Prevention of Money Laundering Act

Box Office Collection and Money Laundering

Corporate Law - Introduction: I like watching good movies in the theatres, after going by the reviews and word of mouth publicity, so far so good but since the year 2010 till date, I have started listening to the news of Select Blockbuster movies earning anywhere from 350 crores to 1000 crores on a Budget ranging from 200 […]...

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PMLA v. IBC

Corporate Law - The Insolvency and Bankruptcy Code, 2016 (hereinafter referred as IBC) has been enacted with a vision to balance between the protection of the company as going concern and safeguarding the interests of creditors by approving the corporate insolvency resolution plans by the learned Adjudicating Authority i.e. National Company Law Tribunal ...

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Constitutional Validity of Some Provisions of Prevention of Money Laundering Act, 2002

Corporate Law - CONSTITUTIONAL VALIDITY OF PREVENTION OF MONEY LAUNDERING ACT, 2002; The  Prevention of Money Laundering Act, 2002 In the past when you had to open a Simple Bank account in any branch of PSU / Private Sector Bank in India, apart from filling all the particulars in the Account opening form, you had to fill a […]...

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PMLA, 2002 & Benami Transactions (Prohibition) Amendment Act, 2016

Corporate Law - Prevention of Money Laundering Act (PMLA), 2002 and The Benami Transactions (Prohibition) Amendment Act, 2016 in India A. Prevention of Money Laundering Act (PMLA), 2002  1. Introduction on the PMLA (i) Definition of PMLA is given under section 3 of the PMLA, 2002 where any activity of Money Laundering is involved for the purpose of [&he...

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Money Laundering in India

Corporate Law - Money Laundering is linked with banking and trading history because it hides assets as money from the state from getting confiscated as well as taxed. It is said that such laundering is originally originate from the Mafia ownership of Laundromats, during the time of famous gangsters that came initially out of the Prohibition-banning of al...

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ED seized Rs. 5551 Crore of Xiaomi Asssets for illegal remittances

Corporate Law - ED has seized Rs.5551.27 Crore of M/s Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of Foreign Exchange Management Act, 1999 in connection with the illegal outward remittances made by the company Directorate of Enforcement (ED) has seized Rs.5551.27 Crore of M/s Xiaomi Technology India Private Lim...

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ED attached assets of Rs. 7.27 Cr of Actress Jacqueline Fernandez

Corporate Law - ED has provisionally attached assets amounting to Rs. 7.27 Crore including Fixed deposits worth Rs. 7.12 Crore of Jacqueline Fernandez under PMLA, 2002 in the case of Sukesh Chandrasekh Enforcement Directorate (ED) has provisionally attached assets amounting to Rs. 7.27 Crore including Fixed deposits worth Rs. 7.12 Crore of Jacqueline Fer...

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ED attached assets of Superintendent of Customs & Central Excise

Corporate Law - ED has provisionally attached assets worth Rs. 1.88 Crore, under PMLA, 2002 in a disproportionate assets case against Giansing Panmei, the then Superintendent of Customs & Central Excise, Imphal Press Release 20.04.2022 Enforcement Directorate (ED) has provisionally attached assets worth Rs. 1.88 Crore, under Prevention of Money Laund...

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84.61% of total defrauded funds attached under PMLA & FEOA

Corporate Law - 84.61% of total defrauded funds attached/seized under Prevention of Money Laundering Act, 2002 (PMLA) and Fugitive Economic Offenders Act, 2018 (FEOA) and Consortium of banks realizes Rs. 7,975.27 crore by sale of assets. Prevention of Money Laundering Act, 2002 (PMLA) and Fugitive Economic Offenders Act, 2018 (FEOA) provide that the Spec...

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Recent Steps taken by SEBI to keep check on money laundering

Corporate Law - 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...

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SC Quashes Prosecution under PMLA after considering Income Tax Dept & CBI report

J. Sekar @Sekar Reddy Vs Directorate of Enforcement (Supreme Court of India) - J. Sekar @ Sekar Reddy Vs Directorate of Enforcement (Supreme Court of India) It is most relevant to note that CBI after investigation in the main case in RC MA1 2016 A0040 submitted the closure report before the Additional Sessions Judge, CBI Court, Chennai in exercise of power under Section 173(2)...

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Jail is Rule & Bail is Exception for Money-Launderers: HC

Anirudh Kamal Shukla Vs Union of India (Allahabad High Court) - Anirudh Kamal Shukla Vs Union of India (Allahabad High Court) The PML Act, 2002 deals with the offence of money laundering and Parliament enacted this law to deal and curb the activities of money laundering. Being a special enactment it has overriding effect on general law. Section 71 of PML Act spe...

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Allegation of mala fide cannot be sustained merely on the basis of a reasonable apprehension

Abhishek Banerjee Vs Directorate of Enforcement (Delhi High Court) - Abhishek Banerjee Vs Directorate of Enforcement (Delhi High Court) With regard to the allegation of mala fide it would be apposite to note that the same is to be established to a specific assertion on the basis of proven facts and not on the basis of conjectures and surmises. The burden of establish...

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Money Laundering Case- HC dismisses Bail Plea of Ambience Group Promoter Raj Singh Gehlot

Raj Singh Gehlot Vs Directorate of Enforcement (Delhi High Court) - Raj Singh Gehlot Vs Directorate of Enforcement (Delhi High Court) As per the prosecution complaint, in total, Term loan of Rs.810 crores was availed by AHPL and sanctioned by the consortium of banks. The funds were disbursed through an Escrow Account maintained with J&K Bank, Ansal Plaza Branch....

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PMLA Court refuses to grant Bail to Nawab Malik

Directorate of Enforcement Vs Mohammed Nawab Mohammed Islam Malik @ Nawab Malik (PMLA Cousrt at Bombay) - Directorate of Enforcement Vs Mohammed Nawab Mohammed Islam Malik @ Nawab Malik (PMLA Cousrt at Bombay) As per section 3, the offence of money laundering is continuing in nature and it continues till such time a person enjoying the proceeds of crime by its concealment or possession or acquisition or...

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PMLA: Govt permits 38 reporting entities to perform Aadhaar authentication

Notification No. S.O. 1702(E). - (08/04/2022) - Central Government after consultation with IDAI & RBI permits 38 reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. S.O. 1702(E). | Dated: 8th April...

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Rule 9(1A) of PML (Maintenance of Records) Rules, 2005 not applicable to FPI

Notification No. G.S.R. 5(E) - (04/01/2022) - Govt notifies that Rule 9(1A) of Prevention of Money-laundering (PML) (Maintenance of Records) Rules, 2005 shall not be applicable to Foreign Portfolio Investor (FPI) MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 4th January, 2022 G.S.R. 5(E).—In exercise of the powers co...

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Govt Permits ‘PNB Housing Finance’ to Perform Aadhaar authentication

Notification No. S.O. 37(E). - (04/01/2022) - Govt Permits ‘PNB Housing Finance Limited’ to perform authentication under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 for the purposes of section 11A of the Prevention of Money-laundering Act, 2002. MINISTRY OF FINANCE (Department of Revenue...

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Special Court for 2G Scam Money Laundering cases designated

Notification No. S.O. 3119(E) - (03/08/2021) - Chief Justice of High Court of Delhi, hereby designates the Court of Special Judge (Prevention of Corruption Act) (Central Bureau of Investigation)-09, Rouse Avenue Court Complex, New Delhi as Special Court for dealing with and trial of offence of the money laundering under the Prevention of Money-l...

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PMLA: Small account to remain operational till 31.12.2021

G.S.R. 465(E) - (30/06/2021) - Central Government hereby extend the period for which small account shall remain operational till 31st December, 2021 under Prevention of Money-laundering (Maintenance of Records) Rules, 2005. MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 30th June, 2021 G.S.R. 461(E).—In...

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Recent Posts in "Prevention of Money Laundering Act"

SC Quashes Prosecution under PMLA after considering Income Tax Dept & CBI report

J. Sekar @Sekar Reddy Vs Directorate of Enforcement (Supreme Court of India)

J. Sekar @ Sekar Reddy Vs Directorate of Enforcement (Supreme Court of India) It is most relevant to note that CBI after investigation in the main case in RC MA1 2016 A0040 submitted the closure report before the Additional Sessions Judge, CBI Court, Chennai in exercise of power under Section 173(2) Cr.P.C. The said report […]...

