Natural Person Eligible for More Than 10% of Capital or Profits of Partnership Shall be a Beneficial Owner Under PMLA
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- Last Updated on 6 September, 2023
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Notification No. G.S.R. 652(E)., Dated: 04.09.2023
The Govt. has notified an amendment to the PML (Maintenance of Records) Rules, 2005. As per the amended norms, the beneficial owner of the partnership firm shall be considered as the natural person who has ownership of or entitlement to more than 10% (reduced from 15%) of the capital or profits of the partnership. Further, the Principal Officer as per rule 2(f) shall not hold a position below that of an officer at the management level.
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