The document summarizes key aspects of the Prevention of Money Laundering Act, 2002 in India. It covers:
1) Key definitions like proceeds of crime, property, reporting entity. It defines money laundering and its punishment.
2) Provisions for attachment of property involved in money laundering, its adjudication and confiscation by the authorities.
3) Obligations of reporting entities like banks to verify identities, maintain records and furnish information to authorities.
4) Powers of authorities to summon entities, access information and impose fines. It aims to prevent money laundering and confiscate illegally obtained property.
The prevention of money laundering act, 2002 (2)Himanshu Goyal
The document summarizes key aspects of India's Prevention of Money Laundering Act of 2002. It defines money laundering and outlines the three main stages: placement, layering, and integration. It describes various criminal activities that can generate illicit funds and popular methods used to launder money. The summary also discusses important sections of the act related to definitions, objectives to prevent money laundering, punishment for offenses, attachment and confiscation of property, and search and seizure powers of authorities. The overall purpose of the act is to combat money laundering in India.
Prevention of Money Laundering Act 2002ramandeepjrf
The document summarizes key aspects of the Prevention of Money Laundering Act (PMLA) 2002 in India. It defines key terms like money laundering, proceeds of crime, and scheduled offences. It outlines the 3 stages of money laundering: placement, layering, and integration. It describes the obligations of banking companies, financial institutions, and intermediaries to report transactions and verify identities. It discusses the attachments, adjudications, and confiscation process as well as the roles of the Adjudicating Authority, Appellate Tribunal, and Special Courts in enforcing the law. Punishments are outlined for money laundering and for providing false information.
This document provides an overview of banking law and practice in India. It discusses various acts like the Negotiable Instruments Act, RBI Act, and Banking Regulation Act that govern banking services. It also outlines regulatory authorities, committees, and rating agencies involved in banking. The core topics covered include negotiable instruments, bills of exchange, promissory notes, cheques and key provisions of the Negotiable Instruments Act relating to these instruments.
The document outlines various activities that banks are permitted to conduct according to the Banking Regulation Act of 1949 in India. It lists collecting and transmitting money, managing and dealing with property acquired to satisfy debts, undertaking trusts, acquiring and maintaining buildings, acquiring other businesses if permitted, and other incidental activities. It specifies that banks cannot conduct any other business or substitute other applicable laws unless stated. The Act does not apply to primary agricultural societies, cooperative land mortgage banks, or other cooperative societies except as provided. It also outlines restrictions on banks granting loans to directors and companies they have interests in.
Recovery of debt due to bank and financial institutions, 1993ACS Shalu Saraf
1. The document discusses the establishment, jurisdiction, powers, and procedures of Tribunals and Appellate Tribunals established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
2. Tribunals have the jurisdiction to entertain and decide applications from banks and financial institutions for recovery of debts. Appellate Tribunals have jurisdiction over appeals against Tribunal orders.
3. Tribunals are headed by a Presiding Officer, while Appellate Tribunals are headed by a Chairperson. Their qualifications, terms, resignation process, and removal process are outlined.
4. The document also describes the application and appeal procedures before these bodies, their powers, and the process
Reconstruction involves the transfer of a company's whole undertaking and property to a new company, with the shareholders of the old company receiving shares in the new company. Amalgamation occurs when two or more companies combine into one company, with the shareholders of the amalgamating companies becoming shareholders of the amalgamated company. Approval by shareholders and court sanction are required for reconstruction and amalgamation schemes. The court sanctions the transfer of property and liabilities and ensures dissenting shareholders' rights are protected.
The document summarizes the key aspects of the Banking Regulation Act of 1949 in India. It defines banking and banking companies. It outlines the main and subsidiary business activities banks can engage in, as well as prohibited activities. It discusses capital requirements for domestic and foreign banks. It also covers management structure requirements, liquidity reserves like SLR and CRR, licensing provisions, RBI powers of supervision and control, return filing obligations, winding up procedures, and reforms from the Narasimham committee.
The document discusses the relationship between bankers and customers. It defines key terms like banker, customer, and the various types of relationships that can exist between them such as creditor-debtor, debtor-creditor, beneficiary-trustee, and principal-agent. It also outlines the obligations of banks, rights of bankers, special types of customers like minors and partnerships, and principles of lending.
The prevention of money laundering act, 2002 (2)Himanshu Goyal
The document summarizes key aspects of India's Prevention of Money Laundering Act of 2002. It defines money laundering and outlines the three main stages: placement, layering, and integration. It describes various criminal activities that can generate illicit funds and popular methods used to launder money. The summary also discusses important sections of the act related to definitions, objectives to prevent money laundering, punishment for offenses, attachment and confiscation of property, and search and seizure powers of authorities. The overall purpose of the act is to combat money laundering in India.
Prevention of Money Laundering Act 2002ramandeepjrf
The document summarizes key aspects of the Prevention of Money Laundering Act (PMLA) 2002 in India. It defines key terms like money laundering, proceeds of crime, and scheduled offences. It outlines the 3 stages of money laundering: placement, layering, and integration. It describes the obligations of banking companies, financial institutions, and intermediaries to report transactions and verify identities. It discusses the attachments, adjudications, and confiscation process as well as the roles of the Adjudicating Authority, Appellate Tribunal, and Special Courts in enforcing the law. Punishments are outlined for money laundering and for providing false information.
This document provides an overview of banking law and practice in India. It discusses various acts like the Negotiable Instruments Act, RBI Act, and Banking Regulation Act that govern banking services. It also outlines regulatory authorities, committees, and rating agencies involved in banking. The core topics covered include negotiable instruments, bills of exchange, promissory notes, cheques and key provisions of the Negotiable Instruments Act relating to these instruments.
The document outlines various activities that banks are permitted to conduct according to the Banking Regulation Act of 1949 in India. It lists collecting and transmitting money, managing and dealing with property acquired to satisfy debts, undertaking trusts, acquiring and maintaining buildings, acquiring other businesses if permitted, and other incidental activities. It specifies that banks cannot conduct any other business or substitute other applicable laws unless stated. The Act does not apply to primary agricultural societies, cooperative land mortgage banks, or other cooperative societies except as provided. It also outlines restrictions on banks granting loans to directors and companies they have interests in.
Recovery of debt due to bank and financial institutions, 1993ACS Shalu Saraf
1. The document discusses the establishment, jurisdiction, powers, and procedures of Tribunals and Appellate Tribunals established under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993.
2. Tribunals have the jurisdiction to entertain and decide applications from banks and financial institutions for recovery of debts. Appellate Tribunals have jurisdiction over appeals against Tribunal orders.
