pri Amendments to PMLA, 2002 vide budget 2018 applicable from 19.04.2018 Amendments to PMLA, 2002 vide budget 2018 applicable from 19.04.2018

MINISTRY OF FINANCE
(Department of Revenue)

NOTIFICATION

New Delhi, the 19th April, 2018

G.S.R. 383(E).—In exercise of the powers conferred under section 207 of the Finance Act, 2018 (13 of 2018), the Central Government hereby appoints the date of publication of this notification in the Gazette of India, as the date on which the provisions of section 208 of Part XIV of the said Act shall come into force.

[Notification No.2/2018/F. No.M.11011/1/2015-S.O.(E.S. Cell)]

BIPLAB KUMAR NASKAR,
Under Secy.

EXTRACT OF Part XIV OF Finance Act, 2018 (13 of 2018) IS AS FOLLOWS:

PART XIV

AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002

207. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

208. In the Prevention of Money-laundering Act, 2002,‑

(a) in section 2, in sub-section (1), in clause (u), after the words “within the country”, the words “or abroad” shall be inserted;

(b) in section 5,‑

(i) in sub-section (1), after the second proviso, the following proviso shall be inserted, namely:

“Provided also that for the purposes of computing the period of one hundred and eighty days, the period during which the proceedings under this section is stayed by the High Court, shall be excluded and a further period not exceeding thirty days from the date of order of vacation of such stay order shall be counted.”;

(ii) in sub-section (3), for the word, brackets and figure “sub-section (2)”, the word, brackets and figure “sub-section (3)” shall be substituted;

(c) in section 8,‑

(i) in sub-section (3), in clause (a), after the words “continue during”, the words “investigation for a period not exceeding ninety days or” shall be inserted;

(ii) in sub-section (8), after the proviso, the following proviso shall be inserted, namely:

“Provided further that the 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 in such manner as may be prescribed.”;

(d) in section 19, in sub-section (3),‑

(i) after the words “be taken to a”, the words “Special Court or” shall be inserted;

(ii) in the proviso, after the words “from the place of arrest to the”, the words “Special Court or” shall be inserted;

(e) in section 45, in sub-section (1), —

(i) for the words “punishable for a term of imprisonment of more than three years under Part A of the Schedule”, the words “under this Act” shall be substituted;

(ii) in the proviso, after the words “sick and infirm,”, the words “or is accused either on his own or along with other co-accused of money-laundering a sum of less than one crore rupees” shall be inserted;

(f) in section 50, in sub-section (5), in the proviso, in clause (b), for the word “Director”, the words “Joint Director” shall be substituted;

(g) section 66 shall be numbered as sub-section (1) thereof, and after sub-section (1) as so numbered, the following sub-section shall be inserted, namely:

“(2) If the Director or other authority specified under sub-section (1) is of the opinion, on the basis of information or material in his possession, that the provisions of any other law for the time being in force are contravened, then the Director or such other authority shall share the information with the concerned agency for necessary action.”;

(h) in the Schedule, in Part A, after Paragraph 28, the following Paragraph shall be inserted, namely:—

PARAGRAPH 29

OFFENCE UNDER THE COMPANIES ACT, 2013

(18 OF 2013)

Section Description of offence
447 Punishment for fraud.”.

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