Prevention of Money Laundering Act, 2002
1. Prevention of Money-Laundering Act, 2002 is?
(A)ACT NO. 15 OF 2003
(B)ACT NO. 22 OF 2003
(C)ACT NO. 11 OF 2003
(D)ACT NO. 3 OF 2003
Correct answer
(A)ACT NO. 15 OF 2003
2. Prevention of Money Laundering Act, 2002 came into force on?
(A)1st January 2002
(B)1st July 2005
(C)1st June 2004
(D)1st November 2002
Correct answer
(B)1st July 2005
3. “Financial institution” as defined under
Section 2(l) of Prevention of Money Laundering Act, 2002 does NOT
include? i. a chit fund company ii. a housing finance institution iii. a
payment system operator iv. a non-banking financial company v.
Department of Posts in the Government of India
(A)v only
(B)iv only
(C)ii, iv and v only
(D)None of the above
Correct answer
(D)None of the above
4. “Payment system” as defined under PMLA Act,
2002 does include? i. systems enabling credit card operations, debit
card operations ii. smart card operations iii. money transfer operations
(A)Only i
(B)Only iii
(C)Only i and iii
(D)All the above
Correct answer
(D)All the above
5. “Person” as defined under Prevention of Money-Laundering Act, 2002 includes?
(A)a Hindu undivided family
(B)every artificial juridical person
(C)an association of persons or a body of individuals, whether incorporated or not
(D)All the above
Correct answer
(D)All the above
6. “Precious metal” as defined PMLA Act, 2002 does not include?
(A)gold
(B)palladium or rhodium
(C)Diamond
(D)platinum
Correct answer
(C)Diamond
7. “Precious stone” as defined under PMLA Act, 2002 does not include?
(A)diamond
(B)graphite
(C)emerald
(D)sapphire
Correct answer
(B)graphite
8. Offence of money-laundering is defined in which section of PMLA Act, 2002?
(A)Section 3
(B)Section 2
(C)Section 1
(D)Section 11
Correct answer
(A)Section 3
9. “Punishment for money-laundering” is defined under which Section of PMLA Act 2002?
(A)Section 3
(B)Section 7
(C)Section 4
(D)Section 10
Correct answer
(C)Section 4
10. Which of the following is not prescribed in the provision of Prevention of Money Laundering Act, 2002?
(A)Seizure of property
(B)Attachment of Property
(C)Confiscation of Property
(D)Life Imprisonment
Correct answer
(D)Life Imprisonment
11. Whoever commits the offence of
money-laundering shall be punishable with rigorous imprisonment for a
term which shall not be less than three years but which may extend to?
(A)Three Years
(B)Five Years
(C)Seven years
(D)Ten years
Correct answer
(C)Seven years
12. Whoever commits the offence of
money-laundering, which relates to any offence specified under paragraph
2 of Part A of the Schedule, shall be punishable with rigorous
imprisonment for a term which shall not be less than three years but
which may extend to?
(A)Three Years
(B)Five Years
(C)Seven years
(D)Ten years
Correct answer
(D)Ten years
13. As per section 5 of PMLA Act, 2002, property can be provisionally attached for a period not exceeding _ from the date of the order?
(A)60 days
(B)90 days
(C)120 days
(D)180 days
Correct answer
(D)180 days
14. Director or any other officer who
provisionally attaches any property under PMLA Act 2002, shall, within a
period of _____days from such attachment, file a complaint stating the
facts of such attachment before the Adjudicating Authority?
(A)thirty days
(B)sixty days
(C)forty five days
(D)ninety days
Correct answer
(A)thirty days
15. Which among the following authority
appointed by Central Government shall exercise jurisdiction, powers and
authority conferred by or under Prevention of Money Laundering Act,
2002?
(A)Administrative Authority
(B)Adjudicating Authority
(C)Appellate Authority
(D)Adjudicating Commission
Correct answer
(B)Adjudicating Authority
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