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Money Bill: IMC submits views to parliamentary panel

The Indian Merchants' Chamber today submitted its recommendations to the parliamentary standing committee in New Delhi on the Prevention of Money Laundering Bill 1998. The bill was introduced in the monsoon session of Parliament for curbing the laundering of money earned from crimes like narcotics, arms, prostitution and gambling.

This bill is in line with a United Nations resolution aimed at eliminating the use of tainted money, as it threatens the social stability and sovereignty of nations.

On the one hand, the bill provides vast powers to officials to issue summons, search and seize the property to suspects, and on the other, it provides certain safeguards to protect citizens from undue harassment by officials. In view of this, Indian Merchants' Chamber has called for subjecting the bill to a thorough public debate, an IMC release said.

UNI