3. Tribunals are headed by a Presiding Officer, while Appellate Tribunals are headed by a Chairperson. Their qualifications, terms, resignation process, and removal process are outlined.
4. The document also describes the application and appeal procedures before these bodies, their powers, and the process
Reconstruction involves the transfer of a company's whole undertaking and property to a new company, with the shareholders of the old company receiving shares in the new company. Amalgamation occurs when two or more companies combine into one company, with the shareholders of the amalgamating companies becoming shareholders of the amalgamated company. Approval by shareholders and court sanction are required for reconstruction and amalgamation schemes. The court sanctions the transfer of property and liabilities and ensures dissenting shareholders' rights are protected.
The document summarizes the key aspects of the Banking Regulation Act of 1949 in India. It defines banking and banking companies. It outlines the main and subsidiary business activities banks can engage in, as well as prohibited activities. It discusses capital requirements for domestic and foreign banks. It also covers management structure requirements, liquidity reserves like SLR and CRR, licensing provisions, RBI powers of supervision and control, return filing obligations, winding up procedures, and reforms from the Narasimham committee.
The document discusses the relationship between bankers and customers. It defines key terms like banker, customer, and the various types of relationships that can exist between them such as creditor-debtor, debtor-creditor, beneficiary-trustee, and principal-agent. It also outlines the obligations of banks, rights of bankers, special types of customers like minors and partnerships, and principles of lending.
The document summarizes key provisions of the Banking Regulation Act, 1949 in India. It outlines definitions of banking and banking companies. It discusses the overriding effect of the Act over memorandum, articles, agreements and resolutions of banking companies. It also covers restrictions on use of banking terms, prohibition on trading activities, limits on property holding, payment of brokerage/commission, restrictions on floating charges and dividend payments. Further, it discusses appointment of directors, reserve requirements, cash reserve maintenance, subsidiary business activities and regulatory powers of RBI over banking companies.
This document provides an overview of dishonour of cheques under Indian law. It defines dishonour of a cheque as when it is returned unpaid by the drawee bank for reasons of insufficient funds or signature mismatch. There are two kinds of dishonour: non-acceptance and non-payment. Dishonour can result in legal action against the drawer, loss of negotiability of the cheque, and accrual of a cause of action if a demand notice is issued and unpaid. Dishonour becomes a criminal offense if the payee gives notice demanding payment within 15 days and payment is not made within a further 15 days. Liability on dishonour can be civil, resulting in a fine of twice the
Securitisation and reconstruction of financial assets and enforcement of secu...ACS Shalu Saraf
The SARFAESI Act enables secured creditors like banks and financial institutions to enforce their security without court intervention. It allows creditors to take possession of secured assets, sell them, or assign rights over them to recover loans in case of default. The Act established mechanisms for asset reconstruction companies to acquire financial assets from banks and issue security receipts to investors. It defines terms like borrower, financial asset, and non-performing asset. The constitutional validity of the Act was upheld by the Supreme Court. Methods of recovery include securitization, asset reconstruction, and direct enforcement of security. Amendments allowed debt to equity conversion and banks to purchase auctioned properties under certain conditions.
This document outlines key provisions of the Reserve Bank of India Act, 1934 which established the Reserve Bank of India. Some key points:
- The RBI was established to take over management of currency from the Central Government and conduct banking operations.
- Its capital is Rs. 5 crores.
- Key functions include issuing currency (except 1 rupee notes), acting as banker to the government, managing cash reserves of commercial banks, managing foreign currency reserves, acting as lender of last resort, facilitating clearing and settlement between banks, and controlling credit.
- Management is overseen by a Central Board of Directors including government nominees. Local Boards also provide advisory functions.
- The RBI
The document discusses the history and provisions of limitation acts in India. It traces the evolution of limitation laws from Roman laws introduced under British rule to the current Limitation Act of 1963. The key objectives of limitation acts are to fix a time limit for filing legal claims and to avoid indefinite uncertainty regarding legal rights and liabilities. The Limitation Act of 1963 consolidated and standardized limitation periods for different types of legal suits, appeals and applications.
The document discusses key Indian banking laws and regulations. It outlines the Banking Regulation Act of 1949 and the Reserve Bank of India Act of 1934, which establish the regulatory framework for banking in India. The Banking Regulation Act defines banking activities and sets requirements around licensing, management, and restrictions. The Reserve Bank of India Act establishes RBI as the central bank of India, giving it authority over monetary policy, banking supervision, and other central banking functions.
The Competition Act of 2002 establishes a Competition Commission of India to prevent anti-competitive practices, promote competition, protect consumer interests, and ensure freedom of trade. It defines key terms like acquisition, agreement, cartel, enterprise, and prohibits anti-competitive agreements that limit production or supply or determine purchase/sale prices. It also prohibits abuse of dominant position by imposing unfair prices or limiting markets. Mergers and acquisitions are considered combinations if they meet certain asset or turnover thresholds for the involved enterprises.
MEANING,DEFINITION, FEATURES OF NEGOTIABLE INSTRUMENTS, HOLDER AND HOLDER IN ...Jyoti Saini
The document defines negotiable instruments and describes their key features and types under Indian law. It states that negotiable instruments are written documents that are transferable by delivery and include promissory notes and bills of exchange. The Negotiable Instruments Act of 1881 regulates these instruments and provides legal protections. A negotiable instrument must contain an unconditional order or promise of payment of a certain sum to a specified person. Promissory notes are written promises to pay a certain amount, while bills of exchange are orders to pay drawn by one person upon another. The document outlines the parties, terms, and presumptions regarding negotiable instruments under Indian law.
Prevention of money laundering class room notes for ca icma pavan kumar
This document discusses money laundering techniques and the Prevention of Money Laundering Act (PMLA) of 2002 in India. It defines money laundering and outlines the key stages in the money laundering process: placement, layering, and integration. It describes common placement methods like structuring deposits and using shell companies. It also discusses the obligations of banks and financial institutions under the PMLA to identify and report suspicious transactions and maintain records. Overall, the document provides an overview of how illegally obtained money is laundered and cleaned to appear legitimate, as well as India's laws aimed at preventing money laundering.
The Reserve Bank of India Act of 1934 established and incorporated the Reserve Bank of India to regulate the issue of bank notes and maintain monetary stability in India. The Act outlines the capital, management, and business operations of the Reserve Bank. It assigns the Bank various central banking functions including the right to issue bank notes, transact government business, determine banking policy, and regulate non-banking financial institutions. The Act has since been amended several times to update the Bank's powers and operations.
