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The Prevention of Money-Laundering Act, 2002


2. Definitions.-

1.     In this Act, unless the context otherwise requires,-

a.     "Adjudicating Authority" means an Adjudicating Authority appointed under sub-section (1) of section 6;

b.    "Appellate Tribunal" means the Appellate Tribunal established under section 25;

c.     "Assistant Director" means an Assistant Director appointed under sub-section (1) of section 49;

d.    "attachment" means prohibition of transfer, conversion, disposition or movement of property by an order issued under Chapter III;

e.     "banking company" means a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in section 51 of that Act;

f.     "Bench" means a Bench of the Appellate Tribunal;

g.    "Chairperson" means the Chairperson of the Appellate Tribunal;

h.     "chit fund company" means a company managing, conducting or supervising, as foreman, agent or in any other capacity, chits as defined in section 2 of the Chit Funds Act, 1982 (40 of 1982);

i.      "co-operative bank" shall have the same meaning as assigned to it in clause (dd) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961);

j.      "Deputy Director" means a Deputy Director appointed under sub-section (1) of section 49;

k.     "Director" or "Additional Director" or "Joint Director" means a Director or Additional Director or Joint Director, as the case may be, appointed under sub-section (1) of section 49;

l.      "financial institution" means a financial institution as defined in clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company;

m.   "housing finance institution" shall have the meaning as assigned to it in clause (d) of section 2 of the National Housing Bank Act, 1987 (53 of 1987);

n.     "intermediary" means a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser and any other intermediary associated with securities market and registered under section 12 of the Securities and Exchange Board of India Act, 1992 (57 of 1992);

o.    "Member" means a Member of the Appellate Tribunal and includes the Chairperson;

p.    "money-laundering" has the meaning assigned to it in section 3;

q.    "non-banking financial company" shall have the same meaning as assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934);

r.      "notification" means a notification published in the Official Gazette;

s.     "person" includes-

                      i.        an individual,

                     ii.        a Hindu undivided family,

                    iii.        a company,

                    iv.        a firm,

                     v.        an association of persons or a body of individuals, whether incorporated or not,

                    vi.        every artificial juridical person not falling within any of the preceding sub-clauses, and

                   vii.        any agency, office or branch owned or controlled by any of the above persons mentioned in the preceding sub-clauses;

t.      "prescribed" means prescribed by rules made under this Act;

u.     "proceeds of crime" means any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property;

v.     "property" means any property or assets of every description, whether corporeal or incorporeal, movable or immovable, tangible or intangible and includes deeds and instruments evidencing title to, or interest in, such property or assets, wherever loc ted;

w.    "records" include the records maintained in the form of books or stored in a computer or such other form as may be prescribed;

x.     "Schedule" means the Schedule to this Act;

y.     "scheduled offence" means-

                      i.        the offences specified under Part A of the Schedule; or

                     ii.        the offences specified under Part B of the Schedule if the total value involved in such offences is thirty lakh rupees or more;

z.     "Special Court" means a Court of Session designated as Special Court under sub-section (1) of section 43;

za.   "transfer" includes sale, purchase, mortgage, pledge, gift, loan or any other form of transfer of right, title, possession or lien;

zb.  "value" means the fair market value of any property on the date of its acquisition by any person, or if such date cannot be determined, the date on which such property is possessed by such person.

2.     Any reference, in this Act or the Schedule, to any enactment or any provision thereof shall, in relation to an area in which such enactment or such provision is not in force, be construed as a reference to the corresponding law or the relevant provisions of the corresponding law, if any, in force in that area.



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