As per the Prevention of Money Laundering Act, the banks are required to maintain a record of transactions of below Rs. lakh even, if the aggregate of such transactions is Rs _____ during _____ days/weeks/ months:
a. Rs. lakh, one-month
b. above Rs. lakh, one-month
c. above Rs. lakh, a single day
d. Rs. lakh, a single day
Important Questions on Banking Law and Practice
As per Prevention of Money Laundering Act, the banks are required to submit to Financial Intelligence Unit-India, monthly statement of large cash transactions called, CTR. It is to be submitted for transactions of Rs. _____ and within ______ of the close of the month:
a. Rs.10 lac, 7 days
b. above Rs.10 lac, 7 days
c. above Rs.10 lac, 15 days
d. Rs.10 lac, 5 days
As per the Prevention of Money Laundering Act, the banks are required to submit to Financial Intelligence Unit-India, a statement on suspicious transactions, called, STR. It is to be submitted for transactions of Rs _____ and within ______ of arriving at conclusion :
a. Rs. I0 lac, 7 days
b. above Rs.10 lac, 3 days
c. any amount, 7 days
d. any amount, 15 days
To open an account in the name of a proprietorship firm, which of the following documents can be used for proof of name and address:
(a) certificate/registration document issued by sales tax
(b) certificate/registration document issued by service tax
(c) certificate/registration document issued by professional tax authorities
(d) IEC number issued by DGFT
