PMLA is an act by Indian government to curb black money. For what does ‘P’ in ‘PMLA’ stands for?
PMLA is an act by Indian government to curb black money. For what does ‘P’ in ‘PMLA’ stands for?
1). Power
2). Prevention
3). People
4). Proper
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- ‘PMLA’ stands for Prevention of Money Laundering Act.
- It is an act of parliament to prevent money laundering came into effect on July 1, 2005.
- Money laundering is the process of obtaining money from criminal activity like drugs dealing, terror activity etc.
- If found guilty in the Money Laundering Act, PMLA defines rigorous punishment from five to ten years.
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