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Fema / RBI - In very simple word Money Laundering can be defined as a measure to convert illicit or illegal fund into legitimate source of Income to deflect suspicion when invested or spent....
Read MoreFema / RBI - 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 MoreFema / RBI - 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 MoreFema / RBI - 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 MoreFema / RBI - 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 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 MoreFema / RBI - The Reserve Bank has imposed a monetary penalty of Rs 1 lakh each on two cooperative lenders -- Randheja Commercial Cooperative Bank and Gandevi People''s Cooperative Bank -- for violation of banking norms. ...
Read MoreFema / RBI - The Enforcement Directorate will soon file a case of money laundering in connection with the Rs 400 crore fraud allegedly perpetrated by a Citibank employee. Official sources said the Directorate, which has studied the details of the police FIR in ...
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. 5/2017 - (23/08/2017) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreNotification No. 4/2017 - (23/08/2017) - G.S.R. 1058(E).-In exercise of powers conferred by sub-clause (iv) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby notifies the dealer in precious metals, precious stones and other high value goods...
Read MoreNotification No. 3/2017 - (21/08/2017) - 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....
Read MoreNotification No. G.S.R.515 (E) - (24/05/2017) - (1) Every summon or notice shall be issued in Form 3 or Form 4 or Form 5 or Form 6, as the case may be, and signed by the Registrar or Administrative Officer....
Read MoreNotification No. 5/2017 - (23/08/2017) -
Notification No. 4/2017 - (23/08/2017) -
Notification No. 3/2017 - (21/08/2017) -
Notification No. G.S.R.515 (E) - (24/05/2017) -
M/s Obulapuram Mining Company Pvt Ltd Vs Joint Director (Karnataka High Court) -
