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CS Executive · Economic, Commercial and Intellectual Property Laws · Prevention of Money Laundering

A criminal trial abroad under the corresponding law of another country ends with a finding that the property in India is not involved in money-laundering. Who may order its release under the PMLA, 2002?

The Special Court may order release of the property to the person entitled, on an application moved by the concerned person or the Director, after giving notice to the other party. This applies where the foreign court finds that money-laundering has not taken place or that the Indian property is not involved.

  1. AThe Special Court, on an application by the concerned person or the Director, after notice to the other partyCorrect
  2. BThe Director alone, without any court order
  3. CThe High Court, only on a suo motu basis
  4. DThe foreign court directly, through its own order

Explanation

Section 58A lets the Special Court order release of the property to the person entitled, on an application moved by the concerned person or the Director, after notice to the other party. The Director cannot release on his own and the foreign court does not order release in India.

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