Section 73 - Power to make rules. - Prevention of Money-Laundering Act, 2002

Power to make rules. 73. (1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:- (a) the form in which records referred to in this Act may be maintained; 1 [(aa) the manner of provisional attachment of property under sub-section (1) of section 5;] (b) the manner in which the order and the material referred to in sub-section (2) of section 5 to be maintained; (c) matters in respect of experience of Members under sub-section (3) of section 6; (d) the salaries and allowances payable to and other terms and conditions of service of Members of the Adjudicating Authority under sub-section (9) of section 6; (e) the salaries and allowances payable to and other terms and conditions of service of the officers and employees of the Adjudicating Authority under sub-section (3) of section 7; 2 [(ee) the manner of seizing or taking possession of property attached under section 5 or frozen under sub-section (1A) of section 17 or under sub-section (4) of section 8;] (f) the manner in which and the conditions subject to which the properties confiscated may be received and managed under sub-section (2) of section 10; (g) the additional matters in respect of which the Adjudicating Authority may exercise the powers of a civil court under clause (f) of sub-section (1) of section 11; (h) 3 [***] (i) 4 [the nature and value of transactions and the time within which] the information of transactions under clause (b) of sub-section (1) of section 12 shall be furnished; 5 [ 11 [****] 10 [ (jja) the manner and the conditions in which authentication of the identity of clients shall be verified by the reporting entities under clause (a) of sub-section (1) of section 12AA; (jjb) the manner of identifying the ownership and financial position of the client under clause (b) of sub-section (1) of section 12AA; (jjc) additional steps to record the purpose behind conducting the specified transaction and the intended nature of the relationship between the transaction parties under clause (c) of sub-section (1) of section 12AA; (jjd) manner of increasing the future monitoring under sub-section (3) of section 12AA. ] (jjj) the period of interval in which the reports are sent by the reporting entities or any of its employees under clause (c) of sub-section (2) of section 13;] (k) the procedure and the manner of maintaining and furnishing information under sub-section (1) of section 12 as required under section 15; (l) the manner in which the reasons and the material referred to in sub-section (2) of section 16 shall be maintained; (m) the rules relating to search and seizure under sub-section (1) of section 17; (n) the manner in which the reasons and the material referred to in sub-section (2) of section 17 shall be maintained; (o) the manner in which the reasons and the material referred to in sub-section (2) of section 18 shall be maintained; (p) the manner in which the order and the material referred to in sub-section (2) of section 19 shall be maintained; 6 [(pp) the manner in which the forwarding of the order for retention or continuation of freezing of the property and the period of keeping such order and material under sub-section (2) of section 20;] (q) the manner in which records authenticated outside India may be received under sub-section (2) of section 22; (r) the form of appeal and the fee for filing such appeal, under sub-section (3) of section 26; (s) 7 [***] (t) 8 [***] (u) the additional matters in respect of which the Appellate Tribunal may exercise the powers of a civil court under clause (i) of sub-section (2) of section 35; 9 [(ua) conditions subject to which a police officer may be authorized to investigate into an offence under sub-section (1A) of section 45;] (v) the additional matters in respect of which the authorities may exercise powers of a civil court under clause (f) of sub-section (1) of section 50; (w) the rules relating to impounding and custody of records under sub-section (5) of section 50; (x) any other matter which is required to be, or may be, prescribed. ----------------------- Notes: 1. Inserted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. 2. Inserted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. 3. Omitted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. Before it was read as: (h) the nature and value of transactions in respect of which records shall be maintained under clause (a) of sub-section (1) of section 12; 4. Substituted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. Before it was read as: the time within which 5. Substituted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. Before it was read as: (j) the manner in which records shall be verified and maintained by banking companies, financial institutions and intermediaries under clause (c) of sub-section (1) of section 12; 6. Inserted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. 7. Omitted Vide Finance Act, 2016, w.e.f. 1-6-2016. Before it was read as: (s) the salary and allowances payable to and the other terms and conditions of service (including tenure of office) of the Chairperson and other Members of the Appellate Tribunal under section 30; 8. Omitted Vdie Finance Act, 2016, w.e.f. 1-6-2016. Before it was read as: (t) the salaries and allowances and the conditions of service of the officers and employees of the Appellate Tribunal under sub-section (3) of section 34: 9. Inserted Vide Prevention of Money-laundering (Amendment) Act, 2005, w.e.f. 1-7-2005 10. Inserted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-08-2019 11. Omitted vide AADHAAR AND OTHER LAWS (AMENDMENT) ACT, 2019 before it was read as (j) the manner and the conditions in which identity of clients shall be verified by the reporting entities under clause (c) of sub-section (1) of section 12; (jj) the manner of identifying beneficial owner, if any, from the clients by the reporting entities under clause (d) of sub-section (1) of section 12;