New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Under the Prevention of Money-Laundering Act, 2002 where

    the proceeds of crime involved in money-laundering relates to any offence specified under paragraph 2 of Part A of the Schedule the punishment shall be _________
    A Rigorous imprisonment of not less than 3 years extended to seven years Correct Answer Incorrect Answer
    B Rigorous imprisonment of not less than 3 years extended to 10 years Correct Answer Incorrect Answer
    C Rigorous imprisonment of not less than 3 years extended to seven years and shall also be liable to fine Correct Answer Incorrect Answer
    D The Adjudicating Authority shall have discretion to decide the imprisonment period depending on the severity of each case Correct Answer Incorrect Answer

    Solution

    Section 4 Punishment for Money-Laundering- Whoever commits the offence of money-laundering shall be punishable with rigorous imprisonment for a term which shall not be less than three years but which may extend to seven years and shall also be liable to fine; Provided that where the proceeds of crime involved in money-laundering relates to any offence specified under paragraph 2 of Part A of the Schedule, the provisions of this section shall have effect as if for the words “which may extend to seven years”, the words “which may extend to ten years” had been substituted

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