| Provided that where the principal officer of a banking company or financial institution or intermediary, as the case may be, has reason to believe that a single transaction or series of transactions integrally connected to each other have been valued below the prescribed value so as to defeat the provisions of this section, such officer shall furnish information in respect of such transactions to the Director within the prescribed time.
[(2)(a) The records referred to in clause (a) of
sub-section (1) shall be maintained for a period of ten years
from the date of transactions between the clients and the
banking company or financial institution or intermediary, as the
case may be.
(b) The records referred to in clause (c) of sub-section
(1) shall be maintained for a period of ten years from the date
of cessation of transactions between the clients and the banking
company or financial institution or intermediary, as the case
may be.]*
*Substituted for sub-section (2) vide Prevention of
Money-laundering (Amendment) Act, 2009 |
