Skip to main content

Govt. authorizes Central Registry of SARFAESI to act as Central KYC records registry under PMLA




Visit our website: www.onlinelawsolutions.com
Subscribe our updates on tax/law: Click Here


MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 26th November, 2015

S.O. 3183(E).— In exercise of the powers conferred by clause (j) of Sub-section (2) of Section 73 of the Prevention of Money-Laundering Act, 2002 (15 of 2003), read with clause (aa) of sub-rule (1) of rule 2 and rule 9A of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (hereafter referred to as the said rules), the Central Government hereby authorises the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), set up under sub-section (1) of Section 20 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), to act as, and to perform the functions of, the Central KYC Records Registry under the said rules, including receiving, storing, safeguarding and retrieving the KYC records in digital form of a “client”, as defined in clause (ha) of sub-section (1) of Section 2 of the Prevention of Money-Laundering Act, 2002.

2. This notification shall come into force on the date of its publication in the Official Gazette.

[F. No.07/03/2012-BO.II]
DR. SHASHANK SAKSENA, Economic Adviser

Comments

Post a Comment

Popular posts from this blog

Internal Financial Controls over Financial Reporting

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:  Click Here CS Urja Mahesh Karia Audit of ‘Internal   Financial controls   (hereinafter to be referred as ‘IFC’) over Financial Reporting’ is a reasonably advanced reporting concept for India. In India though there were no such requirements earlier, however, similar reporting requirements existed globally such as section 404 of Sarbanes Oxley Act, 2002 of USA. Initially when majority of the Sections of the Companies Act, 2013 (hereinafter to be referred as ‘the Act’) were notified along with Section 143(3)(i), there was lot of ambiguity not only on part of the company but also on the part of the auditors regarding the actual reporting. Later on, MCA has notified the   Companies (Audit & Auditors) Amendment Rules, 2014   and introduced new Rule 10A. Further, ICAI has also issued Guidance Notes on 14 th   September 2015 and both of these steps...
5 comments
Read more

Transfer of shareholding on basis of disputed MOU was clear act of oppression by respondent

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here   Where respondent group on basis of a disputed MOU with appellant group had held board meeting, issued duplicate shares and transferred shareholding of appellant group in its favour at valuation which was not acceptable to appellant group, action of respondent group was a clear calculated act of grossest oppression INTRODUCTION 3. The dispute pertains to the control and management of M/s. SAF Yeast Company Pvt. Ltd. (hereinafter referred to as SAF Yeast), a Private Limited Company, having registered office at 419, Swastik Chambers, Chembur, Mumbai. SAF Yeast has one plant in Chiplun, Maharashtra and another at Sandhila, Uttar Pradesh. SAF Yeast is a joint venture company. The joint venture is between Nafan B.V. and Mr.Arunachalam Muthu and M/s.Helios Food Additives Pvt. Ltd. SAF Yeast carries on business of manufacture of yeast and is a dealer and expor...
Post a Comment
Read more

Son Attaining majority disentitles him from receiving maintenance from his father: Sikkim HC

Visit our website:  www.onlinelawsolutions.com Subscribe our updates on tax/law:   Click Here Thus, if a child whether legitimate or illegitimate has attained majority as per the aforesaid Act of 1875 and is not suffering by any physical or mental abnormality or injury, thereby unable to maintain itself, would not be entitled to receive maintenance u/S. 125, the Court said. High Court of Sikkim has set aside an order by Family court which had enhanced maintenance to ‘son’ who had attained majority. On the Revision petition filed by ‘Father’, Chief Justice Sunil Kumar Sinha, held that provisions of Section 127 of Code of Criminal Procedure are always subject to the provisions of Section 125 and as the major son, ceases to be entitled to receive maintenance under section 125, he cannot seek an order of enhancement under section 127. Facts and contentions In this case, The Family Court, had enhanced the aforesaid amount of monthly maintenance from Rs....
2 comments
Read more