India, April 24 -- Can PMLA Rein In The RMG Gold Rush?

Already tangled in the Centre's web of 28% GST, India's online gaming ecosystem is bracing for yet another storm as the government is looking to bring real money gaming (RMG) startups under the ambit of the often-feared Prevention of Money Laundering Act (PMLA).

Taking Control Of The RMG Mess: With only a few regulations controlling the RMG space, the Centre wants to increase the oversight on the volume of money flowing in and out of RMG platforms. Under the proposed new regime, RMG platforms will have to adhere to stricter obligations, including KYC mandates, and tracking and reporting of suspicious transactions.

On The Money Laundering Trail: With PMLA, the government wants to re...