Under the Prevention of Money-laundering Act, 2002, "overseas principal" in case of an individual means:
The Explanation to section 2(1)(rc) says that, for an individual, "overseas principal" means the individual "residing outside India, who owns or controls or manages,…
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Under the Prevention of Money-laundering Act, 2002, "overseas principal" in case of an individual means:
Answer and explanation
Correct answer A
The Explanation to section 2(1)(rc) says that, for an individual, "overseas principal" means the individual "residing outside India, who owns or controls or manages, directly or indirectly, the activities or functions of payment system in India". Merely paying through an Indian system, or running a system abroad from India, does not fit.