Banker : The Banking Regulation Act 1949 (Section 5C) defines a banker equally a individual project draw of piece of job organization of banking.
The basic business office of banker is accepting of coin from the populace past times way of deposits as well as deploying the same past times agency of loans as well as investment.
Customer : A client agency a individual who opens draw of piece of job organization human relationship which depository fiscal establishment accepts amongst proper introduction. (OR)
A individual or entry that maintains an draw of piece of job organization human relationship amongst the depository fiscal establishment as well as / or has a draw of piece of job organization human relationship amongst the bank.
Banker – Customer Relationship inwards unlike transactions
Articles left past times mistake
Collection of check
Deposit inwards the bank
Loan from Bank
Money deposited but instructions non given for its disposal
Payee of draft
Sale / Purchaser of securities on behalf customer
Shares given for sale
Money Laundering : Conversion of coin which is illegally obtained as well as is the primary performance of cloak-and-dagger economy.
Prevention of Money Laundering Act (PMLA), 2002 : PMLA, 2002 is an Act of the Parliament of Republic of Republic of India enacted to preclude coin – laundering as well as to render for confiscation fo belongings derived from coin – laundering.
The main objectives of this act are to preclude coin – laundering too equally to render for confiscation of belongings either derived from or involved in, coin – laundering.