Section 2 (1) (sa) of the Prevention of Money Laundering Act, 2002 (PMLA) defines ‘persons carrying out designated business or profession’. Sub-section (sa) (vi) grants power to the Central Government to designate any other person as ‘person carrying out designated business or profession’ by way of a notification.  Vide Notification S.O. 2036(E) dated May 3,...Read More

The concept of beneficial ownership is very important in the Indian context. It has been discussed in various acts in India.  Companies Act, 2013 The Indian Companies Act, 2013 and Companies (Significant Beneficial Owners) Rules state the criteria for identification of significant beneficial owner.  Significant beneficial owner means any individual, who acting alone or together...Read More