Under the Prevention of Money-laundering Act, 2002, "overseas principal" in case of a company or…
For an entity, the Explanation to section 2(1)(rc) requires incorporation, registration or existence outside India, together with direct or indirect ownership, control or…
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Under the Prevention of Money-laundering Act, 2002, "overseas principal" in case of a company or association means:
Answer and explanation
Correct answer D
For an entity, the Explanation to section 2(1)(rc) requires incorporation, registration or existence outside India, together with direct or indirect ownership, control or management of payment-system activities or functions in India. Being foreign-owned does not by itself convert an Indian-incorporated subsidiary into an overseas principal.