Under the Prevention of Money-laundering Act, 2002, "overseas principal" in case of a Hindu undivided…
The Explanation to section 2(1)(rc) says that, for a Hindu undivided family, "overseas principal" means "the Karta of such family residing outside India" who owns, controls…
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Under the Prevention of Money-laundering Act, 2002, "overseas principal" in case of a Hindu undivided family means:
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Correct answer B
The Explanation to section 2(1)(rc) says that, for a Hindu undivided family, "overseas principal" means "the Karta of such family residing outside India" who owns, controls or manages, directly or indirectly, the payment system's activities in India. An ordinary coparcener is not covered, and a Karta resident in India does not qualify.