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? Â 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
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.
For Goods Transport Organisation, which of the cost will be regarded as Fixed or Standing Charges?
Which of the following is a key principle of the "Canon of financial propriety"?
A agrees to sell his horse to B if it wins the race tomorrow. The horse dies during the race. What is the nature of the contract?
Drawings made by an owner belongs to:
If a company has a foreign branch, how are its financial statements translated as per AS 11?
Assuming that the discount rate is 7% per annum, how much would one pay to receive ₹500, growing at 5%, annually, forever?Â
A provision for onerous contract is:
An entity sells a factory building held for 20 years. The legal title transfer occurs on 30 September; economic control passed and risks transferred on ...
A company has average account receivables of Rs 120000 and annual credit sales of Rs 600000, Calculate the average collection period (assume number of d...
What is the maximum limit of gratuity payable, under the Payment of Gratuity Act, 1972?
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