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

      Question

      'Scheduled offence' under Section 2(y) of PMLA includes

      offences under Part B of the Schedule only if:
      A The accused has more than one prior conviction Correct Answer Incorrect Answer
      B The offence is committed in a foreign country Correct Answer Incorrect Answer
      C The offence involves a public servant or banking employee Correct Answer Incorrect Answer
      D The offence is committed by an organised crime syndicate Correct Answer Incorrect Answer
      E The total value involved in such offences is thirty lakh rupees or more Correct Answer Incorrect Answer

      Solution

      Section 2(y) of PMLA defines 'scheduled offence' as: (i) the offences specified under Part A of the Schedule (applicable unconditionally), or (ii) the offences specified under Part B of the Schedule, but only if the total value involved in such offences is thirty lakh rupees or more. This monetary threshold for Part B offences is a key qualification. Part B includes offences under the Indian Penal Code (murder, robbery, forgery of currency notes, etc.), Arms Act, Wildlife Protection Act, Immovable Traffic (Prevention) Act, and Prevention of Corruption Act, among others. Part A offences include IPC offences against the state and NDPS Act offences, which are treated more seriously without any monetary threshold.

      Practice Next
      More Banking Related Laws Questions
      ask-question