Money Laundering Bill likely to come up in this session

The much-awaited Money Laundering Bill seeking to strengthen laws to deal with the crime of money laundering is likely to be taken up by the...

The much-awaited Money Laundering Bill seeking to strengthen laws to deal with the crime of money laundering is likely to be taken up by the Rajya Sabha before the end of Budget session of Parliament.

The Bill provides for setting up a fairly elaborate machinery headed by a director, additional director, joint director, deputy director or assistant director to check the money laundering activities.

Also banking firms, FIs and intermediaries will be required to maintain a record of all transactions of a prescribed value and to furnish information whenever sought within a prescribed time.

Under the new law, persons committing the offence of money laundering will be punishable with rigorous imprisonment for a term not less than three years which can be extended to seven years with a fine up to Rs 5 lakh.

Amid India’s push to extradite Vijay Mallya and Nirav Modi, British officials visit Tihar jail to inspect conditions

British officials inspect Tihar jail as India pushes to extradite Mallya, Nirav Modi

Cities10 hr ago

A team from the British CPS visited Tihar jail to inspect inmate conditions and security, amidst India's efforts to extradite fugitives Vijay Mallya, Nirav Modi, and Sanjay Bhandari from the UK. They discussed setting up a specialized enclosure for high-profile prisoners and addressed concerns about violence within the jail. As of 2024, India has made 178 extradition requests to various countries.

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