Under the Prevention of Money-laundering Act, 2002, the definition of "chit fund company" refers to…
Section 2(1)(h) defines "chit fund company" by reference to chits as defined in section 2 of the Chit Funds Act, 1982, not the Companies Act, the Banking Regulation Act, or…
Choose your answer
Under the Prevention of Money-laundering Act, 2002, the definition of "chit fund company" refers to which Act?
Answer and explanation
Correct answer A
Section 2(1)(h) defines "chit fund company" by reference to chits as defined in section 2 of the Chit Funds Act, 1982, not the Companies Act, the Banking Regulation Act, or FEMA, which define unrelated terms.