President gives assent to money laundering, banking bills
Quotes

President gives assent to money laundering, banking bills

Last Updated: Wednesday, January 09, 2013, 22:59
 
 Comment 0
 
President gives assent to money laundering, banking bills
New Delhi: The three financial sectors reforms laws, Prevention of Money Laundering (Amendment) Bill and Banking Laws (Amendment) Bill, 2012 have become law of the land with President Pranab Mukherjee giving assent to them.

The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 also got the President's assent, an official statement said here.

The Prevention of Money Laundering (Amendment) Bill, which seeks to enlarge the definition of money laundering offences and could help curb funding of terrorist operations, was approved by Parliament in the Winter Session.

The Bill had sought to remove existing limit of Rs 5 lakh as fine under the Act. It proposes to make provision for attachment and confiscation of the proceeds of crime even if there is no conviction so long as it is proved that offence of money laundering has taken place, and property in question is involved in money-laundering.

The banking bill will pave the way for corporate houses to enter the banking sector which is a key reform legislation pending for long.

The Banking Bill was approved by Parliament after the government dropped the controversial clause concerning allowing banks to trade in commodity futures.

The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 aimed at strengthening the provision for bad debts by banks and financial institutions.

PTI


First Published: Wednesday, January 09, 2013, 22:59


Comments


comments powered by Disqus
Google I/O 2014
Google I/O 2014
Maker Faire @ White House
Maker Faire @ White House
Amazon unveils 3D `Fire` smartphone
Amazon unveils 3D `Fire` smartphone
RIL`s 40th AGM
RIL`s 40th AGM
Samsung Galaxy Tab S
Samsung Galaxy Tab S

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved