Kathmandu. The government has introduced strict rules for traders of precious metals or commodities.
The Inland Revenue Department under the Ministry of Finance has issued a directive to the businessmen dealing in precious metals or commodities, 2082 BS. The department has brought this directive to prevent money laundering and terrorist financing.
According to the Department, this directive has been issued to regulate the activities of businessmen maintaining cleanliness and transparency in the transaction of precious metals or commodities and make them more systematic. According to the directive, a fine of up to Rs 10 million will be imposed on the precious metal and commodity dealers who do not effectively implement the Prevention of Money Laundering Act, 2064, the Prevention of Money Laundering Rules, 2081 and the provisions of this directive. The Department has made arrangements to take action till the registration of the organization with such a fine.
According to the Department, for the first time, businessmen who do not implement the provisions in the Act, Regulations and Guidelines will be alerted in writing. If the rules are not followed, the registration of the organization will be canceled for the second time with a fine of Rs 1 00,000 to Rs 10 million, third time from Rs 1 million to Rs 10 million and the fourth time from Rs 1 million to Rs 10 million.
According to the Department, an opportunity will be given to present the explanation while taking action and punishment.
Such are the actions and punishments
