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    Question

    Under the Prevention of Money-Laundering Act, 2002 where a complaint is received by an Adjudicating Authority that any person has committed an offence under section 3 or is in possession of proceeds of crime, it may serve a notice of __________________

    A A period of 7 days Correct Answer Incorrect Answer
    B Not less than thirty days Correct Answer Incorrect Answer
    C Not less than sixty days Correct Answer Incorrect Answer
    D A period of forty-five days Correct Answer Incorrect Answer

    Solution

    Section 8 Adjudication- On receipt of a complaint under sub-section (5) of section 5, or applications made under sub-section (4) of section 17 or under sub-section (10) of section 18, if the Adjudicating Authority has reason to believe that any person has committed an offence under section 3 or is in possession of proceeds of crime, it may serve a notice of not less than thirty days on such person calling upon him to indicate the sources of his income, earning or assets, out of which or by means of which he has acquired the property attached under sub-section (1) of section 5, or, seized or frozen under section 17 or section 18, the evidence on which he relies and other relevant information and particulars, and to show cause why all or any of such properties should not be declared to be the properties involved in money-laundering and confiscated by the Central Government

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