PMLA is an act by Indian government to curb black money. For what does ‘P’ in ‘PMLA’ stands for?
Understanding PMLA: Prevention of Money Laundering
The question asks about the meaning of the letter ‘P’ in the acronym PMLA, an important act implemented by the Indian government to combat black money.
PMLA stands for the Prevention of Money Laundering Act.
This act was enacted in India to prevent money laundering and to provide for confiscation of property derived from, or involved in, money laundering. It aims to tackle the generation and circulation of black money within the economy.
Breaking down the acronym PMLA:
- P stands for Prevention
- ML stands for Money Laundering
- A stands for Act
Therefore, the letter ‘P’ in PMLA specifically stands for Prevention.
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