Economic, Commercial & Intellectual Property Laws (ECIPL)

Q. What is the object and scope of Foreign Exchange Management Act, 1999 ? (Dec, 21 -4 Marks)

Q. Discuss the objectives of enacting the Foreign Exchange Management Act, 1999. Explain in brief the scheme of Foreign Exchange Management Act, 1999. (June, 19 -4 marks)

Q. Discuss Overall Scheme of Foreign Exchange Management Act, 1999. (Dec, 22 - 4 marks)

Q. Define the following terms under Foreign Exchange Management Act, 1999:

1. Automatic Route

2. Government Route

3. Foreign Portfolio Investment

4. Foreign Portfolio Investor (June,23 – 4 marks)

Q. Who is an authorized person under Foreign Exchange Management Act, 1999 and what are his obligations ? (Dec,18- 4 marks)

Q. Discuss the provisions relating to mode of acquiring immovable property outside India by a person resident in India under the Foreign Exchange Management Act, 1999 (FEMA) and Foreign Exchange Management (Acquisition and Transfer of Immovable Property Outside India) Regulations, 2015. (June, 19 – 5 Marks), (Dec, 20 – 5 Marks) (Dec, 21 -4 Marks)

Q. Vinesh is a person resident outside India. He wishes to acquire the Immovable property in India for carrying on a permitted activity. Explain whether Vinesh can do so under Section 6(5) of the Foreign Exchange and Management Act, 1999 ? (June, 24 – 5 Marks)

Q. Prior approval of RBI is not mandatory for transfer of Capital instruments from resident to non-residents by way of sale. Comment. (Dec, 18 - 5 marks)

Q. Can a resident individual acquire/sell foreign securities without prior approval of Reserve Bank of India ? Comment. (Dec, 21 - 4 Marks)

Q. What do you mean by Liberalised Remittance Scheme? (June,23 – 4 marks)

Q. What are limits of Current Account Transactions by an Individual under liberalized remittance scheme ? (June, 22 – 5 Marks)

Q. What facilities are available in case of private visits and for emigration under the Liberalized Remittance Scheme (LRS)? (Dec,23 - 4 marks) (New Syllabus)

Q. Whether following remittances by Resident Individuals need prior approval of Reserve Bank of India : (Dec,23 – 4 marks)

1. Geeta gifts to her sister in New York USD 2,45,000.

2. Manav spends USD 3,50,000 as fees for an Academic Course in New Zealand.

3. Ishan spends USD 1,75,000 on European Tour.

4. Ashima is going to Australia for Emigration and she wants to draw USD 2,75,000.

Q. Whether following remittances by persons other than individuals require prior approval of the Reserve Bank of India under Liberalized Remittance Scheme :

1. Vikram Associates, a partnership firm in India wants to remit USD 2,000,000 for consultancy services procured from outside India for a project other than infrastructure Project.

2. Lakshay & Co., a partnership firm wants to remit USD 9,000,000 for consultancy services procured from outside India for an infrastructure project.

3. Mayank Pvt. Ltd., a Real Estate Company in India want to remit commission of USD 25,000 to an agent outside India for selling a residential flat in India for which he has remitted USD 400,000 in India

4. PQR Pvt. Ltd., a Real Estate Company in India want to remit commission of USD 25,000 to an agent outside India for selling a Commercial plot in India for which he has remitted USD 2,000,000 in India

5. Navya Ltd., an Indian company wants to remit USD 100,000 to a company outside India towards reimbursement of pre-incorporation expenses for investment of USD 2,000,000 in its company which is fully brought into India. (June, 25 – 5 Marks)

Q. What documents are to be submitted by a person resident in India for transfer of shares, to a person resident outside India by way of gift. (Dec, 22 - 5 marks)

Q. What are the provisions relating to Acquisition/Sale of Foreign Securities by Resident Individual in India. (4 marks)

Q. What is the limit on possession and retention of foreign currency or foreign coins under the Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015? (June, 22 – 4 Marks)

Q. Elaborate briefly the pre-requisites for compounding process under Foreign Exchange Management Act (FEMA), 1999. (June,23 – 5 marks)

Q. What is Importer-Exporter Code ? How is it obtained ? (June, 22 – 4 Marks)

Q. State the rules relating to acquisition and transfer of immovable property in India by a Non Resident Indian (NRI). (Dec, 21 -5 Marks)

Q. Enumerate the situations in which the drawal of foreign exchange is prohibited under the Foreign Exchange Management (Current Account Transactions) Rules, 2000. (June, 21 – 4 Marks)

Q.What do you mean by Compounding of Contraventions ? (June, 22 – 4 Marks)

Q. Explain briefly scope and procedure for compounding of contravention under Foreign Exchange Management Act, 1999. (Dec, 20 – 4 Marks)

Q. State the pre-requisites for compounding process in respect of contravention committed, under the Foreign Exchange Management (FEMA) Act, 1999. (June, 21 – 5 Marks)

Q. Foreign Exchange Management (Possession and Retention of Foreign Currency) Regulations, 2015 deals with limits on possession and retention of foreign currency or foreign coins. What is the limit of possession or retention of foreign currency or foreign coins under Regulation 3 ? (Dec,18- 4 marks)

Q. Discuss the establishment and jurisdiction of Appellate Tribunal constituted under the Foreign Exchange Management Act, 1999. (Dec,19- 4 marks)

Q. Define the term 'authorised person' under the Foreign Exchange Management Act, 1999 and state the powers of the Reserve Bank of India to issue directions to an 'authorised person'. (Dec,15- 5 marks, Old Syllabus)

Q. Alex, a foreign diplomat desires to buy immovable property in India. Is he permitted to do so ? Give reasons in brief. (Dec,15- 3 marks, Old Syllabus)

Q. How much foreign exchange is available to a person going abroad on emigration? (Dec,15- 3 marks, Old Syllabus)

Q. What are the classes of capital account transactions of persons resident in India ? (Dec,15- 3 marks, Old Syllabus)

Q. What is 'intent and obligation' of foreign direct investment in India under the Foreign Exchange Management Act, 1999 ? (Dec,16 - 3 marks, Old Syllabus)

Q. What is current account transaction under Foreign Exchange Management Act, 1999. (Dec,17 – 5 marks, Old Syllabus)

Q. The Central Government being aggrieved with the decision/orders of the Adjudicating Authority and Special Director (Appeals), appointed under sections 16 and 17 of the Foreign Exchange Management Act (FEMA), 1999 respectively, desires to file an appeal against such orders. Advise, how to proceed with ? (Dec,18 – 5 marks, Old Syllabus)

Q. What obligations may be imposed upon an exporter, who receives advance payment from a buyer outside India, under Foreign Exchange Management Act (FEMA), 1999 ? (Dec,18 – 5 marks, Old Syllabus)

Q. (i) What is meant by contravention under the Foreign Exchange Management Act (FEMA), 1999 ?

Which kind of approval is essential for the following transactions, under the FEMA, 1999 :

1. Yusuf, a non-resident Indian wants to transfer his shares of a company to non-resident.

2. Karan, wants foreign exchange facility to visit England, for which he requires USD 3,50,000.

3. Nalini, wants to get USD 2,50,000 for brain tumor surgery at London.

(Dec,18 – 5 marks, Old Syllabus)

Q. Who can purchase immovable property in India ? State the requirements which must be satisfied for repatriation of sale proceeds of any immovable property outside India under Foreign Exchange Management Act, 1999. (Dec,19 – 5 marks, Old Syllabus)

Q. Explain the procedure relating to establishment of Appellate Tribunal under Foreign Exchange Management Act, 1999. (Jun,17 – 5 marks, Old Syllabus)

Q. When overseas investment may be made by a registered trust or a society ? State the eligibility criteria which must be satisfied before such overseas investment under Foreign Exchange Management Act, 1999. (Jun,19 – 5 marks, Old Syllabus)

Q. Advise with reason on availing foreign exchange facility under Foreign Exchange Management Act, 1999, for :

1. John desires USD 2,00,000 for a private visit to any country excluding Nepal and Bhutan. (1 mark)

2. Jitesh has to maintain his close relative abroad, needs USD 50,000 per year. (1 mark)

3. Sohan desires to gift his sister USD 100,000 on her birthday. (1 mark)

4. A person who is resident, but not permanently resident in India, this a citizen of a foreign state other than Pakistan desires to remit his total net salary to his spouse without any limit and without being questioned about his expenses for survival in India. Can he do so or not ? Is there any limit ? (2 marks) (Jun,19 Old Syllabus)

Q. Explain and justify the following cases of ‘Resident Individuals’ under Foreign Exchange and Management Act, 1999 :

1. Tushar Mehta wishes to remit a sum of USD 50,000 as gift to his daughter in France. Whether he can do so ?

2. Deepa, a young girl aged 22 years, wishes to go to Poland for a private visit and she wishes to obtain USD 2,75,000/- for her private visit. Can she obtain ?

3. Akanksha, a software engineer is going for an employment in Budapest, requires a sum of USD 99,000 for her settlement abroad. Does she require prior approval of Reserve Bank of India ?

4. Sandeep Sharma VP in a Domestic Indian company is going to visit the company plant location in New York for 30 days. He estimated a sum of USD 3,00,000 as expenditure. This is his first visit during the FY 2024-2025. Can he do so ?

5. Parents of General Manager Sushant Agarwal from Delhi, is residing in Germany.

He seeks your consultancy in sending a sum of USD 2,02,500 to his parents for their maintenance ? (Dec, 24 – 5 Marks)

Q. Sky Heights Aviation Limited wants to enter the Civil Aviation Sector by constructing airports and developing air transport services in India and abroad. Some International Aviation Companies are interested in investing in it. Explain the Entry Routs for investment and the permissible percentage to receive such investment under the Foreign Direct Investment Regulation & Policy. (June, 25 – 5 Marks)

Q. Indian Satellite & Technology Pvt. Ltd. is an Indian start-up that has recently developed advanced Satellite technology. A major Aerospace company from Russia is interested in investing in it. Explain the Entry Routes for investment and compliance to receive the investment under the Foreign Direct Investment-Regulation and Policy. (Dec, 24 – 5 Marks)

Q. Describe the conditions which do not require fresh approval of the Government for bringing in further foreign investment in a business entity, under Foreign Direct Investment (FDI) in India. (Dec, 22 – 4 Marks)

Q. Discuss various modes of payment allowed for receiving Foreign Direct Investment (FDI) to an Indian Company. (Dec, 20 – 4 Marks)

Q. Under what conditions ‘Foreign Direct Investment’ in limited liability partnership is permitted. (June,19- 4 Marks)

Q. What are the conditions for foreign investment in Limited Liability Partnerships (LLPs) ? (June, 24 – 5 Marks)

Q. List the instruments included as Non-Debt instruments under Foreign Direct Investment– Regulation and Policy. (Dec,23 – 4 marks)

Q. State the guidelines for FDI in Pension Sector along with Entry Route and percentage of Equity/FDI under Foreign Direct Investment–Regulation and Policy. (Dec,23 – 4 marks)

Q. Describe the conditions which do not require fresh approval of the Government for bringing in further foreign investment in a business entity, under Foreign Direct Investment (FDI) in India. (Dec,22 - 4 marks)

Q. What are entry routes of Foreign Direct Investment in India under Foreign Direct Investment–Regulation and Policy ? (Dec,23 – 4 marks)

Q. Enumerate the sectors/activities where foreign direct investment is prohibited under the Foreign Direct Investment Policy in India. (Dec,19- 4 marks)

Q. What are the penalties for contravention of Foreign Direct Investment Regulations? (June, 22 - 4 marks)

Q. What is meant by Overseas Direct Investment (ODI) and Overseas Portfolio Investment OPI) under Overseas Direct Investment ? (June, 24 – 5 Marks)

Q. What do you mean by “Financial Commitment” and “Indian Party” under Overseas Direct Investment? (June, 23 - 4 marks)

Q. Discuss the terms and conditions for overseas direct investment by a proprietorship concern/ unregistered partnership firm in India. (June, 23 -4 Marks)

Q. What are the conditions for Indian party to make investment in overseas joint venture or wholly owned subsidiaries ? (June, 22 - 4 marks)

Q. What are the permissible sources for the funding of Overseas Direct Investment? (June, 21 – 4 Marks)

Q. State the obligations of an Indian person who has made direct investment outside India, under the provisions of the Foreign Exchange Management Act, 1999. (Dec, 20 – 4 Marks)

Q. Can an Indian Trust or Society make overseas direct investment ? What are the eligibility criteria for an lndian Trust or Society for making Overseas Direct Investment under the Foreign Exchange Management (Overseas Investment) Regulations, 2022 ? (Dec,23 – 4 marks)

Q. State the sources within which the Indian mutual funds registered with SEBI are permitted to invest in overseas direct investment. (June,19- 4 marks)

Q. Chandu intends to make overseas direct investment with a view to earning a return. Since Chandu is looking at either real estate or lottery, you are required to state the restriction or prohibitions in context of ODI. (Dec, 23 - 5 marks) (New Syllabus)

Q. Swarna Charitable Trust registered on 21.12.2023 engaged in the Educational Sector filed an Application with the RBI seeking approval to invest US$ in a foreign entity in Australia on 10.2.2025. Examine whether the Trust is likely to receive approval from the RBI for making such an investment. Support your answer with reasons. Also explain the conditions for making Overseas Direct Investment for such a Trust in a Foreign Entity. (June, 25 – 5 Marks)

Q. What are the Key highlights of Foreign Trade Policy, 2023 ? (Dec, 24 – 5 Marks)

Q. What is the meaning of “Deemed Exports” for the purpose of Foreign Trade Policy (FTP) and Goods and Service Tax (GST). What are the benefits for Deemed Exports ? (June, 24 – 5 Marks)

Q. Elaborate the objectives of Foreign Trade Policy (FTP) (2015-2020) of India. (Dec, 22 - 4 marks)

Q. Who is status holder under the Foreign Trade Policy and Procedure of India enumerated as per Foreign Trade Policy. (Dec,23 - 4 marks) (New Syllabus)

Q. What mandatory documents are required to be submitted for export and import of goods from/into India? (June,23 – 4 marks)

Q. Explain any four provisions related to eligibility of service providers under Service Exports from India Scheme (SEIS) as per Foreign Trade Policy and Procedure. (June,23 – 4 marks)

Q. Explain the coverage of Export Promotion of Capital Goods (EPCG) Scheme in Foreign Trade Policy, 2023. (Dec,23 – 5 marks)

Q. How does Export Promotion Capital Goods Scheme facilitate the import of capital goods for producing quality goods and services to enhance Indian Export Competitiveness? (June, 22 – 4 Marks)

Q. Foreign Trade Policy envisages, ‘‘Export should not merely be a function of marketable surplus but should also reflect an enhancement of economic capacity and development’’. Explain the statement. (Dec, 22 - 4 marks)

Q. What is the object of service export from India Scheme and what are the eligibility conditions of obtaining benefits of the same under Foreign Trade Policy 2015- 20 ? (Dec,18 - 4 marks)

Q. State the objectives of the National Committee on Trade Facilitation (NCTF). How does the National Trade Facilitation Action Plan aim to achieve these objectives under the Foreign Trade Policy, 2023 ? (June, 25 – 5 Marks)

Q. What is meant by Special Economic Zone (SEZ) ? State the purpose and salient features of the Special Economic Zones Act, 2005. (June, 21 – 4 Marks)

Q. ‘‘Special Economic Zones are the growth engines of our country.’’ Comment upon this statement in view of salient features of Special Economic Zones Act, 2005. (Dec, 21 – 5 Marks)

Q. What do you understand by ‘‘Offshore Banking Unit’’ under Special Economic Zone Act, 2005 ? (June, 19- 4 marks) (June, 21 – 4 Marks)

Q. Who can establish the Special Economic Zone ? Discuss. (Dec,18 - 4 marks)

Q. What are the duties, powers and functions of ‘‘Board of Approval’’ regarding orderly development of Special Economic Zones under Special Economic Zones Act, 2005 ? (Dec,23 – 4 marks)

Q. When the Board of Approval is empowered to suspend the letter of approval granted to the developer under Special Economic Zone (SEZ) Act, 2005.

Q. XYZ Ltd. has been granted approval by the Board of Approval for foreign collaborations and foreign direct investments (including investments by a person resident outside India) in the Special Economic Zone for its development, operation and maintenance. XYZ Ltd. has persistently defaulted in complying with the directions of the Board. What action can be taken by the Board of Approval against XYZ Ltd. under Section 10 of the Special Economic Zones Act, 2005 ? (June, 24 – 5 Marks)

Q. State the prime functions of the Development Commissioner as incorporated in the Special Economic Zones Act, 2005. (Dec,19- 5 marks)

Q. How the approval committee is constituted under the Special Economic Zone Act, 2005? (Dec, 22 - 4 marks)

Q. Explain the functions and powers of Approval Committee under the Special Economic Zone Act, 2005. (Dec,19- 4 marks)

Q. Explain the provisions with regard to setting up of unit under Section 15 of the Special Economic Zones Act, 2005. (June,23 – 5 marks)

Q. How the ‘‘Special Economic Zone Authority’’ is constituted under Special Economic Zone Act, 2005 ? Which are the defects or irregularities for which any act or proceedings of an authority can not be invalidated ? (June,19- 4 marks each)

Q. In what manner is the Special Economic Zone Authority constituted ? State the functions of the Special Economic Zone Authority under the Special Economic Zones Act, 2005. (June, 25 – 5 Marks)

Q. Discuss the functions of Special Economic Zone Authority under Special Economic Zones Act, 2005. (Dec, 20 – 4 Marks)

Q. Analyse the powers of the Central Government to supersede the Special Economic Zone Authority under the Special Economic Zones Act, 2005. What will be the consequences of its implementation? (Dec,23 - 5 marks) (New Syllabus)

Q. The object of the Foreign Contribution (Regulation) Act, 2010 is to legalise foreign donations and hospitality to office bearers of political parties. Comment. (Dec, 18 - 5 marks)

Q. Discuss the salient features of Foreign Contribution (Regulation) Amendment Act, 2020. (Dec,23 – 4 marks)

Q. Gama is resident in India and citizen of India. He is going to receive the foreign contribution from US. Explain the foreign contribution and conditions under which he can receive such foreign contribution under Foreign Contribution (Regulation) Act, 2010 ? (June, 24 – 5 Marks)

Q. What do you understand by foreign hospitality? List the categories of persons who require prior approval from the Ministry of Home Affairs before accepting Foreign Hospitality? (Dec, 22 - 5 marks)

Q. Which are the organizations and persons who are specifically debarred from receiving foreign contributions under Foreign Exchange Regulation Act, 2010 ? (Dec,18 - 4 marks)

Q. What kinds of restrictions and prohibition have been imposed upon person, resident of India and citizen of India to accept foreign contribution under the Foreign Contribution (Regulation) Act, 2010 ? (June, 22 – 5 Marks)

Q. Discuss the circumstances in which the Foreign Contribution (Regulation) Act, 2010 does not apply. (Dec, 20 – 5 Marks)

Q. Explain the provisions of section 5 of the Foreign Contribution (Regulation) Act, 2010 relating to procedure to notify on Organization of a political nature. (Dec, 23 - 5 marks) (New Syllabus)

Q. Discuss the powers of Central Government to prohibit receipt of foreign contribution. (Dec, 21 – 5 Marks)

Q. State the procedure for making an application for renewal of certificate under the Foreign Contribution (Regulation) Act, 2010. (Dec,15- 3 marks, Old Syllabus)

Q. “Cancellation of certificate under the Foreign Contribution (Regulation) Act, 2010”. iscuss. (June, 22 – 4 Marks)

Q. Under what circumstances can the Central Government cancel the certificate granted under Section l2 for receiving foreign contribution under the Foreign Contribution (Regulation) Act, 2010 ? (June, 25 – 5 Marks)

Q. Elucidate the provisions regarding the management of foreign contribution of person whose certificate has been cancelled or surrendered. (Dec, 22 - 5 marks)

Q. When can the assets created out of Foreign Contribution be disposed of under Section 22 of the The Foreign Contribution (Regulation) Act, 2010. (Dec,23 – 4 marks)

Q. Discuss adjudication of confiscation and procedure thereof, under the Foreign Contribution (Regulation) Act, 2010. (Dec, 22 - 4 marks)

Q. When and to whom an appeal may be preferred against the order of adjudication of confiscation, under the Foreign Contribution (Regulation) Act, 2010 ? (June, 21 – 4 Marks)

Q. Discuss the provisions where the Central Government may call for and examine any proceedings under the Foreign Contribution (Regulation) Act, 2010. (June,23 – 5 marks)

Q. State the provisions regarding the penalties and punishment provided under the Foreign Contribution (Regulation) Act, 2010. (Dec,19- 4 marks)

Q. What is a ‘Foreign Company’ and what are the conditions for receiving Foreign Contribution by a Person Resident in India as per provisions of the Foreign Contribution (Regulation) Act, 2010. (Dec, 24 – 5 Marks)

Q. What are the effects of Money laundering on the economic development of a country? (June, 19- 3 marks)

Q. Define the term “Money Laundering”. What is the punishment for money laundering? (Dec, 20 – 3 Marks)

Q. What do you understand by the term “Money Laundering” under the Prevention of Money Laundering Act, 2002? (Dec,18- 3 Marks)

Q. ‘‘Money laundering is an Economic Crime’’. What punishment is provided for it under Prevention of Money Laundering Act, 2002? (Dec, 21 – 3 Marks)

Q. X was caught transferring funds through illegal export of opium from India to South Africa. State whether X has committed any offence under the Prevention of Money Laundering Act, 2002. Elucidate the punishment that may be imposed on X under the Act. (June, 25 – 5 Marks)

Q. Amit, a director of a Public Limited Company was on a business trip to USA. Suddenly, he developed chest pain there and was provided medical treatment in a hospital, the funds for which were provided by one John, a US national who happened to be his friend. Did Amit violate the provisions of the Foreign Contribution Regulation Act, 2010 ? Give reason. (Dec, 23 - 5 marks) (New Syllabus)

Q. Explain the obligations which have been imposed upon the banks to remain cautious under the Prevention of Money Laundering Act, 2002. (June, 21 – 3 Marks)

Q. What do you mean by the KYC guidelines as given under the Prevention of Money Laundering Act, 2002 ? (Dec,19- 3 marks)

Q. Which information should be preserved by the banks under Prevention of Money Laundering Act, 2002 ? (June, 21 – 4 Marks)

Q. Define the term 'money laundering'. How does it impact the development of a growing economy ? Discuss. (Dec,15 - 7 marks, Old Syllabus)

Q. Discuss briefly the process of money laundering. (Dec,16 - 3 marks, Old Syllabus)

Q. Discuss the objectives and functions of the Financial Action Task Force (FATF). (Dec,16 - 5 marks, Old Syllabus)

Q. Is the offence committed under Prevention of Money Laundering Act,2002 is cognizable and bailable ? State the law and procedure relating to it. (Dec,17 - 5 marks, Old Syllabus)

Q. What information is required to be preserved by Banks under Prevention of Money laundering Act,2002. Discuss also the process of maintenance and preservation of records by Banks. (Dec,17 - 5 marks, Old Syllabus)

Q. Write a note on the role of the Financial Action Task Force (FATF) for preventing money laundering. (Dec,18 - 5 marks, Old Syllabus)

Q. Analyse and discuss the law and procedure, regarding retention of records, if seized or frozen, under the Prevention of Money Laundering Act, 2002. (Dec,18 - 8 marks, Old Syllabus)

Q. Discuss in brief the initiative taken in U.N. Vienna Convention held in Dec. 1988 to prevent money laundering in the world for investment in drugs and narcotics (Dec,19 - 5 marks, Old Syllabus)

Q. What is meant by 'money laundering' ? Mention the provisions of the Prevention of Money Laundering Act, 2002 regarding the obligations of banking companies, financial institutions and intermediaries. (Jun,16 - 5 marks, Old Syllabus)

Q. How the attachment of property is executed under Prevention of Money Laundering Act, 2002 ? (Jun,16 - 5 marks, Old Syllabus)

Q. State the objectives of KYC policy. What elements should be incorporated in KYC policy. Who may be treated as customer for the purpose of KYC policy ? (Jun,19 - 5 marks, Old Syllabus)

Q. X, an officer of the Enforcement Directorate along with his team entered into a house, belonging to a reputed and rich person, the person present in house objected to it and demands the order of the competent court for searching the concerned house, i.e. Search Warrant. But the officer ignores and simply shows his ID. Discuss the powers of Enforcement Directorate and its relevant procedure as laid down in the Prevention of Money Laundering Act, 2002. (Jun,19 - 5 marks, Old Syllabus)

Q. What is meant by “Regulated Entities” (REs) under the Prevention of Money-Laundering Act, 2002 ? (June, 24 – 5 Marks)

Q. Ravinder is a public servant and a sum of ` 50 Lakhs was recovered from his car parked outside his house while he was sitting in his car with Uttam, a businessman who allegedly handed over this money to clear his Income Tax file pending with Ravinder. Explain whether this money can be regarded as ‘Proceeds of Crime’ under the Prevention of Money Laundering Act, 2002 ? What defense can Ravinder submit to prove that he is not guilty ? Support your answer with relevant case law. (Dec, 24 – 5 Marks)