PART VII
AMENDMENTS TO THE PREVENTION OF MONEY-LAUNDERING ACT, 2002
Amendment of section 2
171. In the Prevention of Money-laundering Act, 2002 (15 of 2003)(herein referred to as the Money-laundering Act), in section 2, in sub-section (1),-
(i) in clause (u), after the words “or the value of any such property”, the words “or where such property is taken or held outside the country, then the property equivalent in value held within the country” shall be inserted;
(ii) in clause (y), in sub-clause (ii), for the words “thirty lakh rupees”, the words “one crore rupees” shall be substituted.
Notes on Clauses:
Clause 171 of the Bill seeks to amend sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (2002 Act) relating to definitions. Sub-clause (i) seeks to insert in clause (u), after the words, “or the value of any such property”, the words “or where such property is taken or held outside the country, then the property equivalent in value held within the country”. Subclause (ii) seeks to substitute in clause (y), the words “thirty lakh rupees” by “one crore rupees”.
