Update as on July 22, 2014

RECENT JUDGMENT:

Supreme Court of India:

·          G. Mohanasundaram vs. R. Nanthagopal and Ors.  [21.07.2014]

RECENT NOTIFICATIONS:

·          Notification No. 54 / 2014 - Customs (Non-tariff), Dated: July 21, 2014

·          Banking Laws (Amendment) Act, 2012 – Amendments to Sections 18 & 24 of the Banking Regulation Act, 1949 (AACS) - Maintenance of Cash Reserve Ratio (CRR) for Non-Scheduled StCBs and CCBs and Statutory Liquidity Ratio (SLR) for StCBs and CCBs

·          Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 – Money Transfer Service Scheme – Recognising E-Aadhaar as an ‘Officeally Valid Document’ under PML Rules

·          Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/ Combating of Financing of Terrorism (CFT)/ Obligation of Authorised Persons under Prevention of Money Laundering Act (PMLA), 2002 – Money Changing Activities – Recognising E-Aadhaar as an ‘Officially Valid Document’ under PML Rules

·          RRBs/StCBs/CCBs – KYC/AML/CFT - Obligation of Banks under PMLA, 2002 – Amendment to Prevention of Money-Laundering (Maintenance of Records) Rules 2013

RECENT FOREIGN COURT DECISIONS:

England & Wales High Court (Chancery Division) Decision:

·          Bank of Scotland Plc v John Thomas Waugh & Ors [2014] EWHC 2117 (Ch) (21 July 2014)

England & Wales High Court (Queen’s Bench Division) Decision:

·          Swathi Palisetty v Secretary of State for the Home Department [2014] EWHC 2473 (QB) (21 July 2014)