of Moneylaundering Maintenance of Records Rules, 2005. Ministry of Finance: The ministry responsible for the financial affairs of India. Department of Revenue: A department under the Ministry of Finance, Government of India. Reserve Bank of India: India's central bank and regulatory body responsible for the regulation of the Indian banking system. Aadhaar number: A unique 12-digit identification number issued to every resident of India. Permanent Account Number: A ten-digit alphanumeric identifier, issued to each taxpayer in India by the Income Tax Department.
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(1) इन िनयम5 का नाम धन-शोधन िनवारण (अिभलेख5 का अनुर;ण) सातवां संशोधन िनयम, 2017 ह।ै (2) ये राजपE मF 2काशन क# तारीख को 2वृ3 ह5गे । 2. धन-शोधन िनवारण (अिभलेख5 का अनुर;ण) िनयम, 2005 मF िनयम 9 मF,— (क) उप-िनयम (17) मF,— (i) खIड (क) के पर(cid:15)तुक मF “31 (cid:4)दसबं र, 2017 तक आधार संKया और Lथायी खाता संKया 2Lतुत करF” शMद5, आंकड़5 और अ;र5 के Lथान पर िन<िलिखत शMद5, आंकड़5 और अ;र5 को 2ितLथािपत (cid:4)कया जाएगा, अथा?त्:— “आधार संKया और Lथायी खाता संKया अथवा 2पE सं० 60 को कF(cid:16) सरकार 1ारा अिधसूिचत क# गई ितिथ तक 2Lतुत करF”; (ii) खIड (ग) के पर(cid:15)तुक को िन<िलिखत पर(cid:15)तुक से अ(cid:15)त:Lथािपत (cid:4)कया जाएगा, अथा?त्:— “बशतR Sाहक के इस अिधसूचना के सरकारी राजपE मF 2काशन क# तारीख से पहले ही .रपोTटग संLथाU से खाता- आधा.रत संबंध हो और वह कF(cid:16) सरकार 1ारा यथा अिधसूिचत तारीख तक आधार संKया और Lथायी खाता सKं या 2Lतुत नहV करता है तो ऐसे मामले मF उ4 खात5 को ब(cid:15)द कर (cid:4)दया जाएगा जब तक Sाहक अपनी आधार संKया और Lथायी खाता संKया 2Lतुत नहV करता ह।ै ” [अिधसूचना सं. 9/2017/फा. सं. पी 12011/11/2016-ईएस सैल-डीओआर] िबXलब कुमार नLकर, अवर सिचव 7145 GI/2017 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (cid:11)(cid:11)(cid:11)(cid:11)टटटट(cid:13)(cid:13)(cid:13)(cid:13)पपपपणणणण :::: मूल िनयम भारत के राजपE, आसाधारण भाग II, खंड 3, उप-खंड (i) मF सा.का.िन. सं. 444 (अ), तारीख 1 जुलाई, 2005 को 2कािशत (cid:4)कए गए थे और तZप[ात् सा.का.िन. सं. 717(अ), तारीख 13 (cid:4)दसंबर, 2005, सा.का.िन. सं. 389(अ), तारीख 24 मई, 2007, सा.का.िन. सं. 816(अ), तारीख 12 नवंबर, 2009, सा.का.िन. सं. 76(अ), तारीख 12 फरवरी, 2010, सा.का.िन. सं. 508(अ), तारीख 16 जून, 2010, सा.का.िन. सं. 980(अ), तारीख 16 (cid:4)दसंबर, 2010, सा.का.िन. सं. 481(अ), तारीख 24 जून, 2011, सा.का.िन. सं. 576(अ), तारीख 27 अगLत, 2013, सा.का.िन. सं. 288(अ), तारीख 15 अ2ैल, 2015, सा.का.िन. सं. 544(अ), तारीख 7 जुलाई, 2015, सा.का.िन. सं. 693(अ), तारीख 11 िसतंबर, 2015, सा.का.िन. सं. 730(अ), तारीख 22 िसतंबर, 2015, सा.का.िन. सं. 882(अ), तारीख 18 नवंबर, 2015, सा.का.िन. सं. 347,(अ), तारीख 12 अ2ैल, 2017, सा.का.िन. सं. 538(अ), तारीख 1 जून, 2017, सा.का.िन. सं. 1038(अ), तारीख 21 अगLत , 2017, सा.का.िन. सं. 1057(अ), तारीख 23 अगL त, 2017, सा.का.िन. सं. 1300(अ), तारीख 16 अ^ तूबर, 2017 और सा.का.िन. 1318(अ), (cid:4)दनांक 23 अ4ूबर, 2017 को संशोधन (cid:4)कए गए थे। MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 12th December, 2017 G.S.R. 1506(E).—In exercise of the powers conferred by sub-section (1) read with clause (i), clause (j), clause (jj) 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 rules further to amend 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) Seventh 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, in rule 9,— (a) in sub-rule (17),— (i) in the proviso to clause (a), for the words, figures and letters “submit the Aadhaar number and Permanent Account Number by 31st December, 2017”, the following words, letters and figures shall be substituted, namely:— “submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government”; (ii) for the proviso to clause (c), the following proviso shall be substituted, namely:— “Provided that in case the client already having an account based relationship with reporting entities prior to the date of publication of this notification in the official Gazette fails to submit the Aadhaar number and Permanent Account Number by such date as may be notified by the Central Government, the said account shall cease to be operational till the time the Aadhaar Number and Permanent Account Number is submitted by the client.” [Notification No. 9/2017/F. No. P.12011/11/2016-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 by 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, 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, number G.S.R. 882(E), dated the 18th November, 2015, number G.S.R. 347(E), dated the 12th April, 2017, number G.S.R. 538(E), dated the 1st June, 2017, number G.S.R. 1038(E), dated the 21st August, 2017, number G.S.R. 1057(E), dated the 23rd August, 2017, G.S.R. 1300(E), dated the 16th October, 2017 and G.S.R. 1318(E), dated the 23rd October, 2017. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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