{"act":{"id":"finance-act-2019-no-2","short_title":"The Finance Act, 2019 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":217,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/"},"unit":"section","section":{"number":"193","heading":"Amendment of section 3","text":"Amendment of section 3 193. In section 3 of the principal Act, the following Explanation shall be inserted, namely:— 'Explanation.—For the removal of doubts, it is hereby clarified that,— (i) | a person shall be guilty of offence of money-laundering if such person is found to have directly or indirectly attempted to indulge or knowingly assisted or knowingly is a party or is actually involved in one or more of the following processes or activities connected with proceeds of crime, namely:— (a) | concealment; or (b) | possession; or (c) | acquisition; or (d) | use; or (e) | projecting as untainted property; or (f) | claiming as untainted property, in any manner whatsoever; (ii) | the process or activity connected with proceeds of crime is a continuing activity and continues till such time a person is directly or indirectly enjoying the proceeds of crime by its concealment or possession or acquisition or use or projecting it as untainted property or claiming it as untainted property in any manner whatsoever.\".","html":"<p><b><b>Amendment of section 3</b></b></p><p><b><b>193</b>. </b>In section 3 of the principal Act, the following <i>Explanation </i>shall be inserted, namely:—</p><p>'<i>Explanation.—</i>For the removal of doubts, it is hereby clarified that,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>a person shall be guilty of offence of money-laundering if such person is found to have directly or indirectly attempted to indulge or knowingly assisted or knowingly is a party or is actually involved in one or more of the following processes or activities connected with proceeds of crime, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>concealment; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>possession; or</td></tr><tr><td>(<i>c</i>)</td><td></td><td>acquisition; or</td></tr><tr><td>(<i>d</i>)</td><td></td><td>use; or</td></tr><tr><td>(<i>e</i>)</td><td></td><td>projecting as untainted property; or</td></tr><tr><td>(<i>f</i>)</td><td></td><td>claiming as untainted property,</td></tr><tr><td></td><td></td><td>in any manner whatsoever;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>the process or activity connected with proceeds of crime is a continuing activity and continues till such time a person is directly or indirectly enjoying the proceeds of crime by its concealment or possession or acquisition or use or projecting it as untainted property or claiming it as untainted property in any manner whatsoever.\".</td></tr></table></div>","words":170,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/section/193/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}