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Rule 2 - Rules - Other Direct Tax Provisions - Rule 2 - 2. (1) In these rules, unless the context otherwise requires,- (a) "Act" means the Prevention of Money-Laundering Act, 2002 (15 of 2003); 1[(aa) "Central KYC Records Registry" means a reporting entity, substantially owned and controlled by the Central Government, and authorised by that Government through a notification in the Official Gazette to receive, store, safeguard and retrieve the KYC records in digital form of a .....

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g Director or a whole-time Director duly authorized by the Board of Directors if the reporting entity is a company, (ii) the managing partner if the reporting entity is a partnership firm, (iii) the proprietor if the reporting entity is a proprietorship concern, (iv) the managing trustee if the reporting entity is a trust, (v) a person or individual, as the case may be, who controls and manages the affairs of the reporting entity if the reporting entity is an unincorporated association or a body .....

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ame or by designation, for the purpose of opening small accounts;] (c) "Director" means the Director appointed under sub-section (1) of section 49 of the Act for the purposes of 6[sections 12, 12A and 13] of the Act; 3[(ca) "Know Your Client (KYC) Identifier" means the unique number or code assigned to a client by the Central KYC Records Registry; (cb) "Know Your Client (KYC) records" means the records, including the electronic records, relied upon by a reporting en .....

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ny similar State legislation or a company registered under 8[section 8 of the Companies Act, 2013 (18 of 2013)] (d) "officially valid document" means the passport, the driving licence, the Permanent Account Number (PAN) Card, the Voter's Identity Card issued by 9[Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government, the letter issued by the Unique Identification Authority of India 10[or the National Population Register] containing .....

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nks, and Public Financial Institutions; (b) letter issued by a gazetted officer, with a duly attested photograph of the person: ] 13[Provided further that where simplified meausres are applied for verifying the limited purpose of proof of address of the clients, where a prospective customer is unable to produce any proof of address, the following documents shall be deemed to be 'officially valid document': (a) utility bill which is not more than two months old of any service provider (el .....

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ngs, scheduled commercial banks, financial institutions and listed companies. Similarly, leave and licence agreements with such employers allotting official accommodation; and (f) documents issued by Government departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India.] 14[Explanation.-For the purpose of this clause, a document shall be deemed to an "officially valid document" even if there is a change in the name subsequent to its issuance provided i .....

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rting entities or the Director as may be notified by the Government for a specific reporting entity or a class of reporting entities or for a specific purpose];] 18[(faa) "Rules" means the Prevention of Money-laundering (Maintenance of Records) Rules, 2005;] 19[(fb) "small account" means a savings account in a banking company where- (i) the aggregate of all credits in a financial year does not exceed rupees one lakh, (ii) the aggregate of all withdrawals and transfers in a mo .....

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o be made in circumstances of unusual or unjustified complexity; or (c) appears to have no economic rationale or bona fide purpose; or (d) gives rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism.] 21[Explanation.-Transaction involving financing of the activities relating to terrorism includes transaction involving funds suspected to be linked or related to, or to be used for terrorism, terrorist acts or by a terrorist, terrorist organi .....

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ntering into any fiduciary relationship; (v) any payment made or received in whole or in part of any contractual or other legal obligation; (vi) any payment made in respect of playing games of chance for cash or kind including such activities associated with casino; and (vii) establishing or creating a legal person or legal arrangement.] (2) All other words and expressions used and not defined in these rules but defined in the Act shall have the meaning respectively assigned to them in the Act. .....

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activity, is acting 3. Inserted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013. 4. Substituted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, w.e.f. 7-7-2015. Before it was read as: "Companies Act, 1956 (1 of 1956)" 5. Inserted Vide Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Infor .....

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ead as: Clause (ca) as "(cd)" 8. Substituted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, w.e.f. 7-7-2015. Before it was read as: "section 25 of the Companies Act, 1956 (1 of 1956)" 9. Substituted Vide Prevention of Money-laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the .....

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Rules, 2013, w.e.f. 27-8-2013. Before it was read as: "Reserve Bank of India or any other document as may be required by the banking companies, or financial institution or intermediary" 12. Inserted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013. 13. Inserted Vide Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2015, w.e.f. 15-4-2015. 14. Inserted Vide Prevention of Money-laundering (Maintenance of Records) .....

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f Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Amendment Rules, 2009, w.e.f. 12-11-2009. 17. Substituted Vide Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013. Before it was read as: "banking companies, financial institutions or intermediaries, as the case may be" 18. Inserted by the Prevention of Money-Laundering (Maintenance of Records) Amendment Rules, 2013, w.e.f. 27-8-2013 .....

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