Prevention of money laundering act, 2002 by Hetal Bhadra Hetal Bhadra
The document summarizes the Prevention of Money Laundering Act of 2002 in India. It defines money laundering as disguising illegally obtained money to make it appear legitimate. The act aims to prevent money laundering and confiscate illegally obtained assets. Money laundering generally involves three stages - placement of illegally gotten money into the financial system, layering by moving funds between accounts to obscure the trail, and integration by using the funds for legitimate purposes like real estate. The Enforcement Directorate has powers to investigate money laundering cases and attach properties. Penalties include 3-7 years imprisonment and fines.
Constitution, Management & Functions OF R.B.ITejinder Bhatti
The Reserve Bank of India was established in 1934 and nationalized in 1948. It is governed by a Central Board of Directors and manages the country's currency, banking system, and credit. As the central bank, it regulates the country's money supply, acts as a bank for the government and commercial banks, manages foreign exchange reserves, acts as the lender of last resort, facilitates clearing and settlement between banks, and controls credit in the economy.
The obligation of a banker to honour his customer’s cheque is extinguished (not accepted or clear) on receipt of an order of the Court, known as the Garnishee order, issued under Order 21, Rule 46 of the Code of Civil Procedure, 1908.
A court order instructing a garnishee (a bank) that funds held on behalf of a debtor (the judgement debtor) should not be released until directed by the court. The order may also instruct the bank to pay a given sum to the judgement creditor (the person to whom a debt is owed by the judgement debtor) from these funds.
If the debtor fails to pay the debt owned by him to his creditor, the latter may apply to the court for the issue of a garnshee order on the banker of his debtor.
The account of the customer with the banker, thus, becomes suspended and the banker is under an obligation not to make any payment thereof.
The creditor at whose request the order is issued is called the judgment creditor; the debtor whose money is frozen is called judgment debtor and the banker who is the debtor of the judgment debtor is called the Garnishee.
The Garnishee order is issued in two parts
The court directs the banker to stop payment out of the account of the judgement-debtor
ORDER NISHI
After the bank file his explanation, if any, the court may issue the final order, called ORDER ABSOLUTE
The Insolvency and Bankruptcy Code of 2016 consolidated existing bankruptcy laws in India to create a single law governing insolvency and bankruptcy. It aims to simplify and expedite bankruptcy proceedings while protecting creditor interests. Under the Code, a corporate insolvency resolution process is initiated when financial creditors with claims over Rs. 1 crore file an application with the National Company Law Tribunal. If no resolution plan is approved within 180 days, the company enters liquidation. The Code established the Insolvency and Bankruptcy Board of India as the regulator and introduced insolvency professionals to manage proceedings.
This document discusses the Prevention of Money Laundering Act (PMLA) in India. It outlines the key agencies and authorities under the PMLA, including the Enforcement Directorate, Adjudicating Authority, Appellate Tribunal, and Special Court. It defines important terms like money laundering, proceeds of crime, and scheduled offences. It also explains the process of money laundering and the different stages of commencement of proceedings under the PMLA, including enquiry, investigation, attachment of properties, and criminal prosecution. Finally, it discusses some controversies relating to certain provisions in the PMLA and the law in practice.
The document summarizes key provisions of the Banking Regulation Act, 1949 in India. It outlines definitions of banking and banking companies. It discusses the overriding effect of the Act over memorandum, articles, agreements and resolutions of banking companies. It also covers restrictions on use of banking terms, prohibition on trading activities, limits on property holding, payment of brokerage/commission, restrictions on floating charges and dividend payments. Further, it discusses appointment of directors, reserve requirements, cash reserve maintenance, subsidiary business activities and regulatory powers of RBI over banking companies.
This document provides an overview of dishonour of cheques under Indian law. It defines dishonour of a cheque as when it is returned unpaid by the drawee bank for reasons of insufficient funds or signature mismatch. There are two kinds of dishonour: non-acceptance and non-payment. Dishonour can result in legal action against the drawer, loss of negotiability of the cheque, and accrual of a cause of action if a demand notice is issued and unpaid. Dishonour becomes a criminal offense if the payee gives notice demanding payment within 15 days and payment is not made within a further 15 days. Liability on dishonour can be civil, resulting in a fine of twice the
Securitisation and reconstruction of financial assets and enforcement of secu...ACS Shalu Saraf
The SARFAESI Act enables secured creditors like banks and financial institutions to enforce their security without court intervention. It allows creditors to take possession of secured assets, sell them, or assign rights over them to recover loans in case of default. The Act established mechanisms for asset reconstruction companies to acquire financial assets from banks and issue security receipts to investors. It defines terms like borrower, financial asset, and non-performing asset. The constitutional validity of the Act was upheld by the Supreme Court. Methods of recovery include securitization, asset reconstruction, and direct enforcement of security. Amendments allowed debt to equity conversion and banks to purchase auctioned properties under certain conditions.
This document outlines key provisions of the Reserve Bank of India Act, 1934 which established the Reserve Bank of India. Some key points:
- The RBI was established to take over management of currency from the Central Government and conduct banking operations.
- Its capital is Rs. 5 crores.
- Key functions include issuing currency (except 1 rupee notes), acting as banker to the government, managing cash reserves of commercial banks, managing foreign currency reserves, acting as lender of last resort, facilitating clearing and settlement between banks, and controlling credit.
- Management is overseen by a Central Board of Directors including government nominees. Local Boards also provide advisory functions.
- The RBI
The document discusses the history and provisions of limitation acts in India. It traces the evolution of limitation laws from Roman laws introduced under British rule to the current Limitation Act of 1963. The key objectives of limitation acts are to fix a time limit for filing legal claims and to avoid indefinite uncertainty regarding legal rights and liabilities. The Limitation Act of 1963 consolidated and standardized limitation periods for different types of legal suits, appeals and applications.
The document discusses key Indian banking laws and regulations. It outlines the Banking Regulation Act of 1949 and the Reserve Bank of India Act of 1934, which establish the regulatory framework for banking in India. The Banking Regulation Act defines banking activities and sets requirements around licensing, management, and restrictions. The Reserve Bank of India Act establishes RBI as the central bank of India, giving it authority over monetary policy, banking supervision, and other central banking functions.
The Competition Act of 2002 establishes a Competition Commission of India to prevent anti-competitive practices, promote competition, protect consumer interests, and ensure freedom of trade. It defines key terms like acquisition, agreement, cartel, enterprise, and prohibits anti-competitive agreements that limit production or supply or determine purchase/sale prices. It also prohibits abuse of dominant position by imposing unfair prices or limiting markets. Mergers and acquisitions are considered combinations if they meet certain asset or turnover thresholds for the involved enterprises.
