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