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Start Free TrialPrevention of Money-laundering Act, 2002 Section 23
Title: Presumption in Inter-connected Transactions
State: Central
Year: 2002
Where money-laundering involves two or more inter-connected transactions and one or more such transactions is or are proved to be involved in money-laundering, then for the purposes of adjudication or confiscation under section 8, it shall, unless otherwise proved to the satisfaction of the Adjudicating Authority, be presumed that the remaining transactions form part of such inter-connected transactions.
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 23
Title: Filing of Transactions of Securitisation, Reconstruction and Creation of Security Interest
State: Central
Year: 2002
The particulars of every transaction of securitisation, asset reconstruction or creation of security interest shall be filed, with the Central Registrar in the manner and on payment of such fee as may be prescribed, within thirty days after the date of such transaction or creation of security, by the securitisation company or reconstruction company or the secured creditor, as the case may be: Provided that the Central Registrar may allow the filing of the particulars of such transaction or creation of security interest within thirty days next following the expiry of the said period of thirty days on payment of such additional fee not exceeding ten times the amount of such fee.
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Section 68
Title: Restriction on Other Transactions with Non-members
State: Central
Year: 2002
Save as provided in sections 66 and 67, the transaction of a multi-State cooperative society with any person other than a member, shall be subject to such prohibitions and restrictions, if any, as may be specified in the bye-laws.
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 26
Title: Right to Inspect Particulars of Securitisation, Reconstruction and Security Interest Transactions
State: Central
Year: 2002
(1) The particulars of securitisation or reconstruction or security interest entered in the Central Register of such transactions kept under section 22 shall be open during the business hours for inspection by any person on payment of such fee as may be prescribed, (2) The Central Register referred to in sub-section (1) maintained in electronic form, shall also be open during the business hours for the inspection by any person through electronic media on payment of such fees as may be prescribed.
View Complete Act List Judgments citing this sectionSecuritisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 22
Title: Register of Securitisation, Reconstruction and Security Interest, Transactions
State: Central
Year: 2002
(1) For the purposes of this Act, a record called the Central Register shall be kept at the head office of the Central Registry for entering the particulars of the transactions relating to-- (a) securitisation of financial assets; (b) reconstruction of financial assets; and (c) creation of security interest. (2) Notwithstanding anything contained in sub-section (1), it shall be lawful for the Central Registrar to keep the records wholly or partly in computer floppies, diskettes or in any other electronic form subject to such safeguards as may be prescribed. (3) Where such register is maintained wholly or partly on computer floppies, diskettes or in any other electronic form, under sub-section (2), any reference in this Act to entry in the Central Register shall be construed as a reference to any entry as maintained in computer or in any other electronic form. (4) The register shall be kept under the control and management of the Central Registrar.
View Complete Act List Judgments citing this sectionPrevention of Money-laundering Act, 2002 Section 12
Title: Banking Companies, Financial Institutions and Intermediaries to Maintain Records
State: Central
Year: 2002
.....the principal officer of a banking company or financial institution or intermediary, as the case may be, has reason to believe that a single transaction or series of transactions integrally connected to each other have been valued below the prescribed value so as to defeat the provisions of this section, such officer shall furnish information in respect of such transactions to the Director within the prescribed time 1[(2) (a) The records referred to in clause (a) of sub-section (1) shall be maintained for a period of ten years from the date of transactions between the clients and the banking company or financial institution or intermediary, as the case may be. (b) The records referred to in clause (c) of sub-section (1) shall be maintained for a period of ten years from the date of cessation of transactions between the clients and the banking company or financial institution or intermediary, as the case may be.] ____________________ 1. Substituted by the Prevention of Money-Laundering (Amendment) Act 2009 w.e.f. 01.06.2009 Previous text was "(2) The records referred to in sub-section (1) shall be maintained for a period of ten years from the date of cessation of.....
