Question
Who is the designated authority to receive information
under the reporting requirements of the PML (Maintenance of Records) Rules, 2005?Solution
Under the PML (Maintenance of Records) Rules, 2005, Reporting Entities (REs) such as banks, financial institutions, and intermediaries are required to furnish specified transaction details to the Director, FIU-IND. • These include suspicious transactions, cash transactions above thresholds, and other prescribed reports as per Rule 3. • The Director, FIU-IND also issues guidelines on the form, manner, and timelines for reporting. • This framework ensures effective monitoring, detection, and prevention of money laundering activities in India. Thus, the authority designated to receive such information is the Director of FIU-IND.
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