Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined and tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer?

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Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.

Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.

Recent major steps to bring back black money stashed abroad include -

I. Constitution of the Special Investigation Team (SIT) on Black Money

II. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroad

III. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparency

IV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.

V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.

VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.

VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).

Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.

Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?

a)
Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.
b)
Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.
c)
Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.
d)
Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.

Correct answer is option 'C'. Can you explain this answer?

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Eliminating Black Money was one of the objectives of demonetization a...

Correct Answer is (c)

Option (c) flows from the given principle of law and the factual matrix while other options are based on external knowledge. Thus, Option (c) is the most appropriate choice consistent with reasoning of the author and principle of law.

Incorrect Answers

None of the other options sets out views that are consistent with those of the author and principle of law in the passage above. Other options are based on external knowledge making them irrelevant to choose.

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Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. If shell companies are found to be engaged in financial crimes then crackdown is effected through enforcement actions. Dhawan incorporated multiple companies having no assets. By the use of web of shell companies and layering of proceeds of crime, he used to launder money.Enforcement Authority identified these shell companies. Based on the essence of the passage and given principle of law, decide the validity of crackdown?

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Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Benami transaction is committed where a property transaction is carried out under a fictitious name without his knowledge. A property is purchased and registered in the name of Mr A, a fictitious entity. Mr B creates some paper showing Mr. A has agreed to hold the property for Mr B. This makes Mr B the beneficial owner of the property. Whether the offence committed by Mr B is a Benami transaction?

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Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Money laundering is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources.Reddy has adopted several ingenious ways to amass illegal wealth. He abused his public office and floated a number of companies. He was appointed as a Director and Chairman of M/s Jagathi Pvt. Ltd. with an objective of conducting media business with the ill-gotten wealth. It is further revealed that Reddy laundered the bribe money by routing it through various individuals and companies and getting investments made by them in his companies at a high premium. Decide whether Reddy is guilty of money laundering.

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Directions: Read the passage carefully and answer the questions given beside.It has been repeatedly held that the PMLA (Prevention of Money Laundering Act) is a sui generis legislation, enacted to tackle money laundering through white-collar crimes. According to Section 3 of the PMLA, the act of projecting or claiming proceeds of crime to be untainted property constitutes the offense of money laundering. Under the Schedule to the PMLA, a number of offenses under the Indian Penal Code and other special statutes have been included, which serve as the basis for the offense of money laundering. In other words, the existence of predicate offense is sine qua non to charge someone with money laundering. It is crucial to note that the investigation and prosecution of the predicate offense are done typically by the Central Bureau of Investigation (CBI) or the State Police.Section 50 of the PMLA provides powers of a civil court to the ED authorities for summoning persons suspected of money laundering and recording statements. However, the Supreme Court held that ED authorities are not police officers. It observed in Vijay Madanlal Choudhary v. Union of India (2022) that “the process envisaged by Section 50 of the PMLA is in the nature of an inquiry against the proceeds of crime and is not ‘investigation’ in strict sense of the term for initiating prosecution.” There are other dissimilarities between ED authorities and the police. While the police are required to register a First Information Report (FIR) for a cognizable offense before conducting an investigation, ED authorities begin with search procedures and undertake their investigation for the purpose of gathering materials and tracing the ‘proceeds of crime’ by issuing summons. Any statement made by an accused to the police is inadmissible as evidence in court, whereas a statement made to an ED authority is admissible. A copy of the FIR is accessible to the accused, whereas the Enforcement Case Information Report is seldom available.While the police investigating the predicate offense are empowered to arrest and seek custody of the accused, the ED is meant to focus on recovering the proceeds of crime in order to redistribute the same to victims. It is not clear whether the ED has managed to do this. Per contra, the Proceeds of Crime Act, 2002, the analogous legislation in the U.K., almost entirely concentrates on the confiscation of assets through dedicated civil proceedings. Unfortunately, of late, much of the ED’s powers have been discharged in effecting pretrial arrests, which used to be the prerogative of the police investigating the predicate offence. In the past, the CBI was used to impart fear among political opponents. In the process, the agency received the condemnation of various courts and earned the nickname “caged parrot”. Whether the ED will go down the same path or reorient its approach will entirely depend on the intervention of the country’s constitutional courts.Q.Which of the following is not the appropriate cause-and-effect relationship in the passages context?

