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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 Clients of the Banking Companies, Financial Institutions and Intermediaries) Amendment Rules, 2009.

Money Laundering - 13/2009 - Dated:- 12-11-2009 - MINISTRY OF FINANCE (Department of Revenue) Notification No. 13/2009 New Delhi, the 12th Nov, 2009 G.S.R 816(E) - In exercise of the powers conferred by clauses (a), (b) and (c) of sub-section (1) of section 12 and section 15 read with clauses (h), (i), (j) and (k) of sub-section (2) of section 73 of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government, in consultation with the Reserve Bank of India, hereby makes the .....

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2. In the 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 Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 (hereinafter referred to as the principal rules),- in rule 2, in sub-rule(1), - (a) after clause (c), the following clause shall be inserted, namely:- (ca) non p .....

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f banking companies, financial institutions or intermediaries, as the case may be; ; (c) for clause (g), the following clause shall be substituted, namely:- (g) Suspicious transaction" means a transaction referred to in clause (h), including an attempted transaction, whether or not made in cash, which to a person acting in good faith - (a) gives rise to a reasonable ground of suspicion that it may involve proceeds of an offence specified in the Schedule to the Act, regardless of the value i .....

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ten lakh, or its equivalent in foreign currency; . 4. In the principal rules, in rule 5, for the words the Reserve Bank of India or the Securities and Exchange Board of India, or the Insurance Regulatory Development Authority, as the case may be, , where ever they occur, the words, its Regulator, , shall be substituted. 5. In the principal rules, for rule 6, the following rule shall be substituted, namely:- 6. Retention of records of transactions- The records referred to in rule 3 shall be maint .....

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the word, brackets and letters, clauses (A) and (B) , the word, brackets and letters clauses (A), (B) and (BA) shall be substituted; (b) after sub-rule (3), the following proviso shall be inserted at the end, namely:- Provided that a banking company, financial institution or intermediary, as the case may be, and its employees shall keep the fact of furnishing information in respect of transactions referred to in clause (D) of sub-rule (1) of rule 3 strictly confidential. . 8. In the principal ru .....

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exceeding rupees fifty thousand, whether conducted as a single transaction or several transactions that appear to be connected, or (ii) any international money transfer operations. (1A) Every banking company, financial institution and intermediary, as the case may be, shall identify the beneficial owner and take all reasonable steps to verify his identity. (1B) Every banking company, financial institution and intermediary, as the case may be, shall exercise ongoing due diligence with respect to .....

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e case may be, one certified copy of an officially valid document containing details of his identity and address, one recent photograph and such other documents including in respect of the nature of business and financial status of the client as may be required by the banking company or the financial institution or the intermediary, as the case may be. Provided that photograph need not be submitted by a client falling under clause (b) of sub-rule (1). ; (b) after sub-rule (6), the following sub- .....

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