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Section 72 – The Prevention of Money-Laundering Bill, 1999

The Prevention of Money-Laundering Bill, 1999

 

72. Power to make rules –

 

(1) The Central Government may, by notification, make rules for carrying out the provisions of this Act.

 

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-

 

(a) The form in which records referred to in this Act may be maintained;

 

(b) The manner in which and the conditions subject to which the properties confiscated may be received and managed under subsection (2) of section 9;

 

(c) The additional matters in respect of which the Adjudicating Authority may exercise the powers of a civil court under clause (f) of sub-section (1) of section 10;

 

(d) The nature and value of transactions in respect of which records shall be mentioned under clause (a) of sub-section (1) of section 11;

 

(e) Time within which the information of transactions under clause (b) of sub-section (1) of section 11 shall be furnished;

 

(f) The manner in which records shall be verified and maintained by banking companies, financial institutions and intermediaries under clause (c) of sub-section (1) of section 11;

 

(g) The procedure and the manner of maintaining and furnishing information under sub-section (1) of section 11 as required under section 14;

 

(h) The rules relating to search and seizure under sub-section (1) of section 16;

 

(i) The manner in which records authenticated outside India may be received under sub-section (2) of section 2 1;

 

(j) The form of appeal and the fee for filing such appeal, under subsection (3) of section 25;

 

(k) The salary and allowances payable to and the other terms and conditions of service of the Chairperson and other Members of the Appellate Tribunal under section 29;

 

(l) The salaries and allowances and the conditions of service of the officers and employees of the Appellate Tribunal under subsection (3) of section 33;

 

(m) The additional matters in respect of which the Appellate Tribunal may exercise the powers of a civil court under clause (i) of subsection (2) of section 34;

 

(n) The additional matters in respect of which the authorities may exercise powers of a civil court under clause (f) of sub-section (1) of section 49;

 

(o) Rules relating to impounding and custody of records under subsection (5) of section 49;

 

(p) Any other matter which is required to be, or may be, prescribed.

 

 

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The Prevention of Money-Laundering Bill, 1999

 

Indian Laws – Bare Acts

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