Persons of Indian Origin
PIO for this purpose is defined in Regulation 2 of FEMA Notification ibid as a citizen of any country other than Bangladesh or Pakistan, if
(a) he at any time held Indian passport; or
(b) he or either of his parents or any of his grandparents was a citizen of India by virtue of the Constitution of India or the Citizenship Act, 1955 (57 of 1955); or
(c) the person is a spouse of an Indian citizen or a person referred to in sub-clause (a) or (b).
By
Siddharth Dalmia, B.Tech.(DAIICT)
Cryptocurrency & PMLA
The virtual currencies can provide greater anonymity than mainstream non-cash payment methods, making them vulnerable to money laundering and use in terrorist financing activities. The report by the FATF[1] acknowledges that while virtual currencies have the potential...
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