The Ministry of Finance on 31st March 2020 has published the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2020 by which permits the small accounts in banking companies to remain operational between 1st April 2020 and 30th June 2020.
The Act provides for the small account to remain operational initially for a period of 12 months, and thereafter for a further period of 12 months if the holder of such an account provides evidence before the banking company of having applied for the officially valid documents within twelve months of the opening of the said account.
However, through this amendment the small account shall remain operational irrespective of abovesaid conditions between 1st April 2020 and 30th June 2020 and such other periods as may be notified by the Central Government.
Click here to read the Notification.
