Reporting entity - Person carrying on a designated business or profession - Certain activities undertaken by Practicing CA, CS and CWA on behalf of the clients, notified - S.O. 2036 (E) - Prevention of Money-Laundering

MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 3rd May, 2023 S.O. 2036(E). In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003) , the Central Government hereby notifies that the financial transactions carried out by a relevant person on behalf of his client, in the course of his or her profession, in relation to the following activities- (i) buying and selling of any immovable property; (ii) managing of client money, securities or other assets; (iii) management of bank, savings or securities accounts; (iv) organisation of contributions for the creation, operation or management of companies; (v) creation, operation or management of companies, limited liability partnerships or trusts, and buying and selling of business entities, shall be an activity for the purposes of said sub-section. Explanation 1 .- For the purposes of this notification relevant person includes (i) an individual who obtained a certificate of practice under section 6 of the Chartered Accountants Act, 1949 (38 of 1949) and practicing individually or through a firm, in whatever manner it has been constituted; (ii) an individual who obtained a certificate of practice under section 6 of the Company Secretaries Act, 1980 (56 of 1980) and practicing individually or through a firm, in whatever manner it has been constituted; (iii) an individual who has obtained a certificate of practice under section 6 of the Cost and Works Accountants Act, 1959 (23 of 1959) and practicing individually or through a firm, in whatever manner it has been constituted. Explanation 2 .- For the purposes of this notification firm shall have the same meaning assigned to it in sub-clause (i) of clause (23) of section 2 of the Income-tax Act, 1961 (43 of 1961). [F. No. P-12011/12/2022-ES Cell-DOR] SHASHANK MISRA, Director (Headquarter)