What is a scheduled offence ?
The offences listed in the Schedule to the Prevention of Money Laundering Act, 2002 are scheduled offences in terms of Section 2(1)(y) of the Act. With the amendment of the Act in 2009, a large number of offences have been included in the Schedule of the Act. The scheduled offences are divided into three parts – Part A, Part B, & Part C. In Part A, certain serious offences such as those connected with waging war against the Nation, circulation of Fake Indian Currency Notes, offences relating to Narcotic Drugs, etc. have been included, wherein no monetary limit for initiating action under PMLA has been prescribed. In relation to offences under Part B of the schedule, the value involved should be Rs 30 Lakhs or More. Part C of the Schedule deals with trans-border crimes, and is a vital step in tackling Money Laundering across international boundaries.
