Prevention of Money Laundering Act 2002 (PMLA)

 One of the most important Banking Laws and Practices in India is the Prevention of Money Laundering Act 2002. For a more comprehensive knowledge of banking laws and practices in India, the L.L.B. Colleges in India provide excellent courses and specializations in the field.

Let us take a look at some of the features of this Act.

What is money laundering?

Money laundering refers to owning, acquiring, and transferring money that is obtained through crime and illegal methods or knowingly entering into a transaction involving this kind of money. Money laundering is the conversion of money obtained by illegal means to money that appears to be gained from legitimate sources. Illegal or “dirty” money is put into a cycle of transactions so that it comes out as “clean” at the other end. 

Money laundering is the lifeblood of international drug trafficking and there are hundreds of billions of dollars in dirty money currently circling the globe. 

There are banking laws and regulations all over the world that target money laundering.

Regulations in India

Anyone who is directly or indirectly involved, knowingly or unknowingly is part of any activity connected with money obtained from crime is guilty of the offence of money laundering. The Narcotic Drugs and Psychotropic Substances Act, the Arms Act,  the Immoral Traffic (Prevention) Act, The Wildlife (Protection) Act, and the Prevention of Corruption Act, are all covered under the PMLA Act. 

Punishment is imprisonment for not less than three years and up to seven years, along with fines. Banking institutions are required to maintain records of transactions, the identity of clients, and other details due to this Act. Banks need to comply with the KYC norms without any kind of exceptions. 

Documents like Aadhar card and PAN Card, photo identity, source of income, declaration of multiple bank account details, expected income and banking activities, etc are recorded. Internal checking systems identify unusual banking transactions and if needed, action is taken. Thse steps need to be taken otherwise money launderers find it easy to open an account in a bank under a fake name. These steps prevent a bank from being used as part of a money laundering conspiracy.

Financial institutions, banks, stock brokers, etc have to report cash transactions of 10 lakh a month, and no-cash transactions of more than 1 crore a month to the Financial Intelligence Unit. 

Conclusion

Despite all these provisions, laws, and measures undertaken by financial institutions across the world, criminals come uop with new and ingenious ways to hide in plain sight, and defraud the system. The war on money laundering and drug trafficking can be termed as an “unwinnable” battle, yet the authorities must keep persisting and shutting down these operations. 

Nirma University is an L.L.B. College in Ahmedabad, offering excellent law courses and subjects like criminal law, corporate law, tax law, etc. 

The monitoring of individuals during the coronavirus pandemic.

 The coronavirus pandemic has affected India severely and the number of cases in the country is among the highest in the world. Due to these dire circumstances, the need for data analysis and monitoring of citizens has increased. Apps like Aarogya Setu have been introduced by the government. However, with this surveillance, there should be a sense of responsibility and a body of laws that are to be followed by the government. 

If you want to get a detailed understanding of the right to privacy of citizens and other important laws, the best law universities in India run excellent L.L.B. and L.L.M. programs.

Tracking methods used in India

The Indian Government has introduced the Aarogya Setu app which, along with other apps developed by State Governments, use contact tracing methods to track the location of infected patients. Using this method, mapping techniques are used which can keep a record of Covid-19 hotspots. 

The Government has also developed a method using telecom science that sends message alerts and emails to patients who have broken quarantine rules.

The State Governments have introduced their own ingenious ways of tracking Covid-19 patients. The Karnataka government asks patients to send a picture of themselves every one hour, along with a geotag. Tamil Nadu is using facial recognition technology and geofencing methods. The Maharashtra municipal corporation has been developing heat maps to understand the spread of the disease. 

There have been some questionable and crude methods used in some states. In New Delhi, posters were pasted outside the homes of infected individuals. In Rajasthan, personal details of patients were published. 

The Right to Privacy of Indian Citizens

The authorities have been using the Natural Disaster Management Act 2005 and the Epidemic Diseases Act 1897, to question the legitimacy of the actions being taken by the government. The Indian Government has declared that the data collected will be encrypted and no personal details such as name, age, sex, etc will be released. However, there have been violations by the State Governments as mentioned above.

The apprehension towards this government surveillance still remains and is unlikely to go away anytime soon.

As per the Supreme Court, the right to privacy is a fundamental right, and a fundamental right is not absolute and can be overridden by the Central and State Governments.

Conclusion

This situation needs to be handled with utmost caution. While the collection of data due to the coronavirus pandemic makes sense, the need for safeguards and binding laws to be introduced is imminent. If proper caution and laws are not followed, the Government may be successful in containing the spread of the virus, but it will result in irreparable damage to the constitutional fabric.

Law universities in India such as Nirma Law College offer superb law courses at both undergraduate and postgraduate level. 

Law Colleges - Everything You Need To Know

 Law is a compelling subject and if you want to pursue a career in it, make sure you are ready for some hard-working days and nights. Most of them have a picture of the courtrooms, the black attire, and the blindfolded Lady Justice in their mind whenever the term law comes up. But does it end there itself? Let me break the news to you. No, it does not end there. Laws are deep-rooted for the protection of the people in the country. They are the most vital part of our lives, and India has many prominent colleges scattered in each state and cities including the best law colleges in Ahmedabad,  Pune, Mumbai etc in the western part of India.

If you have a sharp memory, ready to work hard with many sleepless nights, and most importantly, if you are bold and loud( as you can't be shy in the courtroom and can’t sound low as the judge won't hear you), then the law might be a fascinating career for you. 

Multiple courses are available for students, be it human rights law, educational law, cyber law, environmental law, or even criminal law, you can choose the path for yourself.

With this ever-changing world and keeping the demand of changes, the law colleges are on continuous work to be well equipped to handle the situations that come up. The law colleges make their students ready for the real world of justice with their courtroom sessions, legal events, and also with journal writing.

You will find top law colleges are all around our country. And with time, the traditional laws are accompanied by the new and modern laws which are built with the changes in the society to protect the citizens.

Law courses

At the undergraduate level, the options are BA LLB (5 Years term), BCom LLB ( 5 Years term), BSc LLB (5 Years term), BTech LLB (5 Years term), and BBA LLB (5 Years term). 

At the postgraduate level, the options LLB and LLM courses are offered. There are multiple colleges in India offering all these courses, such as the National Law School of India University, ILS College, Faculty of Law, Jamia Millia Islamia, Nirma Law College and many more.

Law is a compelling subject and if you want to pursue a career in it, make sure you are ready for some hard-working days and nights. Most of them have a picture of the courtrooms, the black attire, and the blindfolded Lady Justice in their mind whenever the term law comes up. But does it end there itself? Let me break the news to you. No, it does not end there. Laws are deep-rooted for the protection of the people in the country. They are the most vital part of our lives, and India has many prominent colleges scattered in each state and cities including the best law colleges in Ahmedabad,  Pune, Mumbai etc in the western part of India.

If you have a sharp memory, ready to work hard with many sleepless nights, and most importantly, if you are bold and loud( as you can't be shy in the courtroom and can’t sound low as the judge won't hear you), then the law might be a fascinating career for you. 

Multiple courses are available for students, be it human rights law, educational law, cyber law, environmental law, or even criminal law, you can choose the path for yourself.

With this ever-changing world and keeping the demand of changes, the law colleges are on continuous work to be well equipped to handle the situations that come up. The law colleges make their students ready for the real world of justice with their courtroom sessions, legal events, and also with journal writing.

You will find top law colleges are all around our country. And with time, the traditional laws are accompanied by the new and modern laws which are built with the changes in the society to protect the citizens.

Law courses

At the undergraduate level, the options are BA LLB (5 Years term), BCom LLB ( 5 Years term), BSc LLB (5 Years term), BTech LLB (5 Years term), and BBA LLB (5 Years term). 

At the postgraduate level, the options LLB and LLM courses are offered. There are multiple colleges in India offering all these courses, such as the National Law School of India University, ILS College, Faculty of Law, Jamia Millia Islamia, Nirma Law College and many more.

The above-mentioned law colleges are not only famous for their infrastructure, or their course but are also famous for their quality of education. And most importantly their placements. The students passing out from such institutes are today successfully posted with various corporates, and some are even in the government departments.

Selecting a college

The selection of every college undergoes various factors such as infrastructure, the faculty, placements, and the quality of education. For example, top law colleges in Ahmedabad offer all these facilities to the students bringing itself in demand among the aspiring law students.

A Guide About Law Colleges

 Law colleges in Ahmedabad, or elsewhere follow a unique pedagogy to teach legal education wherein learning experience is limited to classrooms and extends beyond it into the actual field. The Institutes aspire to be a global name in the field of Education and mentor students to achieve a high level of skills and have the best experience possible to be successful in their academic life. Some of them are:

 

Balaji Law College-

 

Established in Maharashtra, it is recognized by the Bar Council of India. Offering three courses, LLB, BA+LLB, Diploma, BLC campus is stretched across 1000 acres and facilitates amenities like a Canteen, a Computer Lab, a Library, and a Seminar Hall.

 

ILS Law College-

 

Affiliated with Savitribai Phule University, courses offered here are a mixture of theory and practice and a commitment to public service. Multiple workshops, conferences, and lectures are conducted to keep pace with the recent globalization of the profession. In a relaxed and flexible environment, students are encouraged to develop the individuality of thought and expression and draw perspectives and insights from other disciplines. It makes available resources to help students carve out their own niche in college life. The graduates here are a product of critical thought and careful experiments who are very much capable of exploring the legal profession's social-economic role and ethical commitments.

 

Sinhgad Law College-

 

Enclosed in the beautiful campus of Ambegaon, the college disseminates a conducive environment, intellectual growth, and supports the personality development of the students. World-class infrastructure and modern cultures and traditions and dedicated faculty share their knowledge with the students contributing to and enhancing the already invigorating atmosphere.

 

MIT World Peace University 

 

MIT World Peace University is a value-based education center that imparts various courses across more than 1000 acres, to more than 50,000 students. It employs universal culture of peace and welfare among the youth and provides for state-of-the-art infrastructure and amenities. 

 

Institute Of Law, Nirma University-

 

Institute Of Law, Nirma University is one of the best law colleges in Gujarat with its groundbreaking critical assorted options of courses. 

Students have an opportunity to learn from and within a broad curriculum using the best available resources in the city in a highly innovative, affable, and competitive environment.

 

The Institute of Law has a constantly updated curriculum as per developments in legal and other related contexts. Each student's established career post-graduation stands testimony to the institute's efforts to train a student's potential to the maximum.

 

Conclusion

 

Law colleges in Gujarat, or elsewhere, prepare young, curious minds and work to widen their horizons in several subsets of various situations that may arise at any given point in time. The academic methods are robustly designed and integrated into a pedagogy that prioritizes Justice Education with Humanities and Social Science.