MEANING,DEFINITION, FEATURES OF NEGOTIABLE INSTRUMENTS, HOLDER AND HOLDER IN ...Jyoti Saini
The document defines negotiable instruments and describes their key features and types under Indian law. It states that negotiable instruments are written documents that are transferable by delivery and include promissory notes and bills of exchange. The Negotiable Instruments Act of 1881 regulates these instruments and provides legal protections. A negotiable instrument must contain an unconditional order or promise of payment of a certain sum to a specified person. Promissory notes are written promises to pay a certain amount, while bills of exchange are orders to pay drawn by one person upon another. The document outlines the parties, terms, and presumptions regarding negotiable instruments under Indian law.
Prevention of money laundering class room notes for ca icma pavan kumar
This document discusses money laundering techniques and the Prevention of Money Laundering Act (PMLA) of 2002 in India. It defines money laundering and outlines the key stages in the money laundering process: placement, layering, and integration. It describes common placement methods like structuring deposits and using shell companies. It also discusses the obligations of banks and financial institutions under the PMLA to identify and report suspicious transactions and maintain records. Overall, the document provides an overview of how illegally obtained money is laundered and cleaned to appear legitimate, as well as India's laws aimed at preventing money laundering.
The Reserve Bank of India Act of 1934 established and incorporated the Reserve Bank of India to regulate the issue of bank notes and maintain monetary stability in India. The Act outlines the capital, management, and business operations of the Reserve Bank. It assigns the Bank various central banking functions including the right to issue bank notes, transact government business, determine banking policy, and regulate non-banking financial institutions. The Act has since been amended several times to update the Bank's powers and operations.
Prevention of money laundering act, 2002 by Hetal Bhadra Hetal Bhadra
The document summarizes the Prevention of Money Laundering Act of 2002 in India. It defines money laundering as disguising illegally obtained money to make it appear legitimate. The act aims to prevent money laundering and confiscate illegally obtained assets. Money laundering generally involves three stages - placement of illegally gotten money into the financial system, layering by moving funds between accounts to obscure the trail, and integration by using the funds for legitimate purposes like real estate. The Enforcement Directorate has powers to investigate money laundering cases and attach properties. Penalties include 3-7 years imprisonment and fines.
Constitution, Management & Functions OF R.B.ITejinder Bhatti
The Reserve Bank of India was established in 1934 and nationalized in 1948. It is governed by a Central Board of Directors and manages the country's currency, banking system, and credit. As the central bank, it regulates the country's money supply, acts as a bank for the government and commercial banks, manages foreign exchange reserves, acts as the lender of last resort, facilitates clearing and settlement between banks, and controls credit in the economy.
The obligation of a banker to honour his customer’s cheque is extinguished (not accepted or clear) on receipt of an order of the Court, known as the Garnishee order, issued under Order 21, Rule 46 of the Code of Civil Procedure, 1908.
A court order instructing a garnishee (a bank) that funds held on behalf of a debtor (the judgement debtor) should not be released until directed by the court. The order may also instruct the bank to pay a given sum to the judgement creditor (the person to whom a debt is owed by the judgement debtor) from these funds.
If the debtor fails to pay the debt owned by him to his creditor, the latter may apply to the court for the issue of a garnshee order on the banker of his debtor.
The account of the customer with the banker, thus, becomes suspended and the banker is under an obligation not to make any payment thereof.
The creditor at whose request the order is issued is called the judgment creditor; the debtor whose money is frozen is called judgment debtor and the banker who is the debtor of the judgment debtor is called the Garnishee.
The Garnishee order is issued in two parts
The court directs the banker to stop payment out of the account of the judgement-debtor
ORDER NISHI
After the bank file his explanation, if any, the court may issue the final order, called ORDER ABSOLUTE
The Insolvency and Bankruptcy Code of 2016 consolidated existing bankruptcy laws in India to create a single law governing insolvency and bankruptcy. It aims to simplify and expedite bankruptcy proceedings while protecting creditor interests. Under the Code, a corporate insolvency resolution process is initiated when financial creditors with claims over Rs. 1 crore file an application with the National Company Law Tribunal. If no resolution plan is approved within 180 days, the company enters liquidation. The Code established the Insolvency and Bankruptcy Board of India as the regulator and introduced insolvency professionals to manage proceedings.
This document discusses the Prevention of Money Laundering Act (PMLA) in India. It outlines the key agencies and authorities under the PMLA, including the Enforcement Directorate, Adjudicating Authority, Appellate Tribunal, and Special Court. It defines important terms like money laundering, proceeds of crime, and scheduled offences. It also explains the process of money laundering and the different stages of commencement of proceedings under the PMLA, including enquiry, investigation, attachment of properties, and criminal prosecution. Finally, it discusses some controversies relating to certain provisions in the PMLA and the law in practice.
Survey, Search and seizure Under Income Tax ActSyed Irshad Ali
Survey, search, and seizure are investigative powers granted to tax authorities under the Income Tax Act of 1961. A survey involves collecting information and data for tax purposes, while a search allows authorities to enter premises, inspect books/records, and seize assets. A search warrant is required and must be authorized by senior tax officials. During a search, rights of the person include verifying officials and having legal counsel present. Duties include allowing inspection of items and cooperating. If unreported income is found, assessments can be made for the past 6 years plus the year of search. Assessments must generally be completed within 2 years for the 6 prior years and the search year. The provisions also allow assessments of other persons not directly
This document outlines the offences and penalties under the GST Act in India. It describes various types of offences like supplying goods without invoices, collecting tax but not paying it, evading taxes, and obstructing tax officers. It then provides the prescribed penalties for each type of offence, which range from Rs. 10,000 to imprisonment depending on the nature and amount of tax evaded. It also discusses provisions around confiscation of goods, issuance of notices and summons, voluntary disclosures, waiver or reduction of penalties, and prosecution for serious offences with tax evasion over Rs. 1 crore.
The document is a summary of the Money Laundering Prevention Act of 2012 in Bangladesh. It defines key terms related to money laundering such as proceeds of crime, predicate offense, and suspicious transactions. It outlines reporting requirements for financial institutions and gives investigation and enforcement powers to agencies such as the Anti-Corruption Commission. Penalties for money laundering and related offenses include imprisonment, fines, and property confiscation. The act also describes international cooperation measures between Bangladesh and other countries.
Commissioner of Income Tax Vs. Anthropic, Inc.
