In section 2 of the Prevention of Money-laundering Act, 2002(15 of 2003) (hereinafter referred to as the principal Act), in sub-section (1),--
(i) after clause (f), the following clause shall be inserted, namely:--
'(fa) "beneficial owner" means an individual who ultimately owns or controls a client of a reporting entity or the person on whose behalf a transaction is being conducted and includes a person who exercises ultimate effective control over a juridical person;';
(ii) after clause (h), the following clause shall be inserted, namely:--
'(ha) "client" means a person who is engaged in a financial transaction or activity with a reporting entity and includes a person on whose behalf the person who engaged in the transaction or activity, is acting;';
(iii) after clause (i), the following clauses shall be inserted, namely:--
'(ia) "corresponding law" means any law of any foreign country corresponding to any of the provisions of this Act or dealing with offences in that country' corresponding to any of the scheduled offences;
(ib) "dealer" has the same meaning as assigned to it in clause (b) of section 2 of the Central Sales Tax Act, 1956(74 of 1956);';
(iv) clause (ja) shall be omitted;
(v) for clause (l), the following clause shall be substituted, namely:--
'(l) "financial institution" means a financial institution as defined in clause (c) of section 45-I of the Reserve Bank of India Act, 1934(2 of 1934) and includes a chit fund company, a housing finance institution, an authorised person, a payment system operator, a non-banking financial company and the Department of Posts in the Government of India;';
(vi) for clause (n), the following clause shall be substituted, namely:--
'(n) "intermediary" means, --
(i) a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser or any other intermediary associated with securities market and registered under section 12 of the Securities and Exchange Board of India Act, 1992(15 of 1992); or
(ii) an association recognised or registered under the Forward Contracts (Regulation) Act, 1952(74 of 1952) or any member of such association; or
(iii) intermediary registered by the Pension Fund Regulatory and Development Authority; or
(iv) a recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956);';
(vii) in clause (q), the words "and includes a person carrying on designated business or profession'' shall be omitted;
(viii) in clause (ra), in sub-clause (i), for the word "remits", the words "transfers in any manner" shall be substituted;
(ix) after clause(s), the following clauses shall be inserted, namely:--
'(sa) "person carrying on designated business or profession" means,-
(i) a person carrying on activities for playing games of chance for cash or kind, and includes such activities associated with casino;
(ii) a Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908(16 of 1908), as may be notified by the Central Government;
(iii) real estate agent, as may be notified by the Central Government;
(iv) dealer in precious metals, precious stones and other high value goods, as may be notified by the Central Government;
(v) person engaged in safekeeping and administration of cash and liquid securities on behalf of other persons, as may be notified by the Central Government; or
(vi) person carrying on such other activities as the Central Government may, by notification, so designate, from time to time;
(sb) "precious metal" means gold, silver, platinum, palladium or rhodium or such other metal as may be notified by the Central Government;
(sc) "precious stone" means diamond, emerald, ruby, sapphire or any such other stone as may be notified by the Central Government;';
(x) after clause (v), the following shall be inserted, namely:--
'Explanation.---For the removal of doubts, it is hereby clarified that the term "property" includes property of any kind used in the commission of an offence under this Act or any of the scheduled offences;
(va) "real estate agent" means a real estate agent as defined in clause (88) of section 65 of the Finance Act, 1994(32 of 1994);';
(xi) after clause (w), the following clause shall be inserted, namely:--
'(wa) "reporting entity" means a banking company, financial institution, intermediary or a person carrying on a designated business or profession;'.