📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      Who is the designated authority to receive information

      under the reporting requirements of the PML (Maintenance of Records) Rules, 2005?
      A The Governor of the Reserve Bank of India Correct Answer Incorrect Answer
      B The Director of Financial Intelligence Unit - India (FIU-IND) Correct Answer Incorrect Answer
      C The Finance Secretary of India Correct Answer Incorrect Answer
      D The Chief Vigilance Officer of the concerned entity Correct Answer Incorrect Answer
      E The Chairman of SEBI Correct Answer Incorrect Answer

      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.

      Practice Next
      More Accounts Questions

      Relevant for Exams:

      ask-question