Read More

ED seized Rs. 5551 Crore of Xiaomi Asssets for illegal remittances

ED has seized Rs.5551.27 Crore of M/s Xiaomi Technology India Private Limited lying in the bank accounts under the provisions of Foreign Exchange Management Act, 1999 in connection with the illegal outward remittances made by the company Directorate of Enforcement (ED) has seized Rs.5551.27 Crore of M/s Xiaomi Technology India Private Lim...

Read More
Posted Under: Corporate Law |

ED attached assets of Rs. 7.27 Cr of Actress Jacqueline Fernandez

ED has provisionally attached assets amounting to Rs. 7.27 Crore including Fixed deposits worth Rs. 7.12 Crore of Jacqueline Fernandez under PMLA, 2002 in the case of Sukesh Chandrasekh Enforcement Directorate (ED) has provisionally attached assets amounting to Rs. 7.27 Crore including Fixed deposits worth Rs. 7.12 Crore of Jacqueline Fer...

Read More
Posted Under: Corporate Law |

ED attached assets of Superintendent of Customs & Central Excise

ED has provisionally attached assets worth Rs. 1.88 Crore, under PMLA, 2002 in a disproportionate assets case against Giansing Panmei, the then Superintendent of Customs & Central Excise, Imphal Press Release 20.04.2022 Enforcement Directorate (ED) has provisionally attached assets worth Rs. 1.88 Crore, under Prevention of Money Laund...

Read More
Posted Under: Corporate Law |

Box Office Collection and Money Laundering

Introduction: I like watching good movies in the theatres, after going by the reviews and word of mouth publicity, so far so good but since the year 2010 till date, I have started listening to the news of Select Blockbuster movies earning anywhere from 350 crores to 1000 crores on a Budget ranging from 200 […]...

Read More
Posted Under: Corporate Law |

PMLA: Govt permits 38 reporting entities to perform Aadhaar authentication

Notification No. S.O. 1702(E). 08/04/2022

Central Government after consultation with IDAI & RBI permits 38 reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act. MINISTRY OF FINANCE (Department of Revenue) New Delhi Notification No. S.O. 1702(E). | Dated: 8th April, 2022 S.O. 1702(E).—In exercise of th...

Read More

Jail is Rule & Bail is Exception for Money-Launderers: HC

Anirudh Kamal Shukla Vs Union of India (Allahabad High Court)

Anirudh Kamal Shukla Vs Union of India (Allahabad High Court) The PML Act, 2002 deals with the offence of money laundering and Parliament enacted this law to deal and curb the activities of money laundering. Being a special enactment it has overriding effect on general law. Section 71 of PML Act specially provides that provisions [&hellip...

Read More

PMLA v. IBC

The Insolvency and Bankruptcy Code, 2016 (hereinafter referred as IBC) has been enacted with a vision to balance between the protection of the company as going concern and safeguarding the interests of creditors by approving the corporate insolvency resolution plans by the learned Adjudicating Authority i.e. National Company Law Tribunal ...

Read More
Posted Under: Corporate Law |

84.61% of total defrauded funds attached under PMLA & FEOA

84.61% of total defrauded funds attached/seized under Prevention of Money Laundering Act, 2002 (PMLA) and Fugitive Economic Offenders Act, 2018 (FEOA) and Consortium of banks realizes Rs. 7,975.27 crore by sale of assets. Prevention of Money Laundering Act, 2002 (PMLA) and Fugitive Economic Offenders Act, 2018 (FEOA) provide that the Spec...

Read More
Posted Under: Corporate Law |

Allegation of mala fide cannot be sustained merely on the basis of a reasonable apprehension

Abhishek Banerjee Vs Directorate of Enforcement (Delhi High Court)

Abhishek Banerjee Vs Directorate of Enforcement (Delhi High Court) With regard to the allegation of mala fide it would be apposite to note that the same is to be established to a specific assertion on the basis of proven facts and not on the basis of conjectures and surmises. The burden of establishing mala fide […]...

Read More

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