[2019] 108 taxmann.com 564 (Karnataka)
- The Court held that the search was valid even though conducted at residential premises not used for business purposes, since the assessee may possess incriminating documents at their residence. Location of premises alone does not invalidate search under section 132.
OBJECTIVE
Winding up is the final stage in the business cycle of a Company. It is the process of closing down the legal existence of a company. It can be done either by the Company on its own (voluntary winding up) or by an order passed by the Tribunal (compulsory winding up). The webinar covers the aspects of various provisions relating to liabilities for offences and frauds committed by Officers of the Company and certain aspects of maintenance of books and papers of the Company as enshrined in the Companies Act, 2013.
Unit-12- Overview of the Prevention of Money Laundering Act, 2002.pptxAssistantProfessorBB
Dr. Veada provides an overview of the Prevention of Money Laundering Act of 2002 in India. The key points covered are:
- The Act aims to prevent money laundering by enabling confiscation of illegally earned assets and punishment of offenders.
- Money laundering involves disguising illegally obtained money as legitimate through a process of depositing, transferring, and integrating it into the legal financial system.
- The objectives of the Act are to prevent money laundering, combat illegal activities and economic crimes, confiscate illegally obtained property, and penalize offenders.
Inspection, Search, Seizure and Arrest under Goods & Services Tax Act.pptxtaxguruedu
In any tax administration the provisions for Inspection, Search, Seizure and Arrest are provided to protect the interest of genuine tax payers (as the tax evaders, by evading the tax, get an unfair advantage over the genuine tax payers) and as a deterrent for tax evasion. These provisions are also required to safeguard Government’s legitimate dues. Thus, these provisions act as a deterrent and by checking evasion provide a level playing field to genuine tax payers.
The document summarizes key aspects of the Benami Transactions (Prohibition) Act in India. It was passed in 2016 to curb black money. Key points:
1) The Act came into force on November 1, 2016. It replaced the previous Benami Transactions (Prohibition) Act of 1988 and renamed it the Prohibition of Benami Property Transactions Act.
2) A benami transaction is one where the actual owner of the property is different than the named owner. It aims to identify transactions done in bogus names or where the real beneficiary is not traceable.
3) Failure to provide PAN details for property transactions over 10 lakh rupees or non-deduction of TDS
OBJECTIVE
To check if the levy and collection of GST is in order, there also needs to be monitoring of offences committed by any person in contravention to provisions of this Act. The GST Law imposes penalties and prosecution for offences depending on the intention of the person committing the offence. In this Webinar we will be learning about the provisions of the GST Act regarding the major offences, penalty leviable, prosecutions for sepcified offenses and general disciplines relating to penalty.
Compounding refers to the process of voluntarily admitting the contravention, pleading guilty and seeking redressal. The Reserve Bank is empowered to compound contraventions under Foreign Exchange Management Act, 1999. In this webinar, we shall understand the provisions of FEMA Act and its regulations relating to Compounding of Offences
This document provides an overview of the Banking Offense and Punishment Act 2064 of Nepal. It outlines the Act's 5 chapters which establish banking offenses, corresponding punishments, and legal proceedings. Key offenses include unauthorized account opening, loan activities, and credit/resource misuse. Punishments include fines and imprisonment depending on the offense and claimed amount. The Act aims to curb banking crimes and outlines investigative powers and procedures to effectively prosecute offenses.
This document outlines the National Internal Revenue Code of the Philippines. It details the organization and powers of the Bureau of Internal Revenue, including the authority of the Commissioner to interpret tax laws, examine records, make assessments, and delegate powers. It covers 14 titles related to taxation, including income tax, estate and donor taxes, value-added tax, excise taxes, and penalties.
1) A summons is a legal order for a person to appear in court or before an official for an inquiry regarding a civil or criminal matter. It is different from a notice in that a summons requires mandatory appearance while a notice does not.
2) Under the GST Act, the tax authorities have the power to issue summons to taxpayers requiring them to provide evidence or documents during an inquiry regarding tax compliance issues. Common reasons for a summons include disputes over input tax credits, tax refunds, or tax payments.
3) If a taxpayer receives a summons, they should consult a tax expert and gather all relevant documents before attending as required. It is important to fully understand and comply with the
This document provides an overview of several key acts and regulations that form the legal and regulatory framework for banking in India. It summarizes provisions from acts such as the Banking Regulation Act of 1949, the Transfer of Property Act of 1882, the Power of Attorney Act of 1882, and the Indian Contract Act of 1872 related to banking operations, mortgages, guarantees, liens, and other legal matters. The document also outlines some key sections from these acts pertaining to areas like banking activities, loan restrictions, maintenance of reserves and liquid assets, unclaimed deposits, and directions that the Reserve Bank of India can issue to banks.
Benami Transactions (Prohibition) Act, 1988 has been amended and renamed as Prohibition
of Benami Property Transactions Act, 1988 (PBPT Act). Benami Act mainly focuses on finding
real names behind nameless real estate transactions. The amended act clearly defines the benami
transactions
The document summarizes key aspects of the Prohibition of Benami Property Transactions Act, 2016 in India. It defines:
- What constitutes a benami transaction based on the Act's definition, including transactions held under fictitious names or where the owner denies knowledge.
- Exceptions to benami transactions such as certain family property arrangements.
- Key terms like benamidar, beneficial owner, and fair market value.
- Offences and punishments for non-compliance, including imprisonment and fines based on the fair market value of the property.
OBJECTIVE
Import of all kinds of goods and the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall deal with provisions relating to prosecutions and penalties levied on the person for any offences.
Similar to Prevention of money laundering act, 2002 part i (20)
SCRAPPING OF RETRO TAX PROVISIONS : A REVIVAL OF OVERSEAS INTEREST IN INDIADVSResearchFoundatio
The document summarizes the scrapping of retroactive tax provisions in India. It provides background on retroactive taxation laws introduced in 2012 in response to court rulings. It analyzes prominent cases like Vodafone and Cairn Energy that challenged the retroactive taxes under bilateral investment treaties. The Taxation Laws Amendment Act of 2021 was passed to scrap these retroactive provisions and provide tax refunds to affected companies like Cairn Energy. The act aims to improve India's reputation as an investment destination and revive interest from foreign investors.
