Multiple choice

Under Prevention of Money Laundering Act, 2002, banks are required to maintain record of cash transactions of the value of

  1. Rs. 50000 and above

  2. Rs. 1 lac and above

  3. Rs. 10 lac and above

  4. above Rs. 10 lac
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

As per Rule 3 of the Rules notified by Notification No. 9/2005, every banking company, financial institution and intermediary shall maintain a record of all cash transactions of the value of more than Rs. 10 lac or its equivalent in foreign currency. Thus, option 4 is the correct answer.

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