Prevention of Money Laundering Act, 2002 came into force with effect from July 1; 2005. The Government of India has enacted PML Act to prevent money-laundering and to provide for confiscation of property derived from or involved in, money-laundering. The Directorate of Enforcement in the Department of Revenue, Ministry of Finance is responsible for investigating…
Safe deposit lockers are specially designed lockers that are generally kept in specially built strong rooms for keeping the valuables of the hirer. In India, safe deposit lockers are available in most of the Bank branches. These lockers of different sizes like small, medium, large, and extra-large are purchased from reputed manufacturers to suit the…
The nominations made by locker hirer or there is a survivor clause in joint operation of the locker, such nomination or survivorship would facilitate expeditious release of articles in lockers to hirer’s nominee/s. Here we will go through the procedure (1) where there is survivor / nominee clause (2) where there is no survivor /…
When a sole depositor of safe custody article dies, the article deposited in the bank may be returned to the nominee if nomination is available. The nominee shall submit death certificate of deceased depositor and identification of nominee. If there is no nomination available, article may be returned to the legal representative of the deceased…
The Consumer Protection Act (COPRA) 1986 was enacted by the Government of India. The act spells out the rights of the Consumer and the responsibilities of the supplier. The law provides the establishment of consumer councils and other authorities for the settlement of consumers’ disputes and for matters connected therewith. Sec. 2 (1) (d) of…
When an insolvency petition has been filed in the Court, in respect of a customer of the bank, the bank shall immediately stop paying cheques drawn by the customer irrespective of cheque dated before or after the date of the petition. While dealing with such accounts, bankers need be to extra careful. Any act of…
The public sector banks are required to extend loans to the persons suffering from austim, retardness, as per Government policy. However, the question is for what purposes loans would be granted to retarded persons and how a bank can grant a loan to mentally retarded person as we are sure that bank cannot directly grant…
National Payments Corporation of India was registered under section 25 of companies’ act 1956 and became functional from April 2009 as an umbrella organization for all retail payments system in India. It was promoted by ten banks namely; State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, and Union Bank of India,…
The Clearing Corporation of India Ltd. (CCIL) was set up in 2001 commenced business operations in the securities market on February 15, 2002. CCIL provides an institutional infrastructure for the Clearing and Settlement of transactions by banks, financial institutions and primary dealers, in Government Securities, Money Market instruments, Foreign Exchange and other related products. The…
CFT is an acronym for Combating the Financing of Terrorism (CFT). Financing terrorism means providing financial support to terrorist or terrorist organizations intended to achieve political, religious, or ideological goals through violence and the threat of violence against civilians. The flow of funds may reach those terrorists from legitimate religious or cultural organizations or it…
