Amendment of section 73.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y of clients shall be verified by the reporting entities under clause (a) of sub-section (1) of section 12AA; (jjb) the manner of identifying the ownership and financial position of the client under clause (b) of sub-section (1) of section 12AA; (jjc) additional steps to record the purpose behind conducting the specified transaction and the intended nature of the relationship bet....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d to insert a section 12AA of the said Act so as to provide for the provisions for enhance due diligence. It is also proposed to amend section 15 of the said Act so as to provide the reference of newly inserted section 12AA therein. It is also proposed to insert Section 72A to allow power to Central Government to constitute Inter Ministerial Co-ordination Committee that is responsible for co....