Question

Which of the following options correctly defines a "specified transaction" under section 12AA of the PMLA?

Q: Answer-Which of the following options correctly defines a 'specified transaction' under section 12AA of the...

Section 12AA. Enhanced due diligence- Explanation.--For the purposes of this section, specified transaction means-- a any withdrawal or deposit in cash, exceeding such amount b any transaction in foreign exchange, exceeding such amount c any transaction in any high value imports or remittances d such other transaction or class of transactions, in the interest of revenue or where there is a high risk or money-laundering or terrorist financing, as may be prescribed.

A Any transaction involving real estate purchases only

B Any cash withdrawal or deposit exceeding a prescribed amount, any foreign exchange transaction above a specified limit, and any high-value import or remittance

C Any transaction under ₹50,000

D Only transactions conducted by government agencies

E Any transaction without the need for verification of the client's identity

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