Ministry of Finance issued a notification on 24th July, 2020 extending the period for which a small account shall remain operational till 30th September, 2020 in terms of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
The Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2020 states that the small account shall remain operational between 1st April, 2020 and 30th June 2020 and such other periods as may be notified by the Central Government. It is in the exercise of its powers as per the above rule that the Central government has extended the period till 30th September, 2020.
Click here to read the Notification.
