Agarwal was produced before a special PMLA court in Hyderabad and remanded to 15 days of judicial custody

The recent PMLA notifications issued to the G & J industry had the G & J industry reeling under its pressure and anxiety for sometime; Rohan Shah in conversation with Colin Shah, Chairman GJEPC comes forward to clear the air

India’s economic slowdown which began before the lockdown of 2020, eventually brought the whole economy on its knees. Therefore this budget will have to be truly ground breaking in order to resurrect the Indian economy. Here’s what industry personnel expect of the Union Budget of 2021
 

The recent PMLA notifications have been creating quite a stir in the G &J industry, with a view to bring in more clarity on these notifications GJPEC Chairman Colin Shah spoke to legal expert Rohan Shah about this matter, excerpts:

Ashish Pethe has recently been elected the Chairman of GJC he shares his vision and the issues he would like to address in the near future in an exclusive interview with IJ

For income tax purposes, cash transactions up to a threshold of Rs 2 lakh without KYC --PAN or Aadhaar -- are allowed in the gems and jewellery sector. Any sale in cash above Rs 2 lakh requires KYC

Auro Gold Jewellery Pvt Ltd and its directors Amritlal Jain and Ritesh Jain have been accused of allegedly cheating State Bank of India of Rs 387 crore

The agency's zonal office in Bangalore has filed an Enforcement Case Information Report (ECIR), similar to an FIR, and has pressed criminal charges under the Prevention of Money Laundering Act (PMLA), the officials said

The agency in a statement said that the action was taken under sections of the Prevention of Money Laundering Act (PMLA) 2002

As the new Chairman of GJC, Anantha Padmanabhan has big plans for the industry and he shares with IJ his immediate plan of action

The agency, which is probing the USD 2 billion alleged bank fraud said Choksi was “using several dummy companies” to rotate funds and to divert money for his personal use.

The Enforcement Directorate today said it has seized over 34,000 pieces of jewellery worth Rs 85 crore from the Gitanjali Group, owned by diamantaire Mehul Choksi, in connection with the Rs 13,000-crore Punjab National Bank (PNBNSE 0.39 %) fraud case. 

A bench of Justices S Muralidhar and I S Mehta were hearing a plea by Choksi's firm challenging the alleged illegal seizure of documents and articles by the probe agency in a money laundering case in connection with the over Rs 11,000 crore Punjab National Bank (PNB) fraud case.

Policy changes last year created a lot of upheavals in the Indian gems and jewellery
industry. A good medicine tastes bitter; likewise, the policies may have caused
a short-term mayhem in the industry, however, the gradual transition with GST is
meant to do good in the long term. It’s definitely a move towards more transparent
and organized way of doing business. By Kavita Parab