CERSAI Authorized to perform the functions of the Central KYC Records Registry
Dated 24th November, 2015 | Copy of | Notification No.sl251 | In exercise of the powers conferred by clause (j) of Sub-section (2) of Section 73 of the Prevention of Money-Laundering Act, 2002 (15 of 2003), read with clause (aa) of sub-rule (1) of rule 2 and rule 9A of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (hereafter referred to as the said rules), the Central Government hereby authorises the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), set up under sub-section (1) of Section 20 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), to act as, and to perform the functions of, the Central ...
Fiscal Responsibility and Budget Management Rules, 2004 amended (2rd Amendment of 2015)
Dated 18th November, 2015 | Copy of | Notification No.sl240 | In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government makes the following rules further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:- 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fourth Amendment Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 9A, in sub-rule (1), for the words “ninety days”, the words "one hundred and eighty days” shall ...
Black money: SIT seeks greater vigilance on shell companies
Source: PIB, Government of India The Special Investigation Team (SIT) in its third report had observed the following with respect to shell companies and beneficial ownership: Shell companies and beneficial ownership (Reference p. 73-76 of the third SIT report) The report of the committee headed by Chairman, CBDT on “Measures to tackle Black Money in India and Abroad” submitted in 2012 observed as follows: “The primary method of generation of black money remains suppression of receipts and inflation of expenditure. The suppression could be over a range of businesses and industrial activities which are covered by what may be called ‘primary’ enactments to regulate sale receipts, actual production, charging amount in excess of statutory amounts, etc. ….. However, as manipulation of income is not always ...
Prevention of Money-laundering Third Amendment Rules, 2015
Dated September 22, 2015 | Copy of | Notification No. 7/2015/P.12011/1/2013-S.O.(E.S. Cell) | In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government in consultation with the Reserve Bank of India hereby makes the following rules further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:- 1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Third Amendment Rules, 2015. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Prevention of Money-laundering (Maintenance of Records) ...
Cabinet allows amendment proposal to check illegal transactions
The Dollar Business Bureau In a move to curb illegal transactions and generation of black money domestically, the Union Cabinet on Wednesday gave its approval to amend the law to regulate benami transactions in India. The Cabinet, chaired by Prime Minister Narendra Modi, has given its approval to amend the Benami Transactions (Prohibition) Act, 1988, by moving the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament, said an official release. The Bill has provisions for attachment and confiscation of benami properties and also fine with imprisonment for offenders, the release said. The move came after the Undisclosed Foreign Income and Assets (UFI&A) (Imposition of Tax) Bill, 2015, meant to track the black money stashed overseas, was passed by the lower ...