Key Takeaways: - Analysis of section 45(4), section 9B of the Income Tax Act...DVSResearchFoundatio
Key Takeaways:
- Analysis of section 45(4), section 9B of the Income Tax Act and Rule 8AA and Rule 8AB of Income Tax Rules
- Illustrations to understand the relevant impact
- Critical Issues concerned with the provisions
Key Takeaways:
- Facts of the case
- Issues and Orders of the case
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- Facts of the case
- Issues and Orders of the case
- Contention of the parties
- Observations by Honourable Supreme Court
- Conclusions
FALLACIOUS DISREGARDING OF TRANSACTIONS THAT RESULT IN A TAX BENEFIT TO THE A...DVSResearchFoundatio
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ALLOWABILITY OF OUTSTANDING INTEREST CONVERTED INTO DEBENTURES AS AN EXPENSE ...DVSResearchFoundatio
The Supreme Court ruled that the conversion of outstanding interest into debentures by the assessee company qualified for deduction under Section 43B of the Income Tax Act. The conversion was done under a rehabilitation plan agreed with institutional creditors to extinguish the interest liability. The Court observed that Section 43B was not meant to affect bona fide transactions, and debentures were different than loans/borrowings under Explanation 3C. It set aside the High Court's decision and allowed the assessee's claim for deduction, noting the conversion was an actual payment of interest rather than postponing the liability.
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This document outlines the process and documentation required for an SME to obtain an in-principle approval for an initial public offering (IPO) listing on the National Stock Exchange of India (NSE). It details the documents required to be submitted on T+2, T+3, T+4, and T+5 days from the date of in-principle approval to finalize the listing. These include annual reports, board resolutions, shareholding details, basis of allotment, post-issue shareholding pattern, and confirmation from issuers, merchant bankers, and statutory auditors. It also provides information on NEAPS platform registration and payment of processing and annual listing fees.
What are the post listing compliance norms for SME entities?DVSResearchFoundatio
The document summarizes post-listing compliance norms for small and medium enterprises (SMEs) listed on SME exchanges in India. It discusses requirements for further capital issues, green shoe options, migration to the main board, further public offerings, and mandatory and voluntary disclosures. Key requirements include making full disclosures for further issues, obtaining shareholder approval for green shoe options, complying with eligibility criteria for migration, and submitting regular financial disclosures and statements on the use of IPO proceeds.
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This document outlines the criteria for Small and Medium Enterprises (SMEs) to list on the SME platforms of the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The key eligibility criteria are a positive net worth, a track record of at least 3 years of operations, and operating profits over the last 2-3 years. Additional disclosure requirements include details on directors, regulatory actions, litigation status, and defaults. SMEs listed can later migrate to the main board of the exchanges if they meet certain criteria like company size and track record. As of now, over 220 companies are listed on NSE's SME platform and over 100 have migrated from BSE's SME platform
Key Takeaways:
- Background and Overview of Legal Provision
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An Indian individual seeks to incorporate a company in Singapore. The process involves obtaining name approval, determining the company structure as a private or public company, appointing directors and other key personnel, selecting a registered office address, and drafting a company constitution. Once incorporated, the new company can open a Singapore bank account and obtain a tax residency certificate. Indian regulations allow for foreign direct investment through the automatic route or approval route depending on the amount and financial commitment. The entire incorporation process can be completed quickly online but setting up documents may take a few days.
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3. Legends used in the Presentation
CG Central Government
PMLA Prevention of Money Laundering Act, 2002
UIDAI Unique Identification Authority of India
4. Presentation Schema
Introduction Overview
Short title, Extent
and
Commencement
Relevant Definitions
Offence of Money-
Laundering
Punishment for
Money-Laundering
Attachment of
Property involved in
Money-Laundering
Adjudicating
Authority
Adjudication
Vesting of Property
in CG
Management of
Confiscated
Properties
Power regarding
Summons,
Production of
Documents and
Evidence
Verification of
Identity by
Reporting Entity
Reporting Entity to
Maintain Records
Access to
Information
Enhanced Due
Diligence
Powers of Director
to Impose Fine
No Civil or Criminal
Proceedings in
Certain Cases
Procedure and
Manner of
Furnishing
Information by
Reporting Entities
5. Introduction
It is an Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering
The PML Act seeks to combat money laundering in India and has three main objectives:
To prevent and control money laundering
To confiscate and seize the property obtained from the laundered money; and
To deal with any other issue connected with money laundering in India
6. Overview
Chapter I Preliminary
Chapter II Offence Of Money-Laundering
Chapter III Attachment, Adjudication And Confiscation
Chapter IV Obligations Of Banking Companies, Financial Institutions And Intermediaries
Chapter V Summons, Searches And Seizures, Etc
Chapter VI Appellate Tribunal
Chapter VII Special Courts
Chapter VIII Authorities
Chapter IX
Reciprocal Arrangement For Assistance In Certain Matters And Procedure For
Attachment And Confiscation Of Property
Chapter X Miscellaneous
7. Chapter I - Preliminary
Short title, Extent and Commencement – Sec 1
• Act is called the Prevention of Money-laundering Act, 2002
• It extends to the whole of India including Jammu & Kashmir
• Came into effect from 1st July, 2005
Relevant Definitions – Sec 2
Proceeds of Crime means any property derived or obtained, directly or indirectly, by any person as a result
of criminal activity relating to a scheduled offence or the value of any such property
Property
means any property or assets of every description, whether corporeal or incorporeal,
