BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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SEBI Act, 1992
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Foreign Contribution and Regulation Act, 1976
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Prevention of Money laundering Act, 2002
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Banking Regulation Act, 1949
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Detailed explanation-1: -Government of India, Ministry of Finance, Department of Revenue, vide its notification dated July 1, 2005 in the Gazette of India, has notified the Rules under the Prevention of Money Laundering Act (PMLA), 2002. In terms of the said Rules, the provisions of PMLA, 2002 came into effect from July 1, 2005.
Detailed explanation-2: -Whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of offence of money-laundering.
Detailed explanation-3: -It came on the Statute Book as THE PREVENTION OF MONEY-LAUNDERING ACT, 2002 (15 of 2003) (Came into force on 1-7-2005). LIST OF AMENDING ACTS 1. The Prevention of Money-Laundering (Amendment) Act, 2005 (20 of 2005) (w.e.f. 1-7-2005). 2.
Detailed explanation-4: -The Directorate of Enforcement under the Department of Revenue, Ministry of Finance is responsible for administering the Prevention of Money Laundering Act, 2002. Q. 6.