PMLA amendments for offences under Trade Marks & IT Act effective from 13.08.2024

Amendments to PMLA related to offences under the Trade Marks Act 1999 Information Technology Act 2000to comes into force from 13th August, 2024

MINISTRY OF FINANCE

(Department of Revenue)

NOTIFICATION

New Delhi, the 13th August, 2024

S.O. 3453(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Jan Vishwas (Amendment of Provisions) Act, 2023 (18 of 2023), hereinafter referred to as the said Act, the Central Government hereby appoints the 13th day of August, 2024 as the date on which the amendments to the Prevention of Money-laundering Act, 2002 (15 of 2003) as specified in column (5) against serial number 34 of the Schedule to the said Act, shall come into force.

[F. No. P-12011/12/2024-ES Cell-DOR]

RIMJHIM PANDEY, Under Secretary

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Note:

The Jan Vishwas (Amendment of Provisions) Act, 2023 (18 of 2023) received the assent of the President on the 11th August, 2023. It was brought to to amend certain enactments for decriminalising and rationalising offences to further enhance trust-based governance for ease of living and doing business.

The amendment proposed were to come into force on such date as may be notified by the Central Government and different dates may be appointed for amendments relating to different enactments mentioned in the Schedule to the Act.

It was also provided that the fines and penalties provided under various provisions in the enactments mentioned in the Schedule shall be increased by ten per cent. of the minimum amount of fine or penalty, as the case may be, prescribed therefor, after the expiry of every three years from the date of commencement of this Act.

As per serial number 34 of the Schedule the following amendments were provided under the Prevention of Money-laundering Act, 2002.

Offences under the Trade Marks Act, 1999

Section 103 Penalty for applying false trademarks, trade descriptions, etc.

Section 104 Penalty for selling goods or providing services to which false trademark or false trade description is applied.

Section 105 Enhanced penalty on second or subsequent conviction.

Section 120 Punishment of abetment in India of acts done out of India.

Offences under the Information Technology Act 2000

Section 75 Act to apply for offence or contravention committed outside India

• Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
• Mutual Funds to value physical Gold and Silver by using the polled spot prices
• SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
• Merely because sales were declared for only one month, same cannot be treated as bogus
• ITAT deleted addition as method of accounting had been accepted in earlier years