Section 24(b) of the Prevention of Money Laundering Act, 2002 differs from 24(a) in that:
PMLA s.24(a) says the Authority or Court "shall" presume, for a person charged under s.3, that the proceeds are involved in money-laundering, while s.24(b) says that for…
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Section 24(b) of the Prevention of Money Laundering Act, 2002 differs from 24(a) in that:
Answer and explanation
Correct answer B
PMLA s.24(a) says the Authority or Court "shall" presume, for a person charged under s.3, that the proceeds are involved in money-laundering, while s.24(b) says that for "any other person" it "may presume". The difference is the discretionary nature of the presumption, not any limit to banks or foreign property.