Question
Under Section 71 of PMLA, the Act has overriding effect
over:Solution
Section 71 of PMLA provides a non-obstante clause in sweeping terms: 'The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force.' This is an overriding provision that gives PMLA supremacy over all other legislations in case of inconsistency. This is crucial in the banking context because PMLA obligations (such as KYC, record maintenance, reporting of suspicious transactions) override any conflicting provisions in the Banking Regulation Act, RBI Act, or any other statute. The overriding clause also supports the validity of attachment and confiscation under PMLA irrespective of protections available under other property laws.
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