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Legal and Regulatory Aspects of Bank - 2 (JAIIB)
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Under Prevention of Money Laundering Act, 2002, banks are required to maintain record of cash transactions of the value of
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A
above Rs. 10 lac
💡 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.