money laundering

harmeet kaur chadha (Querist) 25 July 2011 This query is : Resolved
do registration in money laundering act is compulsory i money laundering business?

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adv. rajeev ( rajoo ) (Expert) 25 July 2011
Yes money lending license is necessary to carry out the money lending business, otherwise it amounts to unauthorised money lending.

B.B.R.Goud. (Expert) 25 July 2011
this is an offence under IPC in AP. in case state govt amends to allow such business, then it needs registration whereever it is allowed.

manmeet singh arora (Expert) 26 July 2011

"Money laundering" is an offence in india as well as in other countries i think you mean "money lending" it is a business of financial transactions related to business of finance and advancing loan through legal means and to receive the same with stipulated interest and definitely requires registration.

Please contact the registrar of companies regarding registration.

Best Regards,
Manmeet Singh Arora

harmeet kaur chadha (Querist) 26 July 2011
thank u for your valuable comments sir..i want to know in which department do i hve to get registered ?in RBI or companies act or both?as a firm it got registered ..but in RBI in which department?i am confused.

M/s. Y-not legal services (Expert) 27 July 2011
Yes for doing as a business its compulsory to registered licence for money lending business.

gora chamber oflaw Rajender Kumar (Expert) 27 July 2011
In AP, revenue officials are having authority to issue money laundering license.

Prof.A.S.Dalal (Expert) 27 July 2011
Registration is required

DEFENSE ADVOCATE.-firmaction@g (Expert) 27 July 2011
This may money lending not money laundering.

RAJU O.F., (Expert) 27 July 2011
Money laundering is a crime.

harmeet kaur chadha (Querist) 28 July 2011
thank u all fr ur valuable comments...and corecting my mistke..thxx mr.JSKN.

harmeet kaur chadha (Querist) 28 July 2011
MR.RAJU...can u say how money lending is crime?could u brief it sir

RAJU O.F., (Expert) 28 July 2011
I didn't say money lending is crime; but money laundering is different. Money-laundering is investing money that has been obtained illegally, into legal businesses, or into foreign bank accounts, so that it is difficult for people to know the source from where the money came from.