movable or immovable, tangible or intangible and includes deeds and instruments
evidencing title to, or interest in, such property or assets, wherever located
8. Definitions – Contd.
means a banking company, financial institution, intermediary or a
person carrying on a designated business or profession
Reporting Entity
meansPerson carrying on Designated Business or Profession
A person carrying on activities for playing games of chance for cash or kind, and includes such activities associated with casino
Inspector-General of Registration appointed under section 3 of the Registration Act, 1908
Real estate agent, as may be notified by the CG
Dealer in precious metals, precious stones and other high value goods, as may be notified by the CG
Person engaged in safekeeping and administration of cash and liquid securities on behalf of other persons, as may be notified by the CG or
Person carrying on such other activities as the CG may designate, by notification, from time to time
10. Offence of Money-Laundering – Sec 3
shall be guilty of offence of money-laundering
or use and projecting or claiming it as untainted property
including its concealment, possession, acquisition
in any process or activity connected with the proceeds of crime
Whosoever directly or indirectly
attempts to indulge or knowingly assists or knowingly is a party or is actually involved
one or more of the following processes or activities connected with
proceeds of crime shall be regarded as money laundering:
Concealment or Possession or Acquisition or Use or Projecting as Untainted Property or Claiming as Untainted property
The process or activity connected with proceeds of crime is a continuing activity and continues till such
time a person is directly or indirectly enjoying the proceeds of crime
Explanations:
11. Punishment for Money-Laundering – Sec 4
Whoever commits the offence of money-laundering shall be punishable with
Rigorous imprisonment* - 3 to 7 years and
shall also be liable to fine
In case of money laundering related to Offences Under The Narcotic Drugs And Psychotropic
Substances Act, 1985, Rigorous Imprisonment may extend upto 10 years
* Including hard and unproductive labour
12. Chapter III – Attachment, Adjudication and Confiscation
13. Attachment of Property involved in Money-Laundering – Sec 5
he may, by order in writing, provisionally attach such property for a period not exceeding 180 days from the date of the order
has reason to believe (to be recorded in writing), on the basis of material in his possession, that—
Any person is in possession of any
proceeds of crime; and
Such proceeds of crime are likely to be concealed, transferred or dealt with in any manner
which may initiate any proceedings relating to confiscation of such proceeds of crime
under this Chapter,
Where Director or any other officer not below the rank of Deputy Director authorised by the Director,
• No order shall be made unless a report or complaint for investigation of offence has been made to a Magistrate or similar report is
filed in case of other countries
• The property may be attached without prior report, if the Director or any other officer has reason to believe (be recorded in
writing), on the basis of material in his possession, that the non-attachment of the property is likely to hamper the proceedings
• For calculating 180 days, period of stay of proceedings if any ordered by the High Court shall be excluded and further 30 days shall
be counted from the expiry of period of stayed order
• The Director or any other officer immediately after attachment shall forward the order and the material in his possession to the
Adjudicating Authority
• Within 30 days of such attachment, a complaint stating facts must be filed before Adjudicating Authority
• Order made under this Sec shall be valid until the expiry of 180 days or the date of order of Adjudicating Authority (Sec 8) whichever
is earlier
• This provisional attachment shall not prevent the enjoyment of the immovable property by a person having interest or claim
14. Adjudicating Authority
CG shall appoint officers and employees under the supervision of Chairperson
and prescribe their salaries, allowances and other conditions, for the purpose
of administration of Adjudicating Authority
An Adjudicating Authority shall consist of a Chairperson and 2 other Members:
Provided that one Member each shall be a person having experience in the field of law, administration, finance or accountancy
Sec 7
The CG appoints Adjudicating Authority to exercise powers under the PMLASec 6
15. Adjudication – Sec 8
to show cause why all or any of such properties should not be declared to be the properties involved in money-
laundering and confiscated by the CG
the evidence on which he relies and other relevant information and particulars, and
to indicate the sources of his income, earning or assets, out of which or by means of which he has acquired the
property attached or, seized or frozen,
it may serve a notice of not less than 30 days on such person calling upon him
if the Adjudicating Authority has reason to believe that any person has committed a money-laundering offence
or is in possession of proceeds of crime,
On receipt of a complaint after Attachment, or applications made after Search and Seizure or Search of persons,
• Where a property is held on behalf of another person, notice shall also served to that person
• Where such property is held jointly by more than one person, such notice shall be served to all persons holding such property
The Adjudicating Authority shall, after—
o Considering the reply, if any, to the notice
o Hearing the aggrieved person and the concerned Director or any other officer; and
o Taking into account all relevant materials placed on record before him,
by an order, record a finding whether all or any of the properties are involved in money-laundering
16. Confiscation of Property
If the property is claimed by a person, other than a person to whom the notice had been issued, such person
shall also be given an opportunity of being heard to prove that the property is not involved in money-laundering
and become final after an order of confiscation is passed
under the corresponding law of any other country, before the competent court of criminal jurisdiction outside India, as the case may be
the pendency of the proceedings relating to any offence under this Act before a court or
continue during investigation for a period not exceeding 365 days or
whereupon such attachment or retention or freezing of the seized or frozen property or record shall—
retention of property or record seized or frozen and record a finding to that effect,
confirm the provisional attachment of the property or
Where the Adjudicating Authority decides that any property is involved in money-laundering, he shall, by an order in writing,
• Where the provisional order of attachment has been confirmed, the Director or any other officer shall
take the possession of the property attached or frozen
• If it is not practicable to take possession of a property frozen, the order of confiscation shall have the
same effect as confiscation
17. Trial before Court
• Where a property stands confiscated to the CG, the Special Court may also direct the CG to
restore such confiscated property or part thereof of a claimant with a legitimate interest in the
property, who may have suffered a quantifiable loss as a result of the offence of money laundering
• Special Court shall not consider such claim unless it is satisfied that the claimant has acted in good
faith and has suffered the loss despite having taken all reasonable precautions and is not
involved in the offence of money-laundering
• Special Court may, if it thinks fit, consider the claim of the claimant for the purposes of restoration
of such properties during the trial of the case
Where on conclusion of a trial under this Act, the Special Court finds that the offence of money-laundering has not taken place
or the property is not involved in money-laundering, it shall order release of such property to the person entitled to receive it.
pass appropriate orders regarding confiscation or release of the property, as the case may be, involved in the
offence of money-laundering after having regard to the material before it
the Special Court shall, on an application moved by the Director or a person claiming to be entitled to possession
of a property in respect of which an order has been passed,
Where the trial cannot be conducted by reason of the death of the accused or the accused being declared a
proclaimed offender or for any other reason or having commenced but could not be concluded,
18. Vesting of Property in CG – Sec 9
Where an order of confiscation has been made in respect of any property of a person, all the rights and
title in such property shall vest absolutely in the CG free from all encumbrances
thereupon the aforesaid property shall vest in the CG free from such encumbrances or lease-hold interest
it may, by order, declare such encumbrance or lease-hold interest to be void and
is of the opinion that any encumbrance on the property or lease-hold interest has been created, by the person, with a view to
defeat the provisions of this Chapter,
Special Court or the Adjudicating Authority, after giving an opportunity of being heard to any other person interested in the
property attached or seized or frozen,
Nothing in this section shall operate to discharge any person from any liability in respect of such encumbrances which may be
enforced against such person by a suit for damages. For e.g. property taken on loan by the person and now has been
confirmed as property in relation to money laundering and confiscated to CG, the banker can claim suit for damages against
the person who has availed the loan facility.
