Question
Which of the following obligations are laid down by
Section 12 of Prevention of Money Laundering Act 2002 on banking companies, financial institutions and intermediaries? I. maintain a record of all transactions II. maintain record of documents evidencing identity of its clients and beneficial owners III. Keep all the information maintained or furnished as confidentialSolution
Explanation: Section 12 of Prevention of Money Laundering Act: 1) Every reporting entity shall: (a) maintain a record of all transactions, including information relating to transactions covered under clause (b), in such manner as to enable it to reconstruct individual transactions; (b) furnish to the Director within such time as may be prescribed, information relating to such transactions, whether attempted or executed, the nature and value of which may be prescribed; (e) maintain record of documents evidencing identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients.
A Ltd owns land and building which are carried in its balance sheet at an aggregate carrying amount of 10 million. The fair value of such asset is 15 mi...
Under CGFMU, the amount in default over and above the initial 3% borne by the lending institution is covered to what extent?
What is the taxable event under GST?
Under Section 8OU, total deduction to be allowed in case of an individual having severe disability is ________.
State which statement is correct:
A company has an actual sales of ₹25 crore vs. a budget of ₹30 crore. Costs were below budget by ₹2 crore. What does this imply?
What is the primary function of the Securities and Exchange Board of India (SEBI)?
According to The Companies Act, 2013 ‘Government Company’ means any company in which not less than ________ of the paid-up share capital is held by ...
Which agreement is not opposed to public policy?
A loan given to an entity with investment in plant and machinery up to ₹5 crore and turnover up to ₹50 crore will be classified under which category?