Fema / RBI - 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 space wherein somebody known to you personally had to introduce you to bank and to sign […]...
Read MoreFema / RBI - Before discussing the above subject matter, let us first understand what PMLA is and what is IBC As per Insolvency and Bankruptcy code 2016, if any person who has taken any loan and committed default, then the application can be filed in front of the Hon!ble National Company Law Tribunal As per section 3(23) the […]...
Read MoreFema / RBI - Prevention of Money Laundering Act, 2002 (PMLA 2002): Courts on curbing Financial Terrorism Money Laundering, most commonly understood to as the conversion of black money into white money, has time and again been held to be one of the most serious offences by the Courts in India. The Prevention of Money Laundering Act, 2002 was […]...
Read MoreFema / RBI - The term Money Laundering means procedures adopted in legitimizing assets earned which may be not under the four corners of the law. The source of such ill-gotten wealth may be Corruption, Organized Crime, Narcotics Trade, prostitution arms trade etc....
Read MoreFema / RBI - PMLA, 2002 (Part-3) CHAPTER-IV Obligations of Banking Companies, Financial Institutions and Intermediaries Total Section in Chapter- IV – Five Section 12 Reporting entity to maintain records (l) Every reporting entity shall- (a) maintain a record of all transactions, including information relating to transactions covered under clause (b...
Read MoreFema / RBI - 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 MoreFema / RBI - 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 MoreFema / RBI - 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 MoreFema / RBI - 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 MoreFema / RBI - 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 MoreKarunakaran Ramchand Vs Economic Offence Wing (Delhi High Court) - Where assessee was the Managing Director of ITNL when all the 10 alleged bogus contracts were awarded therefore, assessee’s knowledge and involvement in the alleged awarding of contracts could not be ruled out. Indeed, the Investigating Officer had interrogated the assessee twice, however looking ...
Read MoreOkram Ibobi Singh Vs Directorate of Enforcement (Manipur High Court) - Okram Ibobi Singh Vs Directorate of Enforcement (Manipur High Court) Petitioner is the Ex-Chief Minister of the State and it is not as if he will run away from the prosecution, if any, initiated against him. The learned counsel for the petitioner, during the course of the arguments, explicitly state...
Read MoreKatta Subramaniam Naidu Vs Deputy Director (Karnataka High Court) - Katta Subramaniam Naidu Vs Deputy Director (Karnataka High Court) In this batch of petitions, petitioners have questioned the correctness and legality of the proceedings initiated against them under sections 3, 4 and 8(5) of the Prevention of Money Laundering Act, 2002 (for short ‘PML Act’). 2. ...
Read MoreAnil Kumar Sharma Vs Enforcement Directorate, Lucknow Zone (Allahabad High Court) - Money laundering is a serious economic offence and serious threat to the national economy and national interest and, these offences are committed with cool calculation with the motive of personal gain regardless of the consequences on the society....
Read MoreDyani Antony Paul Vs Union Of India (Karnataka High Court) - Dyani Antony Paul Vs Union Of India (Karnataka High Court) The main object of PML Act is to ascertain the proceeds of crime which involved in money laundering and attachment, confirmation and confiscation of the proceeds of crime in the form of properties and also to punish the offenders of money la...
Read MoreNotification No. G.S.R. 798(E)./ G.S.R. 799(E). - (28/12/2020) - Central Government hereby notifies the dealers in precious metals, precious stones as persons carrying on designated businesses or professions — if they engage in any cash transactions with a customer equal to or above Rupees ten lakhs, carried out in a single operation or in several operations th...
Read MoreNotification No. G.S.R. 800(E). - (28/12/2020) - These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2020. (2). They shall come into force on the date of their publication in the Official Gazette....
Read MoreG.S.R. 465(E) - (24/07/2020) - Prevention of Money-laundering (Maintenance of Records) Rules, 2005- Central Government hereby extend the period for which small account shall remain operational till 30th September, 2020....
Read MoreNotification No. G.S.R. 254(E). - (16/04/2020) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreG.S.R. 251(E) - (13/04/2020) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) 2nd Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreKarunakaran Ramchand Vs Economic Offence Wing (Delhi High Court) -
Notification No. G.S.R. 798(E)./ G.S.R. 799(E). - (28/12/2020) -
Notification No. G.S.R. 800(E). - (28/12/2020) -
Okram Ibobi Singh Vs Directorate of Enforcement (Manipur High Court) -
Katta Subramaniam Naidu Vs Deputy Director (Karnataka High Court) -
Anil Kumar Sharma Vs Enforcement Directorate, Lucknow Zone (Allahabad High Court) -
Dyani Antony Paul Vs Union Of India (Karnataka High Court) -
Vikas WSP Ltd. & Ors. Vs Directorate Enforcement & Anr. (Delhi High Court) -
Ramchand Karunakaran. Vs Directorate of Enforcement (Bombay High Court) -