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.
More Accounts Questions
- If tax rate changes, which of these statements is true for deferred tax?
- Within how many days should payment to an MSME supplier be made to allow it as an expense, for the computation of income under Income Tax Act?
- Under the GST regime, which tax is levied on the supply of alcoholic liquor for human consumption?
- What was a significant factor contributing to the decline in Average Revenue per User (ARPU) in the Indian telecom industry?
- From the following information calculate the amount of sales to earn a desired profit of Rs.6,000 Fixed Cost: 12,000 Selling Price: 12 per unit Variable co...
- When a bank chooses the wrong strategy or follow a long-term business strategy which might lead to its failure, it is called
- What is the primary objective of capital budgeting?
- Accruals are recorded in the books of accounts through:
- Which Section of the Indian Partnership Act, 1932, defines 'Partnership at will'?
- What is accounting standard-3 (revised) associated with?
Relevant for Exams:
