P&H HC: Offence u/s 295A won’t be Attracted if Act done Without Malicious Intent  ||  Ker. HC: No Liability on RTO to Pay Compensation if Vehicle Owner Fails to get it Insured  ||  Guj. HC: Elected Members Must Not Disrepute the Institution to Which they are Elected  ||  All. HC: Scheme of A&C Act Put no Limitation for Application of Doctrine of Severability to an Award  ||  Kar. HC: Apprehension of Not Getting a Fair Trial is Required to Seek Transfer of Case  ||  Ker. HC: Not Granting Divorce Despite Mutual Consent Amounts to Cruelty  ||  Tel. HC: Elders in the House Can’t Decide Custody of Child  ||  All. HC: Gravity of Misconduct and Past Conduct Relevant to be Considered by Disciplinary Authority  ||  P&H HC Issues Guidelines on Proclamation u/s 82 CrPC  ||  SC: Can File Complaint Under Repealed FERA Provisions During Sunset Period After Enforcement of FEMA    

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 2023 - All Rights Reserved