Exemption under Section 12(5) of the Prevention of Money Laundering Act, 2002 may apply to-
Section 12(5) lets the Central Government, by notification, "exempt any reporting entity or class of reporting entities from any obligation under this Chapter". Exemptions…
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Exemption under Section 12(5) of the Prevention of Money Laundering Act, 2002 may apply to-
Answer and explanation
Correct answer B
Section 12(5) lets the Central Government, by notification, "exempt any reporting entity or class of reporting entities from any obligation under this Chapter". Exemptions are for entities, not individual clients or accused persons.