Executive Summary:
This notification, issued by the Ministry of Finance, appoints the Adjudicating Authority and Appellate Tribunal under the Prevention of Money Laundering Act, 2002, to also discharge functions under the Prohibition of Benami Property Transactions Act, 1988. This is effective from November 1, 2016, until new authorities are appointed under the latter act. Orders in certain cases must be passed within two months of the new authority commencing its functions.
Key Points / Main Content:
Adjudicating Authority:
* The Adjudicating Authority appointed under the Prevention of Money Laundering Act, 2002, will also function as the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988.
* This applies to cases where references have already been received by the Authority.
* The period of this dual function begins on November 1, 2016, and ends the day before a new Adjudicating Authority is appointed under the 1988 Act.
* Orders under sub-section 3 of section 26 of the Prohibition of Benami Property Transactions Act, 1988, must be passed within two months of the commencement of the new Adjudicating Authority.
Appellate Tribunal:
* The Appellate Tribunal referred to in the Prevention of Money Laundering Act, 2002, will also function as the Appellate Tribunal under the Prohibition of Benami Property Transactions Act, 1988.
* This applies to cases where appeals have already been filed before it.
* The period of this dual function begins on November 1, 2016, and ends the day before a new Appellate Tribunal is established under the 1988 Act.
Supersession:
* This notification supersedes notification number S.O. 3288(E) dated October 25, 2016, except for actions already completed or omitted before this supersession.
Impact Analysis:
Adjudicating Authority and Appellate Tribunal under the Prevention of Money Laundering Act, 2002:
* Impact: They are assigned additional responsibilities under the Prohibition of Benami Property Transactions Act, 1988, for a specified period.
* Action Required: Discharge functions under both Acts as specified, ensuring timely resolution of cases, and adhere to the two-month deadline for specific orders.
Central Government:
* Impact: The Central Government is responsible for ensuring the smooth transition and appointment of new authorities under the Prohibition of Benami Property Transactions Act, 1988.
* Action Required: Monitor the progress of cases and ensure the establishment of new authorities under the Prohibition of Benami Property Transactions Act, 1988.
Parties with cases/appeals pending before the Adjudicating Authority and Appellate Tribunal:
* Impact: The same authorities will continue to handle their cases under the Prohibition of Benami Property Transactions Act, 1988, during the specified period.
* Action Required: No immediate action is required unless directed by the Adjudicating Authority or Appellate Tribunal. They should continue to follow the proceedings of their cases.
Key Entities Referenced
Ministry of Finance: The Indian government ministry responsible for financial matters.
New Delhi: The capital city of India, where the notification was issued.
Prohibition of Benami Property Transactions Act, 1988: An Indian law that aims to prohibit benami transactions and provides for confiscating benami properties.
Central Government: The executive authority of the Union of India.
Adjudicating Authority: An authority appointed under subsection 1 of section 6 of the Prevention of Money Laundering Act, 2002.
Prevention of Money Laundering Act, 2002: An Act of the Parliament of India enacted to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering.
Appellate Tribunal: The Appellate Tribunal referred to in section 25 of the Prevention of Moneylaundering Act, 2002.
Pravin Rawal: Director of Tax Policy Legislation.
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6489 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]
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यह अिधसूचना उसके राजपP के "काशन क तारीख स े"भावी होगी ।
[अिधसूचना स.ं 77/2018/फा. स.ं 370149/194/2017-टीपीएल]
"वीण रावल, िनदशे क (कर नीित और िवधान)
MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 1st November, 2018
S.O. 5608(E).—In exercise of powers conferred by section 71 of the Prohibition of Benami Property
Transactions Act, 1988 (45 of 1988) (hereafter referred to as the said Act) and in suppression of notification number
S.O. 3288(E) dated the 25th October, 2016, except as respects things done or omitted to be done before such suppression,
the Central Government hereby notifies that,─
(i) the Adjudicating Authority appointed under sub-section (1) of section 6 of the Prevention of Money-
laundering Act, 2002 (15 of 2003) shall discharge the functions of the Adjudicating Authority under the said Act, for the
period beginning on 1st day of November, 2016 and ending on the date preceding the date on which the Adjudicating
Authority appointed under the said Act commences discharging the functions of the Adjudicating Authority under the
said Act, in respect of cases in which references have been received by it;
(ii) notwithstanding anything to the contrary contained in clause (i), the Adjudicating Authority appointed under
sub-section (1) of section 6 of the Prevention of Money-laundering Act, 2002 (15 of 2003) shall pass order under sub-
section (3) of section 26 of the said Act in respect of case in which the said order is required to be passed before the
expiry of two months from the end of the month in which the Adjudicating Authority appointed under the said Act
commences discharging the functions of the Adjudicating Authority under the said Act;
(iii) the Appellate Tribunal referred to in section 25 of the Prevention of Money-laundering Act, 2002 (15 of
2003) shall discharge the functions of the Appellate Tribunal under the said Act, for the period beginning on 1st day of
November, 2016 and ending on the date preceding the date on which the Appellate Tribunal established under the said
Act commences discharging the functions of the Appellate Tribunal under the said Act, in respect of cases in which
appeals have been filed before it.
This Notification shall come into effect from the date of its publication.
[Notification No.77/2018/F.No.370149/194/2017-TPL]
PRAVIN RAWAL, Director (Tax Policy & Legislation)
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.