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of <h1>Government Withdraws 2017 Notification Classifying Gem Dealers Under Money-Laundering Act; New Rules Pending Stakeholder Input.</h1> The government has rescinded Notification No. 4/2017, dated August 23, 2017, concerning the Gems and Jewellery sector following representations from various industry associations. The notification had classified dealers in precious metals and stones as designated businesses under the Prevention of Money-Laundering Act, 2002. After reviewing the concerns, the government decided to withdraw the notification. A new notification will be issued after further consideration and consultation with stakeholders.
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