Prevention of Money Laundering Act Current Affairs, GK & News
The Finance Bill 2019 has proposed amendments to tighten the anti-money-laundering law. Amendments Proposed A total of eight amendments were proposed to the Prevention of Money Laundering Act (PMLA), 2002, of which six are explanations to the existing clauses. The explanations are being brought in to certain existing clauses to remove the “confusion, grey area ..
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 ..
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 ..
Category: Legal & Constitution Current Affairs
Topics: CLAT • Delhi High Court • ED • Enforcement Directorate • IBC • Insolvency and Bankruptcy Code • PMLA • Prevention of Money Laundering Act • RDBA • Recovery of Debt and Bankruptcy Act • SARFAESI Act • Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act
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 ..
Topics: Asset forfeiture • Crime • Fraud • Fugitive Economic Offender • Fugitive Economic Offenders Act • Fugitives • Kingfisher Airlines • Modi administration • Money Laundering • PMLA • Prevention of Money Laundering Act • Vijay Mallya
Sanjay Kumar Mishra, a 1984-batch Indian Revenue Service (IRS) officer of the Income Tax cadre, has been appointed as the principal special director in the central probe agency and entrusted with the “additional” charge of Enforcement Directorate (ED) director for three months. Mishra succeeded Karnal Singh. The post of ED director is an additional secretary ..
Topics: Central Civil Services • Enforcement Directorate • Federal Emergency Management Agency • Government • Indian Revenue Service • Internal Revenue Service • Ministry of Finance • Money Laundering • Prevention of Money Laundering Act • Tax • Taxation in India