PMLA Current Affairs, GK & News

PMLA  Current Affairs, GK & News

FIU and IT Department Join Hands to Check Suspicious Cash Transactions

The Income Tax Department has been allowed to share the PAN Card details of an individual entity with the Financial Intelligence Unit so that the FIU can investigate the possible sources of any large cash transaction. It will help in the detection of such suspicious transactions at banks. This has been allowed by the Central ..

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NCLAT on the IBC and PMLA

In a case related to Rotomac Global Private Limited, the National Company Law Appellate Tribunal (NCLAT) has made following observations related to Insolvency and Bankruptcy Code (IBC) and Prevention of Money Laundering Act (PMLA): Prevention of Money Laundering Act (PMLA), 2002 can be invoked simultaneously with the Insolvency and Bankruptcy Code and neither of the ..

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PMLA prevails over Bankruptcy Act and Insolvency Code: Delhi HC

The Delhi High Court has ruled that Prevention of Money Laundering Act (PMLA) prevails over the Bankruptcy Act and insolvency code when it comes to attachment of properties obtained as ‘proceeds of crime’. The Enforcement Directorate (ED) had challenged the orders of PMLA appellate tribunal on the pleas of various banks. PMLA Tribunal had held that ..

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Vijay Mallya becomes first Indian business tycoon to be named “Fugitive Economic Offender (FEO)”

Former liquor baron Vijay Mallya has become the first Indian businessman to be declared a Fugitive Economic Offender (FEO) under the newly enacted Fugitive Economic Offenders Act of 2018 by the Special Prevention of Money Laundering Act (PMLA) court in Mumbai. The tag now allows the government to confiscate and sold his properties in alleged ..

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