Unlawful Activities Act to be amended to cover crimes affecting economic security
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The Unlawful Activities (Prevention) Act is set to get more teeth with the Union Cabinet on Thursday approving amendments by which the definition of "terrorist act" will be expanded to cover activities affecting economic security. Through the amendments, the government intends to make UA(P)A more effective in preventing unlawful financial activities, money laundering, terror financing and circulation of fake Indian currency notes. The amended Bill, which will now be introduced in Parliament, enhances from two years to five years the period for which an association involved in terrorist acts, including terror financing, will be declared unlawful.
The Cabinet also gave its nod for the transfer of 111 hectares of Jawaharlal Nehru Port Trust (JNPT) land to the Maharashtra government for allotment to project affected persons (PAPs) of JNPT in line with the state government's scheme for PAPs of Navi Mumbai Project of the City and Industrial Development Corporation of Maharashtra.
The Cabinet Committee on Economic Affairs also approved a proposal of Shriram Financial Ventures (Chennai) as recommended by the FIPB. The approval would result in FDI amounting to R2,000 crore approximately in the country.
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