 "TDS on Rs 1-crore cash withdrawal aimed at cracking down on black money")
The government has tightened the anti-money laundering laws by expanding the ambit of the “proceeds of crime”, which now includes properties and assets created through any criminal activity even if it is not under the Prevention of Money Laundering Act (PMLA). These crimes will now be considered as “relatable offence”.
The new amendment has been brought in with the Finance Bill passed in the Lok Sabha on Thursday.
According to the new norms, the proceeds of a crime will include property not only derived or obtained from the scheduled offence, but also that which is directly or indirectly be derived
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