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Section 2 - Preliminary - Other Direct Tax Provisions - Section 2 - 2. (1) In this Act, unless the context otherwise requires,- (a) "Adjudicating Authority" means an Adjudicating Authority appointed under sub-section (1) of section 6; (b) "Appellate Tribunal" means the Appellate Tribunal 1[referred to in] section 25; (c) "Assistant Director" means an Assistant Director appointed under sub-section (1) of section 49; (d) "attachment" means prohibition of tra .....

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t; means a Bench of the Appellate Tribunal; 3[(fa) "beneficial owner" means an individual who ultimately owns or controls a client of a reporting entity or the person on whose behalf a transaction is being conducted and includes a person who exercises ultimate effective control over a juridical person;] (g) "Chairperson" means the Chairperson of the Appellate Tribunal; (h) "chit fund company" means a company managing, conducting or supervising, as foreman, agent or .....

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f 1961); 3[(ia) "corresponding law" means any law of any foreign country corresponding to any of the provisions of this Act or dealing with offences in that country corresponding to any of the scheduled offences; (ib) "dealer" has the same meaning as assigned to it in clause (b) of section 2 of the Central Sales Tax Act, 1956 (74 of 1956);] (j) "Deputy Director" means a Deputy Director appointed under sub-section (1) of section 49; (ja) 4[***] (k) "Director&quo .....

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and the Department of Posts in the Government of India;] (m) "housing finance institution" shall have the meaning as assigned to it in clause (d) of section 2 of the National Housing Bank Act, 1987 (53 of 1987); 6[(n) "intermediary" means,- (i) a stock-broker, sub-broker, share transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant banker, underwriter, portfolio manager, investment adviser or any other intermediary associated with securi .....

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"investigation" includes all the proceedings under this Act conducted by the Director or by an authority authorised by the Central Government under this Act for the collection of evidence;] (o) "Member" means a Member of the Appellate Tribunal and includes the Chairperson; (p) "Money-laundering" has the meaning assigned to it in section 3; (q) "non-banking financial company" shall have the same meaning as assigned to it in clause (f) of section 45-I of the .....

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uct or part thereof to India; or (ii) any offence specified in Part A, Part B or Part C of the Schedule which has been committed in India and the proceeds of crime, or part thereof have been transferred to a place outside India or any attempt has been made to transfer the proceeds of crime, or part thereof from India to a place outside India. Explanation.-Nothing contained in this clause shall adversely affect any investigation, enquiry, trial or proceeding before any authority in respect of the .....

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rations, money transfer operations or similar operations; (rc) "payment system operator" means a person who operates a payment system and such person includes his overseas principal. Explanation.-For the purposes of this clause, "overseas principal" means,- (A) in the case of a person, being an individual, such individual residing outside India, who owns or controls or manages, directly or indirectly, the activities or functions of payment system in India; (B) in the case of .....

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h and which owns or controls or manages, directly or indirectly, the activities or functions of payment system in India;] (s) "person" includes- (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) every artificial juridical person not falling within any of the preceding sub-clauses, and (vii) any agency, office or branch owned or controlled by any of the above persons m .....

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metals, precious stones and other high value goods, as may be notified by the Central Government; (v) person engaged in safekeeping and administration of cash and liquid securities on behalf of other persons, as may be notified by the Central Government; or (vi) person carrying on such other activities as the Central Government may, by notification, so designate, from time to time; (sb) "precious metal" means gold, silver, platinum, palladium or rhodium or such other metal as may be no .....

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eld outside the country, then the property equivalent in value held within the country]; (v) "property" means any property or assets of every description, whether corporeal or incorporeal, movable or immovable, tangible or intangible and includes deeds and instruments evidencing title to, or interest in, such property or assets, wherever located. 13[Explanation.-For the removal of doubts, it is hereby clarified that the term "property" includes property of any kind used in th .....

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s or profession;] (x) "Schedule" means the Schedule to this Act; (y) "scheduled offence" means- (i) the offences specified under Part A of the Schedule; or 15[(ii) the offences specified under Part B of the Schedule if the total value involved in such offences is 16[one crore rupees] or more; or (iii) the offences specified under Part C of the Schedule;] (z) "Special Court" means a Court of Session designated as Special Court under sub-section (1) of section 43; (za .....

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or such provision is not in force, be construed as a reference to the corresponding law or the relevant provisions of the corresponding law, if any, in force in that area. - Notes; 1. Substituted vide Finance Act, 2016, w.e.f. 1-6-2016. Before it was read as: "established under" 2. Inserted Vide Prevention of Money-laundering (Amendment) Act, 2009, w.e.f. 1-6-2009. 3. Inserted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. 4. Omitted vide Prevention of Mon .....

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titution" means a financial institution as defined in clause (c) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934) and includes a chit fund company, a co-operative bank, a housing finance institution and an authorised person, a payment system operator and a non-banking financial company; 6. Substituted vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. Before it was read as: (n) "intermediary" means a stock-broker, sub-broker, share trans .....

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