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      Question

      Which of the following options correctly defines a

      "specified transaction" under section 12AA of the PMLA?
      A Any transaction involving real estate purchases only Correct Answer Incorrect Answer
      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 Correct Answer Incorrect Answer
      C Any transaction under ₹50,000 Correct Answer Incorrect Answer
      D Only transactions conducted by government agencies Correct Answer Incorrect Answer
      E Any transaction without the need for verification of the client's identity Correct Answer Incorrect Answer

      Solution

      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.

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