Money Laundering and Banking Bills 2012 turned into Law:
The President of India Pranab Mukherjee gave his assent to the Prevention of Money Laundering (Amendment) Bill, the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 and Banking Laws (Amendment) Bill, 2012 to make it a law of the land.
i. To strengthen the provisions of bad debts by the financial institutions and banks the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill 2012 was passed.
ii. Banking Laws (Amendment) Bill, 2012 would be shaping the way ahead to corporate houses to enter the field of Banking this is one of the key reform legislation.
iii. The Parliament in its winter session approved the Prevention of Money Laundering (Amendment) Bill 2012 that needed to enlarge its definition of money laundering offences so that it can curb the practice of funding the terrorists operations.
iv. The Bill sought removal of 5 lakh rupees as fine in existence under the act and proposed a provision of taking away of the profits of the crime even under situation, where the conviction was not proved but the offence of money laundering happened and the property in question that is involved in the offence.
v. The Bill was passed by the Lok Sabha during the winter session on 29 November 2012.
The President of India Pranab Mukherjee gave his assent to the Prevention of Money Laundering (Amendment) Bill, the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2012 and Banking Laws (Amendment) Bill, 2012 to make it a law of the land.
i. To strengthen the provisions of bad debts by the financial institutions and banks the Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill 2012 was passed.
ii. Banking Laws (Amendment) Bill, 2012 would be shaping the way ahead to corporate houses to enter the field of Banking this is one of the key reform legislation.
iii. The Parliament in its winter session approved the Prevention of Money Laundering (Amendment) Bill 2012 that needed to enlarge its definition of money laundering offences so that it can curb the practice of funding the terrorists operations.
iv. The Bill sought removal of 5 lakh rupees as fine in existence under the act and proposed a provision of taking away of the profits of the crime even under situation, where the conviction was not proved but the offence of money laundering happened and the property in question that is involved in the offence.
v. The Bill was passed by the Lok Sabha during the winter session on 29 November 2012.
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