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Directions: Read the passage carefully and answer the questions given beside.It has been repeatedly held that the PMLA (Prevention of Money Laundering Act) is a sui generis legislation, enacted to tackle money laundering through white-collar crimes. According to Section 3 of the PMLA, the act of projecting or claiming proceeds of crime to be untainted property constitutes the offense of money laundering. Under the Schedule to the PMLA, a number of offenses under the Indian Penal Code and other special statutes have been included, which serve as the basis for the offense of money laundering. In other words, the existence of predicate offense is sine qua non to charge someone with money laundering. It is crucial to note that the investigation and prosecution of the predicate offense are done typically by the Central Bureau of Investigation (CBI) or the State Police.Section 50 of the PMLA provides powers of a civil court to the ED authorities for summoning persons suspected of money laundering and recording statements. However, the Supreme Court held that ED authorities are not police officers. It observed in Vijay Madanlal Choudhary v. Union of India (2022) that “the process envisaged by Section 50 of the PMLA is in the nature of an inquiry against the proceeds of crime and is not ‘investigation’ in strict sense of the term for initiating prosecution.” There are other dissimilarities between ED authorities and the police. While the police are required to register a First Information Report (FIR) for a cognizable offense before conducting an investigation, ED authorities begin with search procedures and undertake their investigation for the purpose of gathering materials and tracing the ‘proceeds of crime’ by issuing summons. Any statement made by an accused to the police is inadmissible as evidence in court, whereas a statement made to an ED authority is admissible. A copy of the FIR is accessible to the accused, whereas the Enforcement Case Information Report is seldom available.While the police investigating the predicate offense are empowered to arrest and seek custody of the accused, the ED is meant to focus on recovering the proceeds of crime in order to redistribute the same to victims. It is not clear whether the ED has managed to do this. Per contra, the Proceeds of Crime Act, 2002, the analogous legislation in the U.K., almost entirely concentrates on the confiscation of assets through dedicated civil proceedings. Unfortunately, of late, much of the ED’s powers have been discharged in effecting pretrial arrests, which used to be the prerogative of the police investigating the predicate offence. In the past, the CBI was used to impart fear among political opponents. In the process, the agency received the condemnation of various courts and earned the nickname “caged parrot”. Whether the ED will go down the same path or reorient its approach will entirely depend on the intervention of the country’s constitutional courts.Q.According to the passage, which of the following is NOT a key difference between ED authorities and the police in their approach to investigations?

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Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer?

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Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer? for CLAT 2024 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for CLAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer?.

Solutions for Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for CLAT. Download more important topics, notes, lectures and mock test series for CLAT Exam by signing up for free.

Here you can find the meaning of Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Eliminating Black Money was one of the objectives of demonetization as stated in the Government of India's 'Press Release' dated 8th November, 2016 in this regard.Action against black money stashed abroad is an on-going process. Such actions include putting in place appropriate legislative and administrative frameworks and processes along-with effective enforcement actions.Recent major steps to bring back black money stashed abroad include -I. Constitution of the Special Investigation Team (SIT) on Black MoneyII. Enactment of a comprehensive law - 'The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015' to specifically deal with black money stashed away abroadIII. Renegotiation of tax treaties to bring the Article on Exchange of Information to International Standards and expanding India's treaty network by signing tax treaties with many jurisdictions to facilitate the exchange of information and to bring transparencyIV. Enabling attachment and confiscation of property equivalent in value held within the country where the property/proceeds of crime is taken or held outside the country by amending the Prevention of Money-laundering Act, 2002 through the Finance Act, 2015.V. The Benami prohibition law which remained inoperative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016.VI. Relevant laws and rules have been streamlined & tightened, plugging the loopholes and strengthening the penal provisions.VII. Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions (searches, surveys, arrests, prosecutions).Thus, there had been co-coordination and monitoring of the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.Q. Prevention of Money-laundering Act, 2002 enables the attachment and confiscation of property where the property/proceeds of crime is taken or held outside the country. Revenue Minister Alex amassed huge properties through the proceeds of crime and deposited in Indian banks. During enquiry no trail of money was found in the foreign countries. In the given case when complaint was filed, should the court proceed with the attachment and confiscation of the property?a)Court should not proceed with the attachment and confiscation of property since the charge sheet is pending.b)Court should proceed with the attachment and confiscation of property since the Revenue Minister is a significant public office therefore Alex has violated the trust of the people.c)Courts should not take the cognizance since the entire transaction is limited within the Indian jurisdiction. Thus, the Act is not attracted when proceeds of crime are not taken outside the country.d)Court should proceed with the attachment and confiscation of property since black money, money laundering and corruption are serious socio-economic crime requiring stringent of actions.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice CLAT tests.

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