Money-laundering laws to cover VISA, MasterCard

Money transfer service providers such as Western Union and credit card payment gateways like VISA and MasterCard will now come under ambit of India's anti-money laundering laws.

Money changers, money transfer service providers such as Western Union and credit card payment gateways like VISA and MasterCard will now come under the ambit of India’s anti-money laundering laws.

A Bill to amend the Prevention of Money Laundering Act was introduced in the Rajya Sabha on Friday by Minister of State for Finance Pawan Kumar Bansal.

After the Amendment Bill is passed by Parliament and comes into effect, businesses like casinos would also come under legal obligation to report their activities in the country.

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For fighting the menace of terrorism, the Bill introduces new category of offences which have cross-border implications.

The draft legislation also empowers the Enforcement Directorate “to search premises immediately after the offence is committed”.

The investigating agency can attach any property and search a person after completing the probe. It can enhance the period of provisional attachment of property from 90 days to 150 days.

Under the provision of the Bill, the retirement age of the chairman and members of the adjudicating authority would be raised from 62 years to 65 years.

Premji said that Wipro would partner with the Government "to find a lasting solution for Bengaluru's mobility challenges".

Wipro rejects Karnataka Govt request to allow public vehicles inside Sarjapur campus

Cities3 hr ago

Wipro, a leading company in Bengaluru, has refused to allow public vehicles inside its Sarjapur campus to ease traffic congestion. However, they have agreed to finance a study to find a solution for the traffic problem. The founder, Azim Premji, believes that the issue is complex and requires expert analysis. Wipro has also committed to funding a significant portion of the study's cost.

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