19. Management of Confiscated Properties – Sec 10
CG shall appoint an officer not below the rank of a Joint Secretary to the Government of India as it thinks fit, to
perform the functions of an Administrator
Administrator shall receive and manage the property which have been vested in the CG
Administrator shall also take such measures, as the CG may direct, to dispose of the property
20. Power regarding Summons, Production of Documents and
Evidence – Sec 11
The Adjudicating Authority shall, for the purposes of this Act, have the same powers as are vested in a
civil court under the Code of Civil Procedure, 1908 while trying a suit in respect of the following matters:
Discovery and inspection
Enforcing the attendance of any person
Compelling the production of records;
Receiving evidence on affidavits;
Issuing commissions for examination of witnesses and documents; and
Any other matter which may be prescribed
All the persons so summoned shall be bound to attend in person or through authorised
agents, as the Adjudicating Authority may direct, and shall be bound to state the truth
Every proceeding under this section shall be deemed to be a judicial proceeding
21. Chapter IV - Obligations of Banking Companies, Financial
Institutions And Intermediaries
22. Verification of Identity by Reporting Entity – Sec 11A
Every reporting entity shall verify the identity of its clients and the beneficial owner, by -
Authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits
and Services) Act, 2016 if the reporting entity is a banking company or
Offline verification under the Aadhaar (Targeted Delivery of Financial and Other Subsidies,
Benefits and Services) Act, 2016 or
Use of passport issued under section 4 of the Passports Act, 1967 or
Use of any other officially valid document or modes of identification
• CG may permit a reporting entity other than banking company to perform Aadhaar authentication, if it complies
with such standards of privacy and security under the Aadhaar (Targeted Delivery of Financial and Other Subsidies,
Benefits and Services) Act, 2016, and it is necessary and expedient to do so
• Prior consultation with Unique Identification Authority of India (UIDAI) shall be made
• An entity performing Aadhaar authentication shall make the other modes of identification available
• Use of modes of identification shall be a voluntary choice of every client or beneficial owner and services
shall not be denied due to non-availability of Aadhaar
• If, for identification of a client or beneficial owner, authentication or offline verification, his core biometric
information or his Aadhaar number shall not be stored
23. Reporting Entity to Maintain Records – Sec 12
Every reporting entity shall:
Maintain a record of all transactions, including information relating to transactions covered
under subsequent clause, in such manner as to enable it to reconstruct individual transactions
Furnish to the Director within such time as may be prescribed, information relating to such
transactions, whether attempted or executed, the nature and value of which may be prescribed
Maintain record of documents evidencing identity of its clients and beneficial owners as well
as account files and business correspondence relating to its clients
Every information maintained, furnished or verified shall be kept confidential
Shall be maintained for a period of five years from the date of transaction between a client and the reporting entity
shall be maintained for a period of five years after the business relationship between
a client and the reporting entity has ended or the account has been closed
24. Access to Information – Sec 12A
The Director may call for any reporting entity any of the records of identification or records under
Sec 12 and any additional information
Every reporting entity shall furnish to the Director such information as may be required by him
within such time and in such manner as he may specify
Every information sought by the Director shall be kept confidential
25. Enhanced Due Diligence – Sec 12AA
Every reporting entity shall, prior to the commencement of each specified transaction:
Verify the identity of the clients undertaking such specified transaction by authentication under the Aadhaar or any of
the other methods of verification
Take additional steps to examine the ownership and financial position, including sources of funds of the client
Take additional steps to record the purpose behind conducting the specified transaction and the intended nature of the
relationship between the transaction parties
Specified
Transaction
• Any withdrawal or deposit in cash, exceeding such amount
• Any transaction in foreign exchange, exceeding such amount
• Any transaction in any high value imports or remittances
• Such other transaction or class of transactions, in the interest of revenue
or where there is a high risk of money-laundering or terrorist financing,
• as may be prescribed
• Where the client fails to fulfil the conditions, the reporting entity shall not allow the specified transaction to be carried out
• Where any specified transaction or series of specified transactions undertaken by a client is considered suspicious or likely
to involve proceeds of crime, the reporting entity shall increase the future monitoring of the business relationship with the
client, including greater scrutiny or transactions
• The information obtained while applying the enhanced due diligence measures shall be maintained for a period of five
years from the date of transaction between a client and the reporting entity
Inserted by Finance Act (No. 2), 2019
26. Powers of Director to Impose Fine – Sec 13
The Director may, either of his own motion or on an application made by any authority, officer or person, make such inquiry
or cause such inquiry to be made, as he thinks fit to be necessary, with regard to the obligations of the reporting entity
• If at any stage of inquiry or any other proceedings before him, the Director having regard to the nature and
complexity of the case, is of the opinion that it is necessary to do so, he may direct the concerned reporting
entity to get its records, audited by an accountant from amongst a panel of accountants, maintained by the CG
• Expenses of such audit shall be borne by the CG
If the Director, in the course of any inquiry, finds that a reporting entity or its designated director on the Board or
any of its employees has failed to comply with the obligations under this Chapter, then, without prejudice to any
other action that may be taken under any other provisions of this Act, he may -
• Issue a warning in writing
• Direct such reporting entity or its designated director on the Board or any of its employees, to comply with specific instructions or
• Direct such reporting entity or its designated director on the Board or any of its employees, to send reports on the measures it is
taking or
• By an order, impose a monetary penalty on such reporting entity or its designated director on the Board or any of its employees,
which shall not be less than Rs. 10,000 but may extend to Rs. 1 lakh for each failure
The Director shall forward a copy of any order passed to every banking company,
financial institution or intermediary or person who is a party to the proceedings
27. No Civil or Criminal Proceedings – Sec 14
Other than the penalties as per Sec 13, the reporting entity, its directors and employees shall not
be liable to any civil or criminal proceedings against them for any failure
Procedure and Manner of Furnishing Information by Reporting
Entities – Sec 15
The CG may, in consultation with the Reserve Bank of India, prescribe the procedure
and the manner of maintaining and furnishing information by a reporting entity
Accordingly Reporting Entities have to be registered with Financial Intelligence Unit of India (FIU-IND) of Ministry of Finance, GOI
FIU-IND is the national agency responsible for receiving, processing, analyzing financial transactions and
disseminating information related to suspect transactions to various national intelligence/enforcement agencies
28. Prescribed Reporting
The PMLA requires every reporting entity (banking company, financial institution and intermediaries) to furnish the following reports:
Cash Transaction reports (CTRs)
Suspicious Transaction Reports (STRs)
Counterfeit Currency Reports (CCRs)
Non Profit Organization Transaction reports (NTRs)
Account based reporting format (ARF) for reporting of account based CTRs, STRs and NTRs
Transactions based reporting format (TRF) for reporting of transaction based CTRs, STRs and NTRs
CCR reporting format (CRF) for reporting of counterfeit currency reports (CCRs)
The reporting XML formats specified are:
Such reports shall be furnished by the Reporting Entity through the FIN Net Portal of the FIU-IND – finnet.gov.in