The finance bill 2018 the govt proposed some important amendments in PMLA-2002 they are (1) Amendments in definition "Proceeds of Crime" includes "Property equalant held with in the country" and "Outside the country" (2) Amendments in Bail provision U/S 45(1) uniform to all the contravenes and the court may grant bail leniently less serious cases up to Rs one crore. (3) PMLA-2002 U/S 5(1) All the provisional attachments by the ED confirmed by the adjudicating authorities.The period of stay time limit is 180 days and any delay more than 30 days. (4) PMLA-2002 U/S 8(3) the ED may get get 90 days more for investigation before prosecution filed before the trial court. (5) PMLA-2002 U/S 66 new sub section (2) introduced and this shall enable exchange of information among the govt agencies against the black money. (6) PMLA-2002 U/S 8(8) the distribution of confiscated properties to the rightful claimant If the "Special Trial Court" thinks fit can order during the trial to the rightful Claimant/owners. (7) The Companies Act U/S 447 being included as a scheduled offence under the PMLA-2002 and there fore the ROC (Registrar Of Companies) can report the case regarding corporate frauds to the Enforcement Directorate immediately These amendments in PMLA-2002 will be very useful for Taxation. By JOHNSON THANGIAH Advocate Tirunelveli Tamilnadu India Mobile No: 9443194559 Email Id: johnsonthangiah26@gmail.com
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