One of the most awaited decisions this year was pronounced in Vijay Madanlal Choudhary. The three-judge bench of the Supreme Court headed by Justice A.M. Khanwilkar (now retired) considered the constitutionality of various provisions of the PMLA (Prevention of Money Laundering Act, 2002). The Apex Court unanimously upheld each and every provision and amendment of the PMLA which were assailed as being arbitrary, discriminatory and violative of fundamental rights.
Against this backdrop, Kumar Visalaksh, Partner and Ajitesh Dayal Singh, Associate at Economic Laws Practice (ELP) have co-authored an article for Taxsutra titled ‘SC Verdict on Money Laundering – Takeaways and Aftermath’. This article reflects on a few findings of the Court in Vijay Madanlal Choudhary and touches on the aspect of review.
In the latter part of the article, the authors discuss what this crucial decision by the Supreme Court holds for industry going forward.
Read the detailed article here: https://bit.ly/3qr6PND