Recent amendment in PMLA Provisions draconian and discriminatory: CA Association gives Representation:

Recent amendment in PMLA Provisions draconian and discriminatory: CA Association gives Representation The Chartered Accountants Association(CAA) has made representation before Honorable Prime Minister of India regarding recent amendment in PMLA Provisions are draconian and discriminatory. The Representation stated as follows: We would like to bring to your kind notice that Chartered Accountants Association is representing Chartered Accountants is a constituent body under the societies act. The functions of the Association include holding of talks, workshops, seminars and conferences on topics of professional interest with a view to help the members keep themselves abreast of the developments in the fast-changing scenario, to represent members before various authorities etc. We would like to draw your kind attention towards the latest amendment made in PMLA ACT, which tends to include CA's, CS and ICWA Professionals under this Act. At the outset we consider these provisions quite draconian and discriminatory keeping in view that Lawyers (Who performs similar services to the clients) are outside the purview of this Act. In accordance with Section 2(1)(sa)(vi) of the PMLA, the Central Government notified a select few activities when they are performed for or on behalf of another natural or legal person. 1. Firstly, buying and selling of any immovable property. 2. Secondly, managing client money, securities, or other assets. 3. Thirdly, management of bank, savings, or securities accounts. 4. Fourthly, organization of contributions for the creation, operation, or management of companies. 5. Lastly, the creation, operation, or management of companies, limited liability partnerships or trusts, and buying and selling of business entities. These provisions are not only Arbitrary but tyrannical and peremptory to say the least. Managing the Assets on behalf of the client is as old as the profession itself. We being professionals are being trusted by the Clients that their Assets are in safe hands. But to punish Professionals for this job seems to be going against the spirit of law as well as the Profession. At the same time Lawyers perform the similar functions but they are outside the ambit of PMLA Act. We urge the Government drop these provisions. For Official Representation Download PDF Given Below: