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FAQ:

Q: What is the law of money laundering in India?

A: by Dhananjay Choudhary – In India, there is a specific law which is designed to prevent the cases of money laundering. This is known as the Prevention of Money laundering Act 2002 and this falls under the Income Tax Department.

Q: What is the magnitude of the Punishments involved in money laundering?

A: Below is the magnitude of punishments involved The minimum punishment in case of money laundering is 3 years and the maximum punishment is restricted to 7 years. There is an exception where some of the criminals may be punished with 10 years of imprisonment.

Q: How much money has been laundering from India to Switzerland?

A: An amount 1.945 billion Swiss Francs (about INR 9,295 Crore) has been alleged to have been laundered or stacked by Indians in Swiss banks 2, and this is an official information derived from the White Paper of the Government of India in the year 2012. However, the specialists say that the real amount is well above the estimated level.

Q: What is the prevention of Money Laundering Act 2002?

A: This is known as the Prevention of Money laundering Act 2002 and this falls under the Income Tax Department. The main reason to enact this law was to prevent criminal activities arising out of money that is generated via illegal activities.