Deposit balance limit excluded for government grants, welfare benefits and procurement payments, altering record maintenance rules. The Third Amendment Rules, 2017 insert a proviso to rule 2(1)(fb)(iii) of the Prevention of Money laundering (Maintenance of Records) Rules, 2005 excluding the prescribed balance limit when deposits are made through government grants, welfare benefits, or payments against procurements. The amendment takes effect on publication in the Official Gazette and thus narrowcasts the applicability of the balance-limit criterion for record maintenance in those specific circumstances.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deposit balance limit excluded for government grants, welfare benefits and procurement payments, altering record maintenance rules.
The Third Amendment Rules, 2017 insert a proviso to rule 2(1)(fb)(iii) of the Prevention of Money laundering (Maintenance of Records) Rules, 2005 excluding the prescribed balance limit when deposits are made through government grants, welfare benefits, or payments against procurements. The amendment takes effect on publication in the Official Gazette and thus narrowcasts the applicability of the balance-limit criterion for record maintenance in those specific circumstances.
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