TMI BlogDefinitions.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 in any other capacity, chits as defined in section 2 of the Chit Funds Act, 1982 (40 of 1982); 3 [(ha) client means a person who is engaged in a financial transaction or activity with a reporting entity and includes a person on whose behalf the person who engaged in the transaction or activity, is acting;] (i) co-operative bank shall have the same meaning as assigned to it in clause (dd) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h would have constituted an offence specified in Part A, Part B or Part C of the Schedule, had it been committed in India and if such person 10[transfers in any manner] the proceeds of such conduct 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 offences specified in Part A or Part B of the Schedule to the Act before the commencement of the Prevention of Money-laundering (Amendment) Act, 2009; (rb) payment system means a system that enables payment to be effected between a payer and a beneficiary, involving clearing, payment or settlement service or all of them. Explanation .-For the purposes of this clause, payment system includes the systems enabling credit card operations, debit card operations, smart card operatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o designate, from time to time; (sb) precious metal means gold, silver, platinum, palladium or rhodium or such other metal as may be notified by the Central Government; (sc) precious stone means diamond, emerald, ruby, sapphire or any such other stone as may be notified by the Central Government;] (t) prescribed means prescribed by rules made under this Act; (u) proceeds of crime means any property derived or obtained, directly or indirectly, by any person as a result of criminal activity relating to a scheduled offence or the value of any such property 12 [or where such property is taken or held outside the country, then the property equivalent in value held within the country 17 [or abroad]]; 20 [ Explanation .-For the removal of doubts, it is hereby clarified that proceeds of crime include property not only derived or obtained from the scheduled offence but also any property which may directly or indirectly be derived or obtained as a result of any criminal activity relatable to the scheduled offence; ] (v) property means any property or assets of every description, whether corporeal or incorporeal, movable or immovable, tangible o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Omitted vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. Before it was read as: (ja) designated business or profession means carrying on activities for playing games of chance for cash or kind, and includes such activities associated with casino or such other activities as the Central Government may, by notification, so designate, from time to time; 5. Substituted vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. Before it was read as: (l) financial institution 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 transfer agent, banker to an issue, trustee to a trust deed, registrar to an issue, merchant ban ..... X X X X Extracts X X X X X X X X Extracts X X X X
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