Real-time Stock quotes, portfolio, LIVE TV and more.
Jul 19, 2012, 10.16 PM IST
The Union Cabinet today deferred a proposal to amend the Unlawful Activities (Prevention) Act which aims at effectively combating money laundering and terror financing and declare such crime as terrorist acts.
The Cabinet did not take any decision on the home ministry's proposal to amend the UA(P)A and would consider again later, official sources said. Through the proposed amendment, the government intends to make UA(P)
A more effective in preventing unlawful financial activities, money laundering, terror financing and circulation of Fake Indian Currency Notes. The Bill enhances from two years to five years the period for which an association involved in terrorist acts, including terror financing, will be declared unlawful. It widens the definition of "terrorist act" by including activities that threaten the economic security of India and damage its monetary stability by production, smuggling or circulation of 'high quality' counterfeit currency.
Through the amendment, government wants to confer more powers on the court to provide for attachment or forfeiture of property equivalent to the value of counterfeit Indian currency in real terms involved in the offence, property equivalent to the value of the proceeds of terrorism involved in the offence besides others.
The provisions have been incorporated in the UA(P) Amendment Bill which was first introduced in Lok Sabha on December 29, 2011. The Bill was referred to the Standing Committee on Home Affairs on January 13, 2012.
310 days 15 hrs 49 min ago
310 days 16 hrs 40 min ago
310 days 16 hrs 18 min ago
310 days 15 hrs 50 min ago
310 days 15 hrs 43 min ago
310 days 16 hrs 49 min ago
310 days 15 hrs 28 min ago
May 25 2013, 16:36
- in Technicals
May 25 2013, 16:36
- in MARKET OUTLOOK