View Complete Act List Judgments citing this sectionPrevention of Money-laundering Act, 2002 Chapter IV
Title: Obligations of Banking Companies, Financial Institutions and Intermediaries
State: Central
Year: 2002
.....be less than ten thousand rupees but may extend to one lakh rupees for each failure. (3) The Director shall forward a copy of the order passed under sub-section (2) to every banking company, financial institution or intermediary or person who is a party to the proceedings under that sub-section. Section 14 - No civil proceeding against banking companies, financial institutions, etc., in certain cases Save as otherwise provided in section 13, the banking companies, financial institutions, intermediaries and their officers shall not be liable to any civil proceedings against them for furnishing information under clause (b) of sub-section (1) of section 12. Section 15 - Procedure and manner of furnishing information by banking company, financial institution and intermediary The Central Government may, in consultation with the Reserve Bank of India, prescribe the procedure and the manner of maintaining and furnishing information under sub-section (1) of section 12 for the purpose of implementing the provisions of this Act.
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 39
Title: Substitution of New Section for Section 92
State: Central
Year: 2002
For section 92 of the Income-tax Act, the following section shall be substituted, namely:- "92. Computation of income from international transaction having regard to arm's length price.-- (1) Any income arising from an international transaction shall be computed having regard to the arm's length price. Explanation.-- For the removal of doubts, it is hereby clarified that the allowance for any expense or interest arising from an international transaction shall also be determined having regard to the arm's length price. (2) Where in an international transaction, two or more associated enterprises enter into a mutual agreement or arrangement for the allocation or apportionment of, or any contribution to, any cost or expense incurred or to be incurred in connection with a benefit, service or facility provided or to be provided to any one or more of such enterprises, the cost or expense allocated or apportioned to, or, as the case may be, contributed by, any such enterprise shall be determined having regard to the arm's length price of such benefit, service or facility, as the case may be. (3) The provisions of this section shall not apply in a case where the computation of.....
View Complete Act List Judgments citing this sectionFinance Act, 2002 Section 42
Title: Insertion of New Section 92ca
State: Central
Year: 2002
.....he may, with the previous approval of the Commissioner, refer the computation of the arm's length price in relation to the said international transaction under section 92C to the Transfer Pricing Officer. (2) Where a reference is made under sub-section (1), the Transfer Pricing Officer shall serve a notice on the assessee requiring him to produce or cause to be produced on a date to be specified therein, any evidence on which the assessee may rely in support of the computation made by him of the arm's length price in relation to the international transaction referred to in sub-section (1) (3) On the date specified in the notice under sub-section (2), or as soon thereafter as may be, after hearing such evidence as the assessee may produce, including any information or documents referred to in sub-section (3) of section 92D and after considering such evidence as the Transfer Pricing Officer may require on any specified points and after taking into account all relevant materials which he has gathered, (he Transfer Pricing Officer shall, by order in writing, determine the arm's length price in relation to the international transaction in accordance with sub-section (3) of.....
View Complete Act List Judgments citing this sectionPrevention of Money-laundering Act, 2002 Chapter V
Title: Summons, Searches and Seizures, Etc
State: Central
Year: 2002
.....by him, and (iii) record the statement of any person present in the place which may be useful for, or relevant to, any proceeding under this Act. Section 17 - Search and seizure (1) Where 1[the Director or any other officer not below the rank of Deputy Director authorised by him for the purposes of this section], on the basis of information in his possession, has reason to believe (the reason for such belief to be recorded in writing) that any person--- (i) has committed any act which constitutes money-laundering, or (ii) is in possession of any proceeds of crime involved in money-laundering, or (iii) is in possession of any records relating to money-laundering, then, subject to the rules made in this behalf, he may authorise any officer subordinate to him to-- (a) enter and search any building, place, vessel, vehicle or aircraft where he has reason to suspect that such records or proceeds of crime are kept; (b) break open the lock of any door, box, locker, safe, almirah or other receptacle for exercising the powers conferred by clause (a) where the keys thereof are not available; (c) seize any record or property found as a result of such search; (d).....
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