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CMA Final · Corporate and Economic Laws · Laws and Regulations related to Anti-Money Laundering

A provisional attachment order under Section 5 of the PMLA is dated 1 March. The High Court stays the proceedings for 50 days, and the stay is then vacated. Under the Act, how is the 180-day period computed?

The period of the High Court stay is excluded from the 180 days, and a further period not exceeding thirty days from the date the stay is vacated is counted. The clock neither includes the stay fully nor restarts afresh.

  1. AThe stay period is excluded, and a further period not exceeding thirty days from the date of vacation of the stay is countedCorrect
  2. BThe stay period is counted fully within the 180 days
  3. CThe stay period is excluded and no further period is counted after vacation
  4. DThe 180 days restart afresh from the date of vacation of the stay

Explanation

The third proviso to Section 5(1) excludes the period of a High Court stay and counts a further period not exceeding thirty days from the date of the order vacating the stay. It does not restart the 180 days, nor count the stay period in full.

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