Custom Duty - The word money laundering, although not very common even 30 years back has become a household phenomenon. Every scientific invention or technology has been used as a boon or a curse since time immemorial. Little did Oppenheimer know that Manhattan Project would turn out to be the forefather of the most destructive force the world shivers ...
Read MoreCustom Duty - What is Money Laundering? It is the process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. Those who commit the underlying criminal activity may attempt to launder the money themselves, but increasingly a new class ...
Read MoreCustom Duty - Money Laundering is the processing of criminal proceeds to disguise its illegal origin. Terrorism, Illegal arms sales, Financial Crimes, Smugglings, Activities of Organized Crimes, Including drug trafficking, Prostitution rings...
Read MoreCustom Duty - Q1. What is PMLA? PMLA refers to the Prevention of Money Laundering Act, 2002. Q2. When did the Prevention of Money Laundering Act come into force? The Prevention of Money Laundering Act, 2002 has come into force with effect from 1 July, 2005. The Act was amended by Prevention of Money Laundering (Amendment) Act 2009 w.e.f 01.06.2009....
Read MoreCustom Duty - As per the provisions of the Act, every banking company, financial institution (which includes chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company) and intermediary (which includes a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar ...
Read MoreCustom Duty - Agreement with other Countries on Money Laundering Information The Government of India has entered into Double Taxation Avoidance Agreements (DTAAs), Tax Information Exchange Agreements (TIEAs) and Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) with over 130 countries including tax havens. These agreement...
Read MoreCustom Duty - Following amendments have been made in the Prevention of Money-laundering Act, 2002 (PMLA) through Finance Act 2018. The Amendments aim at further enhancing the effectiveness of the Act, widen its scope and take care of certain procedural difficulties faced by the Enforcement Directorate in prosecution of PMLA cases....
Read MoreCustom Duty - As per information received from the Directorate of Enforcement, New Delhi, the prosecution complaint has been filed against 53 persons, who are absconding, under the Prevention of Money Laundering Act, 2002. The list is attached as Annexure-A....
Read MoreCustom Duty - RBI has also stated that provisions of Prevention of Money Laundering Act (PMLA) and Rules do not support account portability between banks as records pertaining to identity of a client has to be maintained by the bank establishing relationship with the customer for a period of 10 years from the date of cessation of the transactions betw...
Read MoreCustom Duty - Sub: Master Circular on AML/CFT – Anti Money Laundering (AML) Standards/ Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries under the Prevention of Money Laundering Act, 2002 and Rules framed there under. 1. The Prevention of Money Laundering Act, 2002 (PMLA) was brought into force with effec...
Read MoreJ Sekar Vs. Union Of India & Ors (Delhi High Court) - The Delhi High Court has upheld the constitutional validity of the second proviso to Section 5 (1) of the Prevention of Money-laundering Act, 2002 (PMLA). ...
Read MoreNikesh Tarachand Shah Vs. Union Of India & Anr. (Supreme Court of India) - SC held that Section 45(1) of the Prevention of Money Laundering Act, 2002, insofar as it imposes two further conditions for release on bail, to be unconstitutional as it violates Articles 14 and 21 of the Constitution of India. ...
Read MoreM/s Obulapuram Mining Company Pvt Ltd Vs Joint Director (Karnataka High Court) - By consent of the learned advocates appearing for the parties, all these writ petitions are taken up for hearing together, as similar questions of law are involved in these writ petitions, in order to avoid a conflicting judicial opinion. We are also informed that facts are, almost, identical....
Read MoreBinod Kumar Vs State of Jharkhand & Others (Supreme Court of India) - Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to have been so earned is of unprecedented amounts. However...
Read MoreNotification No. 15011/06/2019-IC (ICD) - (18/03/2019) - Central Board of Indirect Tax and Customs is in the process of drawing a penal of Experts in the area of Financial Crime and Fraud Investigation, Money Laundering and Preventing Corruption for posting in the Maldives. The tenure of deputation is for one year....
Read MoreNotification No. 1/2019 - (19/03/2019) - Government notifies that During PMLA investigation property can be attached upto 365 days from 20.03.2019 from the earlier period of 90 days as provided in Finance Act, 2019. MINISTRY OF FINANCE (Department of Revenue) Notification No. 1/2019 New Delhi, the 19th March, 2019 G.S.R. 225(E).—In exerc...
Read MoreNotification No. G.S.R. 108(E) - (13/02/2019) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2019. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreNotification No. G.S.R. 1078(E) - (31/10/2018) - Ministry of finance notified Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2018 with effect from 31st October, 2018. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 9, in sub-rule (1A), for the words “three days”, the words ...
Read MoreNotification No. G.S.R. 456(E) - (16/05/2018) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreNotification No. 15011/06/2019-IC (ICD) - (18/03/2019) -
Notification No. 1/2019 - (19/03/2019) -
Notification No. G.S.R. 108(E) - (13/02/2019) -
Notification No. G.S.R. 1078(E) - (31/10/2018) -
Notification No. G.S.R. 456(E) - (16/05/2018) -
G.S.R. 383(E) - (19/04/2018) -
J Sekar Vs. Union Of India & Ors (Delhi High Court) -