What is the extent of punishment in money-laundering offences ?
Imprisonment for not less than three years extending upto seven or ten years + fine of five lakhs rupees
Section 4 of the Prevention of Money Laundering Act, 2002 lays down the punishment for money laundering. It provides rigorous imprisonment for a term of not less than three years, which may extend to seven years, together with a fine.
Where the proceeds of crime relate to an offence under the Narcotic Drugs and Psychotropic Substances Act, 1985, the maximum term is raised to ten years. In the original 2002 text the fine was capped at five lakh rupees; the 2012 amendment removed that cap, so the fine has since been unlimited. The statement of three to seven or ten years with a fine of five lakh rupees thus matches the scheme of Section 4 as originally enacted.
Jail for ten years with a fine of one crore rupees does not reflect the three-year minimum or the general seven-year maximum. Jail for fifteen years with a ten-lakh fine exceeds the statutory maximum. Imprisonment for life is not prescribed for money laundering under the PMLA at all.
Imprisonment for not less than three years extending upto seven or ten years + fine of five lakhs rupees option is correct.
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