Bombay High Court: ‘GIRNAR’ a Well Known Trademark in India  ||  Kerala HC: Criminal Courts of District Judiciary Cannot Recall their Earlier Orders  ||  Madras HC: Only ‘Preponderance of Probability’ Required in Disciplinary Proceedings  ||  Raj HC: Non-Disclosure of Information Wasn’t a Ground for Disqualification Before 2015 Amendment Act  ||  Bom. HC: Workers in Statutory Canteens are Principal Employer’s Employees  ||  Supreme Court: NCLAT Cannot Use its ‘Inherent Powers’ to Subvert Legal Provisions  ||  Supreme Court: NCLAT Cannot Use its ‘Inherent Powers’ to Subvert Legal Provisions  ||  SC Refuses to Mark Presence of Advocate Who Did Not Argue the Matter  ||  SC Sets Aside HC’s Decision to Accept Aadhaar Card as a Proof of Date of Birth  ||  SC Permits Candidate with Blindness to Attend Interview for Selection of Civil Judges in Rajasthan    

Notification of specified financial transactions as an activity for the purposes of Section 2(1)(vi)(sa) of PMLA, 2002- (Ministry of Finance ) (03 May 2023)

MANU/REVU/0022/2023

Commercial

In exercise of the powers conferred by sub-clause (vi) 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 that the financial transactions carried out by a relevant person on behalf of his client, in the course of his or her profession, in relation to the following activities-

(i) buying and selling of any immovable property;

(ii) managing of client money, securities or other assets;

(iii) management of bank, savings or securities accounts;

(iv) organisation of contributions for the creation, operation or management of companies;

(v) creation, operation or management of companies, limited liability partnerships or trusts, and buying and selling of business entities,

shall be an activity for the purposes of said sub-section.

Explanation 1.- For the purposes of this notification 'relevant person' includes -

(i) an individual who obtained a certificate of practice under section 6 of the Chartered Accountants Act, 1949 (38 of 1949) and practicing individually or through a firm, in whatever manner it has been constituted;

(ii) an individual who obtained a certificate of practice under section 6 of the Company Secretaries Act, 1980 (56 of 1980) and practicing individually or through a firm, in whatever manner it has been constituted;

(iii) an individual who has obtained a certificate of practice under section 6 of the Cost and Works Accountants Act, 1959 (23 of 1959) and practicing individually or through a firm, in whatever manner it has been constituted.

Explanation 2.- For the purposes of this notification 'firm' shall have the same meaning assigned to it in sub-clause (i) of clause (23) of section 2 of the Income-tax Act, 1961 (43 of 1961).

Tags : FINANCIAL TRANSACTIONS   RELEVANT PERSON   ACTIVITY  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved