 bill  no  xxxi of  2008 the prevention of money-laundering (amendment) bill, 2008 a billfurther to amend the prevention of money-laundering act, 2002be it enacted by parliament in the fifty-ninth year of the republic of india as follows:—1 (1) this act may be called the prevention of money-laundering (amendment)act, 2008short title and commencement5(2) it shall come into force on such date as the central government may, bynotification in the official gazette, appoint15 of 2003amendment of section 22 in section 2 of the prevention of money-laundering act, 2002 (hereinafter referred to as the principal act), in sub-section (1),—(i) after clause (d), the following clause shall be inserted, namely:—1042 of 1999'(da) ''authorised person'' means an authorised person as defined inclause (c) of section 2 of the foreign exchange management act, 1999, and includes a person who has been authorised or given general or specialpermission by the reserve bank of india and overseas principals with whom the person so authorised or having general or special permission conducts a service involving international money transfer;'; (ii) after clause (j), the following clause shall be inserted, namely:—5'(ja) ''designated business or profession'' means carrying on activities for playing games of chance for cash or kind, and includes such activities associated with casino or such other activities as the central government may, by notification, so designate, from time to time;';10(iii) in clause (l), for the words ''a non-banking financial company'', the words ''an authorised person, a payment system operator and a non-banking financial company'' shall be substituted;2 of 1934(iv) in clause (q), after the words and figures ''reserve bank of india act,1934'', the words ''and includes a person carrying on designated business or profession'' shall be inserted;(v) after clause (r), the following clauses shall be inserted, namely:—15'(ra) ''offence of cross border implications'', means—20(i) any conduct by a person at a place outside india which constitutes an offence at that place and which would have constituted an offence specified in part a, part b or part c of the schedule, had it been committed in india and if such person remits the proceeds of such conduct or part thereof to india; or25(ii) any offence specified in part a, part b or part c of the schedule which has been committed in india and the proceeds of crime, or part thereof have been transferred to a place outside india or any attempt has been made to transfer the proceeds of crime, or part thereof from india to a place outside indiaexplanation—nothing contained in this clause shall adversely affect any investigation, enquiry, trial or proceeding before any authority in respect of the offences specified in part a or part b of the schedule to the act before the commencement of the prevention of money-laundering (amendment) act, 2008';30(rb) "payment system operator" means any person, who operates, maintains, facilitates or sustains a payment system involving the use of credit card or any other similar card or system, which enables payment to be effected between a payer and a beneficiary;'35(vi) in clause (y), for sub-clause (ii), the following clauses shall be inserted, namely:—"(ii) the offences specified under part b of the schedule if the total value involved in such offences is thirty lakh rupees or more; or(iii) the offences specified under part c of the schedule"3 in section 5 of the principal act, in sub-section (1),—40amendment of section 5(a) for the words "ninety days", the words "one hundred and fifty days"shall be substituted;(b) for the proviso, the following proviso shall be substituted, namely:—45"provided that no such order of attachment shall be made unless, in relation to the scheduled offence, a report has been forwarded to a magistrate under section 173 of the code of criminal procedure, 1973, or a complaint has been filed by a person authorised to investigate the offence mentioned in theschedule, before a magistrate or court for taking cognizance of the scheduled offence, as the case may be;"4 in section 6 of the principal act,—amendment of section 65(i) in sub-section (1), for the words "one or more adjudicating authorities",the words "an adjudicating authority" shall be substituted;(ii) in the proviso to sub-section (8), for the word "sixty-two", the word"sixty-five" shall be substitutedamendment of section 125 in section 12 of the principal act, for sub-section (2), the following sub-section shall be substituted, namely:—10"(2)(a) the records referred to in clause (a) of sub-section (1) shall bemaintained for a period of ten years from the date of transactions between the clients and the banking company or financial institution or intermediary, as the case may be;15(b) the records referred to in clause (c) of sub-section (1) shall be maintainedfor a period of ten years from the date of cessation of transactions between the clients and the banking company or financial institution or intermediary, as the case may be"amendment of section 176 in section 17 of the principal act, in sub-section (1), for the proviso, the following proviso shall be substituted, namely:—202 of 1974"provided that no search shall be conducted unless, in relation to thescheduled offence, a report has been forwarded to a magistrate under section 157 of the code of criminal procedure, 1973, or a complaint has been filed by a person authorised to investigate the offence mentioned in the schedule before a magistrate or court for taking cognizance of the scheduled offence, as the case may be"257 in section 18 of the principal act,—amendment of section 18(i) in sub-section (1), the following proviso shall be inserted, namely:—2 of 197430"provided that no search of any person shall be made unless, in relationto the scheduled offence, a report has been forwarded to a magistrate under section 173 of the code of criminal procedure, 1973, or a complaint has been filed by a person authorised to investigate the offence mentioned in the schedule, before a magistrate or court for taking cognizance of the scheduled offence, as the case may be"; (ii) in sub-section (9), the proviso shall be omitted8 in section 28 of the principal act, in sub-section (2), clause (a) shall be omittedamendment of section 2835amendment of section 329 in section 32 of the principal act, in sub-section (2), the following proviso shall be inserted, namely:—"provided that the chief justice of india shall be consulted before removal of the chairperson or a member who was appointed on the recommendation of the chief justice of india"40amendment of section 3810 in section 38 of the principal act, for the words "one or more of the othermembers", the words "third member" shall be substitutedamendment of section 6011 in section 60 of the principal act, after sub-section (6), the following subsection shall be inserted, namely:—45"(7) when any property in india is confiscated as a result of execution of a request from a contracting state in accordance with the provisions of this act, the central government may either return such property to the requesting state or compensate that state by disposal of such property on mutually agreed terms that would take into account deduction for reasonable expenses incurred in investigation, prosecution or judicial proceedings leading to the return or disposal of confiscated property"512 in the principal act, in the schedule,—amendment of schedule(i) in part a,—(a) in paragraph 1, after section 121a and the entry relating thereto, the following sections and the entires shall be inserted, namely:—| section       | description of offence                                    ||---------------|-----------------------------------------------------------|| 10            |                                                           || "489a         | counterfeiting currency notes or bank notes              || 489b          | using as genuine, forged or counterfeit currency notes or || bank notes"; |                                                           || 15            |                                                           |(b) in paragraph 2, for sections 15, 18 and 20 and the entries relating thereto, the following sections and the entries shall be substituted, namely:—| section         | description of offence                                    ||-----------------|-----------------------------------------------------------|| "15             | contravention in relation to poppy straw                 || 16              | contravention in relation to coca plant and coca leaves  || 17              | contravention in relation to prepared opium              || 18              | contravention in relation to opium poppy and opium       || 20              |                                                           || 19              | embezzlement of opium by cultivator                      || 20              | contravention in relation to cannabis plant and cannabis || 21              | contravention in relation to manufactured drugs and       || preparations"; |                                                           || 25              |                                                           |(c) after paragraph 2, the following paragraphs shall be inserted, namely:— paragraph 3 offences under the explosive substances act, 1908| section                                              | description of offence                                 ||------------------------------------------------------|--------------------------------------------------------|| 30                                                   |                                                        || 3                                                    | causing explosion likely to endanger life or property || 4                                                    | attempt to cause explosion, or for making or keeping   || explosives with intent to endanger life or property |                                                        || 5                                                    | making or possessing explosives under suspicious       || circumstances                                       |                                                        || paragraph 4                                          | 35                                                     | offences under the unlawful activities (prevention) act, 1967| section                | description of offence                                                ||------------------------|-----------------------------------------------------------------------|| 10 read with section 3 | penalty for being member of an unlawful                               || association, etc      |                                                                       || 40                     | 11 read with sections 3 penalty for dealing with funds of an unlawful || and 7                  | association                                                          || 13 read with section 3 | punishment for unlawful activities                                   || section                                               | description of offence                            ||-------------------------------------------------------|---------------------------------------------------|| 16 read with section 15 punishment for terrorist act |                                                   || 17                                                    | punishment for raising fund for terrorist act    || 18                                                    | punishment for conspiracy, etc                   || 5                                                     |                                                   || 19                                                    | punishment for harbouring, etc                   || 20                                                    | punishment for being member of terrorist gang     || or organisation                                      |                                                   || 21                                                    | punishment for holding proceeds of terrorism     || 10                                                    |                                                   || 38                                                    | offence relating to membership of a terrorist     || organisation                                         |                                                   || 39                                                    | offence relatiang to support given to a terrorist || organisation                                         |                                                   || 40                                                    | offence of raising fund for a terrorist           || organisation";                                       |                                                   |15(ii) in part b,—(a) for paragraph 1, the following paragraph shall be substituted, namely:— ''paragraph  1offences under the indian penal codesectiondescription of offence20120bcriminal conspiracy255counterfeiting government stamp257making or selling instrument for counterfeiting government stamp258sale of counterfeit government stamp25259having possession of counterfeit government stamp260using as genuine a government stamp known to be counterfeit302murder30304punishment for culpable homicide not amounting to murder307attempt to murder308attempt to commit culpable homicide327voluntarily causing hurt to extort property, or to constrain to an illegal act35329voluntarily causing grievous hurt to extort property, or to constrain to an illegal act364akidnapping for ransom, etc384 to 389offences relating to extortion392 to 402offences relating to robbery and dacoity40411dishonestly receiving stolen property412dishonestly receiving property stolen in the commission of a dacoity| section                         | description of offence                                   ||---------------------------------|----------------------------------------------------------|| 413                             | habitually dealing in stolen property                   || 414                             | assisting in concealment of stolen property             || 467                             | forgery of valuable security, will, etc                 || 5                               | 471                                                      || record                         |                                                          || 472 and 473                     | making or possessing counterfeit seal, etc, with intent || to commit forgery              |                                                          || 475 and 476                     | counterfeiting device or mark                           || 481                             | using a false property mark                             || 482                             | punishment for using a false property mark              || 483                             | counterfeiting a property mark used by another          || 484                             | counterfeiting a mark used by a public servant          || 485                             | making or possession of any instrument for               || counterfeiting a property mark | 15                                                       || 486                             | selling goods marked with a counterfeit property mark   || 487                             | making a false mark upon any receptacle containing       || goods                          |                                                          || 488                             | punishment for making use of any such false mark''     || 20                              |                                                          |(b) in paragraph 3, before section 51 read with section 17a and the entry relating thereto, the following section and the entry shall be inserted, namely:—| section       | description of offence     ||---------------|----------------------------|| "51 read with | hunting of wild animals"; || section 9     |                            || 25            |                            |(c) in paragraph 5, after section 10 and the entry relating thereto, the following section and the entry shall be inserted, namely:—| section   | description of offence                     ||-----------|--------------------------------------------|| "13       | criminal misconduct by a public servant"; || 30        |                                            |(d) after paragraph 5, the following paragraphs shall be inserted, namely:— "paragraph 6 offences under the explosives act, 1884|     | section                          |   description of offence ||-----|----------------------------------|--------------------------|| 9-b | punishment for certain offences |                       35 || 9-c | offences by companies           |                          | paragraph 7 offences under the antiquities and arts treasures act, 1972| section      | description of offence                               ||--------------|------------------------------------------------------|| 40           |                                                      || 25 read with | contravention of export trade in antiquities and art || section 3   | treasures                                           || 28           | offences by companies                               | paragraph 8 offences under the securities and exchange board of india  act, 1992| section      | description of offence                                    ||--------------|-----------------------------------------------------------|| 5            |                                                           || 12a read     | prohibition of manipulative and deceptive devices,        || with         | insider trading and substantial acquisition of securities || section 24   | or control                                               || paragraph  9 |                                                           || o            |                                                           || ffences      |                                                           ||              |                                                           || under        |                                                           ||              |                                                           || the          |                                                           || c            |                                                           || ustoms       |                                                           || a            |                                                           || ct           |                                                           || , 1962       |                                                           || 10           | section                                                   || 135          | evasion of duty or prohibitions                          | paragraph 10 offences under the bonded labour system (abolition) act, 1976|                                               | section                                               | description of offence                       ||-----------------------------------------------|-------------------------------------------------------|----------------------------------------------|| 15                                            | 16                                                    | punishment for enforcement of bonded labour || 18                                            | punishment for extracting bonded labour under the     |                                              || bonded labour system                         |                                                       |                                              || 20                                            | abetment to be an offence                            |                                              || paragraph 11                                  |                                                       |                                              || 20                                            |                                                       |                                              || o                                             |                                                       |                                              || ffences                                       |                                                       |                                              ||                                               |                                                       |                                              || under                                         |                                                       |                                              ||                                               |                                                       |                                              || the                                           |                                                       |                                              || c                                             |                                                       |                                              || hild                                          |                                                       |                                              || l                                             |                                                       |                                              || abour                                         |                                                       |                                              || (p                                            |                                                       |                                              || rohibition                                    |                                                       |                                              ||                                               |                                                       |                                              || and                                           |                                                       |                                              || r                                             |                                                       |                                              || egulation                                     |                                                       |                                              || )                                             |                                                       |                                              || a                                             |                                                       |                                              || ct                                            |                                                       |                                              || , 1986                                        |                                                       |                                              || section                                       | description of offence                                |                                              || 14                                            | punishment for employment of any child to work in     |                                              || contravention of the provisions of section 3 |                                                       |                                              || 25                                            |                                                       |                                              || paragraph 12                                  |                                                       |                                              || o                                             |                                                       |                                              || ffences                                       |                                                       |                                              ||                                               |                                                       |                                              || under                                         |                                                       |                                              ||                                               |                                                       |                                              || the                                           |                                                       |                                              || t                                             |                                                       |                                              || ransplantation                                |                                                       |                                              ||                                               |                                                       |                                              || of                                            |                                                       |                                              || h                                             |                                                       |                                              || uman                                          |                                                       |                                              || o                                             |                                                       |                                              || rgans                                         |                                                       |                                              || a                                             |                                                       |                                              || ct                                            |                                                       |                                              || , 1994                                        |                                                       |                                              || section                                       | description of offence                                |                                              || 18                                            | punishment for removal of human organ without         |                                              || authority                                    |                                                       |                                              || 30                                            |                                                       |                                              || 19                                            | punishment for commercial dealings in human organs   |                                              || 20                                            | punishment for contraventon of any other provision of |                                              || this act                                     |                                                       |                                              || paragraph 13                                  |                                                       |                                              || 35                                            |                                                       |                                              || o                                             |                                                       |                                              || ffences                                       |                                                       |                                              ||                                               |                                                       |                                              || under                                         |                                                       |                                              ||                                               |                                                       |                                              || the                                           |                                                       |                                              || j                                             |                                                       |                                              || uvenile                                       |                                                       |                                              || j                                             |                                                       |                                              || ustice                                        |                                                       |                                              || (c                                            |                                                       |                                              || are                                           |                                                       |                                              ||                                               |                                                       |                                              || and                                           |                                                       |                                              || p                                             |                                                       |                                              || rotection                                     |                                                       |                                              ||                                               |                                                       |                                              || of                                            |                                                       |                                              || c                                             |                                                       |                                              || hildren                                       |                                                       |                                              || ) a                                           |                                                       |                                              || ct                                            |                                                       |                                              || , 2000                                        |                                                       |                                              || section                                       | description of offence                                |                                              || 23                                            | punishment for cruelty to juvenile or child          |                                              || 24                                            | employment of juvenile or child for begging          |                                              || section                                                | description of offence                                   ||--------------------------------------------------------|----------------------------------------------------------|| 25                                                     | penalty for giving intoxicating liquor or narcotic drug  || or psychotropic substance to juvenile or child        |                                                          || 26                                                     | exploitation of juvenile or child employee              || 5                                                      |                                                          || paragraph 14                                           |                                                          || o                                                      |                                                          || ffences                                                |                                                          ||                                                        |                                                          || under                                                  |                                                          ||                                                        |                                                          || the                                                    |                                                          || e                                                      |                                                          || migration                                              |                                                          || a                                                      |                                                          || ct                                                     |                                                          || , 1983                                                 |                                                          || section                                                | description of offence                                   || 24                                                     | offences and penalties                                  || paragraph 15                                           |                                                          || o                                                      |                                                          || ffences                                                |                                                          ||                                                        |                                                          || under                                                  |                                                          ||                                                        |                                                          || the                                                    |                                                          || p                                                      |                                                          || assports                                               |                                                          || a                                                      |                                                          || ct                                                     |                                                          || , 1967                                                 |                                                          || 10                                                     |                                                          || section                                                | description of offence                                   || 12                                                     | offences and penalties                                  || paragraph 16                                           |                                                          || o                                                      |                                                          || ffences                                                |                                                          ||                                                        |                                                          || under                                                  |                                                          ||                                                        |                                                          || the                                                    |                                                          || f                                                      |                                                          || oreigners                                              |                                                          || a                                                      |                                                          || ct                                                     |                                                          || , 1946                                                 |                                                          || section                                                | description of offence                                   || 15                                                     |                                                          || 14                                                     | penalty for contravention of provisions of the act, etc || 14b                                                    | penalty for using forged passport                       || 14c                                                    | penalty for abetment                                    || paragraph 17                                           |                                                          || 20                                                     |                                                          || o                                                      |                                                          || ffences                                                |                                                          ||                                                        |                                                          || under                                                  |                                                          ||                                                        |                                                          || the                                                    |                                                          || c                                                      |                                                          || opyright                                               |                                                          || a                                                      |                                                          || ct                                                     |                                                          || , 1957                                                 |                                                          || section                                                | description of offence                                   || 63                                                     | offence of infringement of copyright or other rights     || conferred by this act                                 |                                                          || 25                                                     |                                                          || 63a                                                    | enhanced penalty on second and subsequent                || convictions                                           |                                                          || 63b                                                    | knowing use of infringing copy of computer programme    || 68a                                                    | penalty for contravention of section 52a                || paragraph 18                                           |                                                          || o                                                      |                                                          || ffences                                                |                                                          ||                                                        |                                                          || under                                                  |                                                          ||                                                        |                                                          || the                                                    |                                                          || t                                                      |                                                          || rade                                                   |                                                          || m                                                      |                                                          || arks                                                   |                                                          || a                                                      |                                                          || ct                                                     |                                                          || , 1999                                                 |                                                          || section                                                | description of offence                                   || 30                                                     |                                                          || 103                                                    | penalty for applying false trade marks, trade            || descriptions, etc                                     |                                                          || 104                                                    | penalty for selling goods or providing services to which || false trademark or false trade description is applied |                                                          || 35                                                     |                                                          || 105                                                    | enhanced penalty on second or subsequent conviction     || section     | description of offence                              ||-------------|-----------------------------------------------------|| 107         | penalty for falsely representing a trade mark as    || registered |                                                     || 5           |                                                     || 120         | punishment of abetment in india of acts done out of || india      |                                                     | paragraph 19 offences under the information technology act, 2000| section        | description of offence                              ||----------------|-----------------------------------------------------|| 72             | penalty for breach of confidentiality and privacy  || 10             |                                                     || 75             | act to apply for offence or contravention committed || outside india |                                                     | paragraph 20 offences under the biological diversity act, 2002| section        | description of offence                         ||----------------|------------------------------------------------|| 55 read with 6 | penalties for contravention of section 6, etc || 15             |                                                | paragraph 21 offences under the protection of plant varieties and farmers' rights act, 2001| section                  | description of offence                        ||--------------------------|-----------------------------------------------|| 70 read with 68          | penalty for applying false denomination, etc || 20                       |                                               || 71 read with 68          | penalty for selling varieties to which false  || denomination is applied |                                               || 72 read with 68          | penalty for falsely representing a variety as || registered              |                                               || 25                       |                                               || 73 read with 68          | penalty for subsequent offence               | paragraph 22 offences under the environment protection act, 1986| section        | description of offence                            ||----------------|---------------------------------------------------|| 15 read with 7 | penalty for discharging environmental pollutants || 30             |                                                   || 15 read with 8 | penalty for handling hazardous substance         | paragraph 23 offences under the water (prevention and control of pollution) act, 1974| section   | description of offence                                 ||-----------|--------------------------------------------------------|| 41(2)     | penalty for pollution of stream or well               || 35        |                                                        || 43        | penalty for contravention of provisions of section 24 | paragraph 24 offences under the air (prevention and control of pollution) act, 1981| section           | description of offence                              ||-------------------|-----------------------------------------------------|| 5                 |                                                     || 37                | failure to comply with the provisions for operating || industrial plant |                                                     | paragraph 25 offences under the supression of unlawful  acts against safety10 of maritime navigation and fixed platforms on continental shelf act, 2002| section                                  | description of offence                                  ||------------------------------------------|---------------------------------------------------------|| 3                                        | offences against ship, fixed platform, cargo of a ship, || maritime navigational facilities, etc" |                                                         |(iii) after part b, the following part shall be inserted, namely:— ''part c15an offence which is the offence of cross border implications and is specified in,—(1) part a; or (2) part b without any monetary threshold; or20(3) the offences against property under chapter xvii of the indian penal code'' statement of objects and reasonsthe prevention of money-laundering act, 2002 was brought into force in 2005 to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and for matters connected therewith or incidental thereto the act also addressed the international obligations under the political declaration and global programme of action adopted by the general assembly of the united nations to prevent money-laundering the act was amended in 2005 to remove the diffculties in implementation of the act2 the prevention of money-laundering  (amendment) bill, 2008 seeks to bring certain financial institutions like full fledged money changers, money transfer service providers such as western union and international payment gateways including visa and master card within the reporting regime of the act the bill incorporates provisions to combat financing of terrorism and it introduces a new category of offences which have cross-border implications the bill seeks to amend the act, to provide, inter alia, to—(a) include institutions like full fledged money changers and money transfer service providers and to bring the business activities such as casinos under the reporting regime of the act;(b) make provisions for the 'offences with cross border implications' and to add new part c in the schedule to the act for such offences;(c) ensure that the investigating agency can attach any property and search a person only after completing investigation and also to enhance the period of provisional attachment of property from 90 days to 150 days;(d) empower the enforcement directorate to search the premises immediately after the offence is committed and the police has filed a report under section 157 of code of criminal procedure, 1973;(e) increase the age of retirement of chairperson and members of the adjudicating authority from 62 years to 65 years;(f) provide mandatory consultation with the chief justice of india before removal of the chairperson or a member of the appellate tribunal;(g) enable the central government to return the confiscated property to the requesting country in order to implement the provisions of the united nations convention against corruption; and(h) expand the scope of the act by adding certain offences in part a and part b of the schedule to the act 3 the bill seeks to achieve the above objectsnew delhi;p chidambaramthe  9th july, 2008 memorandum regarding delegated legislationclause 2 of the bill empowers the central government to notify, from time to time, an activity for playing games of chance for cash or kind as 'designated business or profession' for the purpose of bringing them into the reporting regime under the act2 the matters in respect of which notification may be issued are generally matters of details and administrative procedure the delegation of legislative power is, therefore, of a normal character annexure extracts from the prevention of money-laundering act, 2002 (15 of 2003)    2 (1) in this act, unless the context otherwise requires,—definitions    2 of 1934(1) "financial institution" means a financial institution as defined in clause (c) of section 45-i of the reserve bank of india act, 1934 and includes a chit fund company, a co-operative bank, a housing finance institution and a non-banking financial company;'(q) ''non-banking financial company'' shall have the same meaning as assigned to it in clause (f) of section 45-i of the reserve bank of india act, 1934;     chapter iii attachement, adjudication and confiscation5 (1) where the director, or any other offcer not below the rank of deputy director authorised by him for the purposes of this section, has reason to believe (the reason for such belief to be recorded in writing), on the basis of material in his possession, that—attachment of property involved in moneylaundering(a) any person is in possession of any proceeds of crime; (b) such person has been charged of having committed a scheduled offence;and(c) such proceeds of crime are likely to be concealed, transferred or dealt with in any manner which may result in frustrating any proceedings relating to confiscation of such proceeds of crime under this chapter,43 of 1961he may, by order in writing, provisionally attach such property for a period not exceeding ninety days from the date of the order, in the manner provided in the second schedule to the income-tax act, 1961 and the director or the other officer so authorised by him, as the case may be, shall be deemed to be an officer under sub-rule (e) of rule 1 of that schedule:provided that no such order of attachment shall be made unless, in relation to an offence under—(i) paragraph 1 of part a and part b of the schedule, a report has been forwarded to a magistrate under section 173 of the code of criminal procedure, 1973; or2 of 1974 61 of 1985(ii) paragraph 2 of part a of the schedule, a police report or a complaint has been filed for taking cognizance of an offence by the special court constituted under sub-section (1) of section 36 of the narcotic drugs and psychotropic substances act, 1985     adjudicating authorities, composition, powers, etc6 (1) the central government shall, by notification, appoint one or more adjudicating authorities to exercise jurisdiction, powers and authority conferred by or under this act    (8) the chairperson and every member shall hold office as such for a term of five years from the date on which he enters upon his office:provided that no chairperson or other member shall hold office as such after he has attained the age of sixty-two years     chapter iv obligations of banking companies, financial institutions and intermediaries12 (1)    (2) the records referred to in sub-section (1) shall be maintained for a period of ten years from the date of cessation of the transactions between the clients and the banking company or financial institution or intermediary, as the case may be|               ||----------------|| banking        || companies,     || financial      || institutions   || and intermedi- || aries to       || maintain       || records       || search and     || seizure       |17 (1) where the director, on the basis of information in his possession, has reason to believe (the reason for such belief to be recorded in writing) that any person—    provided that no search shall be conducted unless, in relation to an offence under—2 of 1974(a) paragraph 1 of part a and part b of the schedule, a report has been forwarded to a magistrate under section 173 of the code of criminal procedure, 1973; or61 of 1985(b) paragraph 2 of part a of the schedule, a police report or a complaint has been filed for taking cognizance of an offence by the special court constituted under sub-section (1) of section 36 of the narcotic drugs and psychotropic substances act, 1985     18 (1)    search of persons(9) the authority shall record the statement of the person searched under subsection (1) or sub-section (5) in respect of the records or proceeds of crime found or seized in the course of the search:provided that no search of any person shall be made unless, in relation to an offence under—2 of 1974(a) paragraph 1 of part a or paragraphs 1 or paragraph 2 or paragraph 3 or paragraph 4 or paragraph 5 of part b of the schedule, a report has been forwarded to a magistrate under section 173 of the code of criminal procedure, 1973; or61 of 1985(b) paragraph 2 of part a of the schedule, a police report or a complaint has been filed for taking cognizance of an offence by the special court constituted under sub-section (1) of section 36 of the narcotic drugs and psychotropic substances  act, 1985     28 (1)    (2) a person shall not be qualifed for appointment as a member unless he—qualifications for appointment(a) is or has been a judge of a high court; or    decision to be by majority38 if the members of a bench consisting of two members differ in opinion on any point, they shall state the point or points on which they differ, and make a reference to the chairperson who shall either hear the point or points himself or refer the case for hearing on such point or points by one or more of the other members of the appellate tribunal and such point or points shall be decided according to the opinion of the majority of the members of the appellate tribunal who have heard the case, including those who first heard it     the schedule part a|     |     |     |     |    ||------|------|------|------|-----| paragraph 2offences under the narcotic drugs and psychotropic substances act, 1985| section   | description of offence                                    ||-----------|-----------------------------------------------------------|| 15        | contravention in relation to poppy straw                 || 18        | contravention in relation to opium poppy and opium       || 20        | contravention in relation to cannabis plant and cannabis ||          |                                                          | part b paragraph 1 offences under the indian penal code| section                                                            | description of offence                                                ||--------------------------------------------------------------------|-----------------------------------------------------------------------|| 302                                                                | murder                                                               || 304                                                                | culpable homicide not amounting to murder, if act by which the        || death is caused is done with the intention of causing death       |                                                                       || 307                                                                | attempt to murder                                                    || 308                                                                | attempt to commit culpable homicide                                  || 327                                                                | voluntarily causing hurt to extort property, or a valuable security,  || or to constrain to do anything which is illegal or which may       |                                                                       || facilitiate the commission of the offence                         |                                                                       || 329                                                                | voluntarily causing grievous hurt to extort property, or a valuable   || security, or to constrain to do anything which is illegal or which |                                                                       || may facilitate the commission of the offence                      |                                                                       || 364a                                                               | kidnapping for ransom, etc                                           || 384 to 389                                                         | offences relating to extortion                                       || 392 to 402                                                         | offences relating to robbery and dacoity                             || 467                                                                | forgery of a valuable security, will or authority to make or transfer || any valuable security, or to receive any money, etc               |                                                                       || 489a                                                               | counterfeiting curency notes or bank notes                           || 489b                                                               | using as genuine, forged or counterfeit currency notes or bank        || notes                                                             |                                                                       ||                                                                   |                                                                      |———— a billfurther to amend the prevention of money-laundering act, 2002————(shri p chidambaram, minister of finance)gmgipmrnd—2674rs(s-5)—29-07-2008