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Monthly DNA
29 Jul, 2022
39 Min Read
The Supreme Court of India upheld the constitutional validity of the Prevention of Money Laundering Act's (PMLA) controversial “twin conditions for bail” i.e., the trial court needs to give bail only if the accused proves he is not guilty of money laundering. If the accused gets bail, he also has to prove that he is not likely to commit any offence while on bail.
By upholding the reverse burden of proof condition for bail, the court also overruled its own rule in 2017 in Nikesh Tarachand Shah vs Union of India, where the court declared the twin test as unconstitutional.
More about the case
What has the Supreme Court said in the Ruling?
Criticism of the Ruling
Around 4,700 cases are being investigated by the ED under the Prevention of Money Laundering Act (PMLA). Also, ED raids jumped 27 times during 2014-2022 as per the figures provided in the Rajya Sabha.
Dirty Money & Money Laundering
Dirty Money: Criminal activities like illegal arms sales, smuggling, drug trafficking and prostitution rings, insider trading, bribery and computer fraud schemes produce large profits and the money which is generated by this activity is known as dirty money.
Money laundering:
Steps of Money laundering:
About Prevention of Money Laundering Act (PMLA) 2002
Objectives:
Provisions:
Definition of money laundering
Sec. 3 of PMLA defines the offence of money laundering as whosoever directly or indirectly attempts to indulge or knowingly assists or knowingly is a party or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of the offence of money-laundering.
Prescribes obligation:
PMLA prescribes the obligation of banking companies, financial institutions and intermediaries for verification and maintenance of records of the identity of all its clients and also of all transactions and for furnishing information of such transactions in a prescribed form to the Financial Intelligence Unit-India (FIU-IND).
Empowerment of officers:
Setting up of Authority:
Special Courts:
It envisages the designation of one or more courts of sessions as Special Courts or Special Courts to try the offences punishable under PMLA and offences with which the accused may, under the Code of Criminal Procedure 1973, be charged at the same trial.
Agreement for Central Government:
It allows the Central Government to enter into an agreement with the Government of any country outside India for enforcing the provisions of the PMLA, exchange of information for the prevention of any offence under PMLA or under the corresponding law in force in that country or investigation of cases relating to any offence under PMLA
Enforcement Directorate
Source: The Hindu
44TH CHESS OLYMPIAD AND SPORTS CONDITION IN INDIA
44th Chess Olympiad at JLN Indoor Stadium, Chennai was declared by the Prime Minister.
About 44th Chess Olympiad
Tamil Nadu has a strong historical connection with chess and this is why Tamil Nadu is known as the chess powerhouse of India.
Importance of Sports
Challenges
Government initiative to promote sports:
Way forward
The best way to develop sports must start from the grass root level that is the school. It must be compulsory for the children to actively participate in a sports activity with full support from the parents and teacher.
The focus must be given to the development of all the sports not the particular sports like cricket with better facilities and the government should increase the funding for all the various sports.
“A healthy mind resides in the healthy body” the overall development of sports will also contribute to the development of the economy by creating a healthy and sound workforce.
Source: PIB
Conservation status of tiger
Significance of tiger
Over 70% of the tiger population globally is present in India and tiger conservation is a symbol of the conservation of forests. India has 52 tiger reserves covering 75,000sq.km.
The factors for their extinction:
Conservation effort
13 Tiger range countries include Bangladesh, Bhutan, Cambodia, China, India, Indonesia, Laos, Malaysia, Myanmar, Nepal, Russia, Thailand, and Vietnam.
International Collaboration
2022: Year of The Tiger: The WWF aims to double the number of wild tigers in 2022.
India must remain committed to ensuring safe habitats for its tigers and the Special attention is needed for the populations that are becoming isolated and facing the genetic consequences of such isolation.
Source: The Hindu
Recently, James Lovelock, the creator of the Gaia hypothesis died on his 103rd birthday.
What is Gaia's hypothesis?
About James Lovelock:
Criticism
Later refinements aligned the Gaia hypothesis with ideas from fields such as Earth system science, biogeochemistry, and systems ecology.
Source: The Hindu
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