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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.a)Reddy is guilty of money laundering as he is disguising the identity of illegally obtained proceeds by conducting media business with the ill-gotten wealth by investing in the companies to make the income legal.b)Reddy is guilty of money laundering since financial crimes have to be dealt with iron hand.c)Reddy is not guilty of money laundering since M/s Jagathi is genuinely involved in media business which is considered as the fourth pillar in a democracy.d)Reddy is not guilty of money laundering since the enforcement Authority lacks credible and hard evidence demonstrating the commission of money laundering.Correct answer is option 'A'. 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. 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.a)Reddy is guilty of money laundering as he is disguising the identity of illegally obtained proceeds by conducting media business with the ill-gotten wealth by investing in the companies to make the income legal.b)Reddy is guilty of money laundering since financial crimes have to be dealt with iron hand.c)Reddy is not guilty of money laundering since M/s Jagathi is genuinely involved in media business which is considered as the fourth pillar in a democracy.d)Reddy is not guilty of money laundering since the enforcement Authority lacks credible and hard evidence demonstrating the commission of money laundering.Correct answer is option 'A'. 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. 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.a)Reddy is guilty of money laundering as he is disguising the identity of illegally obtained proceeds by conducting media business with the ill-gotten wealth by investing in the companies to make the income legal.b)Reddy is guilty of money laundering since financial crimes have to be dealt with iron hand.c)Reddy is not guilty of money laundering since M/s Jagathi is genuinely involved in media business which is considered as the fourth pillar in a democracy.d)Reddy is not guilty of money laundering since the enforcement Authority lacks credible and hard evidence demonstrating the commission of money laundering.Correct answer is option 'A'. 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. 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.a)Reddy is guilty of money laundering as he is disguising the identity of illegally obtained proceeds by conducting media business with the ill-gotten wealth by investing in the companies to make the income legal.b)Reddy is guilty of money laundering since financial crimes have to be dealt with iron hand.c)Reddy is not guilty of money laundering since M/s Jagathi is genuinely involved in media business which is considered as the fourth pillar in a democracy.d)Reddy is not guilty of money laundering since the enforcement Authority lacks credible and hard evidence demonstrating the commission of money laundering.Correct answer is option 'A'. 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. 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.a)Reddy is guilty of money laundering as he is disguising the identity of illegally obtained proceeds by conducting media business with the ill-gotten wealth by investing in the companies to make the income legal.b)Reddy is guilty of money laundering since financial crimes have to be dealt with iron hand.c)Reddy is not guilty of money laundering since M/s Jagathi is genuinely involved in media business which is considered as the fourth pillar in a democracy.d)Reddy is not guilty of money laundering since the enforcement Authority lacks credible and hard evidence demonstrating the commission of money laundering.Correct answer is option 'A'. 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. 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.a)Reddy is guilty of money laundering as he is disguising the identity of illegally obtained proceeds by conducting media business with the ill-gotten wealth by investing in the companies to make the income legal.b)Reddy is guilty of money laundering since financial crimes have to be dealt with iron hand.c)Reddy is not guilty of money laundering since M/s Jagathi is genuinely involved in media business which is considered as the fourth pillar in a democracy.d)Reddy is not guilty of money laundering since the enforcement Authority lacks credible and hard evidence demonstrating the commission of money laundering.Correct answer is option 'A'. 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. 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.a)Reddy is guilty of money laundering as he is disguising the identity of illegally obtained proceeds by conducting media business with the ill-gotten wealth by investing in the companies to make the income legal.b)Reddy is guilty of money laundering since financial crimes have to be dealt with iron hand.c)Reddy is not guilty of money laundering since M/s Jagathi is genuinely involved in media business which is considered as the fourth pillar in a democracy.d)Reddy is not guilty of money laundering since the enforcement Authority lacks credible and hard evidence demonstrating the commission of money laundering.Correct answer is option 'A'. 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. 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.a)Reddy is guilty of money laundering as he is disguising the identity of illegally obtained proceeds by conducting media business with the ill-gotten wealth by investing in the companies to make the income legal.b)Reddy is guilty of money laundering since financial crimes have to be dealt with iron hand.c)Reddy is not guilty of money laundering since M/s Jagathi is genuinely involved in media business which is considered as the fourth pillar in a democracy.d)Reddy is not guilty of money laundering since the enforcement Authority lacks credible and hard evidence demonstrating the commission of money laundering.Correct answer is option 'A'. 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. 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.a)Reddy is guilty of money laundering as he is disguising the identity of illegally obtained proceeds by conducting media business with the ill-gotten wealth by investing in the companies to make the income legal.b)Reddy is guilty of money laundering since financial crimes have to be dealt with iron hand.c)Reddy is not guilty of money laundering since M/s Jagathi is genuinely involved in media business which is considered as the fourth pillar in a democracy.d)Reddy is not guilty of money laundering since the enforcement Authority lacks credible and hard evidence demonstrating the commission of money laundering.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CLAT tests.