IP Exam Daily Spark : Day 10
Objective Questions for Inspector Posts Departmental Exam
The Prevention of Money-Laundering Act, 2002
Objective Questions for Inspector Posts Departmental Exam
The Prevention of Money-Laundering Act, 2002
81. What is the power of the Director under Section 13(1A) if he deems it necessary due to the nature and complexity of a case?
A) To impose a fine on the reporting entity. B) To issue a warning in writing. C) To direct the reporting entity to get its records audited by an accountant. D) To file a complaint before the Adjudicating Authority.
82. In case of a temporary absence of the Chairperson of the Adjudicating Authority, who shall discharge his functions?
A) The senior-most Member. B) A Member nominated by the Central Government. C) A Member of the Appellate Tribunal. D) A Special Court judge.
83. Who is not liable to civil or criminal proceedings for furnishing information under the Act, as per Section 14?
A) The Director and his officers. B) The reporting entity, its directors, and employees. C) The Adjudicating Authority and its members. D) The Central Government.
84. When does a provisional attachment order of 180 days cease to have effect?
A) After the expiry of 180 days. B) On the date of an order of confirmation under Section 8(3), whichever is earlier. C) Both A and B. D) When a complaint is filed before the Adjudicating Authority.
85. Which authority under the Act has the power to manage properties confiscated by the Central Government?
A) The Special Court. B) The Director. C) The Adjudicating Authority. D) The Administrator appointed by the Central Government.
86. When can the Director or an officer not below the rank of Deputy Director make a provisional attachment order without a report being forwarded to a Magistrate or a complaint being filed?
A) Never. B) If he has reason to believe that the non-attachment of the property is likely to frustrate any proceeding under the Act. C) Only with the prior approval of the Adjudicating Authority. D) If the value of the property is less than one crore rupees.
87. Which of the following is NOT included in the definition of "financial institution"?
A) A banking company B) A non-banking financial company C) An authorised person D) The Department of Posts in the Government of India
88. What happens to a property if the Adjudicating Authority finds that it is not involved in money-laundering?
A) It shall be released to the person entitled to receive it. B) The Director shall retain it for a period of 90 days for further investigation. C) It shall be confiscated by the Central Government. D) It shall be handed over to the Special Court.
89. A Special Court, while trying a scheduled offence or the offence of money-laundering, shall hold the trial in accordance with the provisions of which code?
A) The Indian Penal Code, 1860 B) The Code of Civil Procedure, 1908 C) The Code of Criminal Procedure, 1973 D) The Indian Evidence Act, 1872
90. An application for the release of property located in India, on closure of a criminal case in a foreign court, can be moved by the concerned person or the Director to which authority?
A) The Adjudicating Authority B) The High Court C) The Special Court D) The Central Government
91. What does the term "transfer" include as per Section 2(za) of the Act?
A) Sale and purchase. B) Mortgage and pledge. C) Gift and loan. D) All of the above.
92. The Explanation under Section 2(v) clarifies that the term "property" includes:
A) Property of any kind used in the commission of an offence under this Act or any of the scheduled offences. B) Only property that has been attached. C) Only property that has been confiscated. D) Only corporeal and tangible property.
93. The Central Government, in consultation with the Chairperson of the Adjudicating Authority, can specify the areas of jurisdiction for each Bench of the Authority by:
A) A notification in the Official Gazette. B) An order passed by the Central Government. C) A direction issued to the Director. D) A notice published in a national newspaper.
94. If any vacancy occurs in the office of the Chairperson of the Adjudicating Authority, who shall act as the Chairperson until a new Chairperson is appointed?
A) The senior-most Member. B) A Member appointed by the Central Government. C) The Director. D) The Special Court Judge.
95. Under Section 19, an officer has the power to arrest a person. What is the rank of this officer?
A) Any officer of the Directorate of Enforcement. B) An officer not below the rank of Assistant Director. C) An officer not below the rank of Director. D) An officer not below the rank of Deputy Director.
96. The power to summon any person to give evidence or produce documents is granted to authorities under the Act. Failure to comply with a summons under Section 50 can lead to a penalty under which section?
A) Section 62 B) Section 63 C) Section 64 D) Section 65
97. An appeal to the Appellate Tribunal must be filed within how many days from the date of receipt of the order?
A) 30 days B) 45 days C) 60 days D) 90 days
98. The Adjudicating Authority can serve a notice to a person to show cause why their property should not be confiscated. This is done on receipt of a complaint from an officer under which section?
A) Section 5(5) B) Section 17(4) C) Section 18(10) D) All of the above.
99. The Adjudicating Authority and the Appellate Tribunal are barred from being a civil court, as per Section 41. Which of the following is true?
A) Civil courts cannot have jurisdiction on matters dealt with by these authorities. B) Civil courts can only have jurisdiction on matters that involve the constitution. C) The bar of jurisdiction is absolute and no civil suit can be filed. D) The bar of jurisdiction is only on matters relating to attachment.
100. If an offence has been committed by a company and it is proved that the offence was committed with the consent or connivance of any director, manager, or secretary, who shall be deemed guilty?
A) Only the company. B) Only the person who committed the offence. C) The company and the person who committed the offence. D) The company and every person who at the time the offence was committed was in charge of and was responsible to the company.
Answer Key – Day 10
81. C) To direct the reporting entity to get its records audited by an accountant. (Section 13(1A))
82. A) The senior-most Member. (Section 6(14))
83. B) The reporting entity, its directors, and employees. (Section 14)
84. C) Both A and B. (Section 5(3))
85. D) The Administrator appointed by the Central Government. (Section 10(1))
86. B) If he has reason to believe that the non-attachment of the property is likely to frustrate any proceeding under the Act. (Section 5(1) second proviso)
87. A) A banking company (Section 2(l))
88. A) It shall be released to the person entitled to receive it. (Section 8(6))
89. C) The Code of Criminal Procedure, 1973 (Section 44(1)(d))
90. C) The Special Court (Section 58A)
91. D) All of the above. (Section 2(za))
92. A) Property of any kind used in the commission of an offence under this Act or any of the scheduled offences. (Section 2(v) Explanation)
93. A) A notification in the Official Gazette. (Section 6(5)(d))
94. A) The senior-most Member. (Section 6(13))
95. B) An officer not below the rank of Assistant Director. (Section 19(1))
96. B) Section 63 (Section 63(2)(c))
97. B) 45 days (Section 26(3))
98. D) All of the above. (Section 8(1))
99. A) Civil courts cannot have jurisdiction on matters dealt with by these authorities. (Section 41)
100. D) The company and every person who at the time the offence was committed was in charge of and was responsible to the company. (Section 70(1))
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