PENAL CODE (AMENDMENT) ACT 2024

It introduced new sections 424A, 424B, 424C and 424D into the Penal Code :-

Section 424A seeks to provide for the offence and penalty for possession or control of any payment instrument of other person or any account of other person at a financial institution without lawful authority or lawful purpose. 

Section 424B seeks to provide for the offence and penalty for giving possession or control of a payment instrument or an account at a financial institution to any other person without lawful authority or lawful purpose. 

Section 424C(1) seeks to provide for the offence and penalty for a person who engages in any transaction using his payment instrument or his account at a financial institution without lawful purpose. Section 424C(2) seeks to provide for the offence and penalty for a person who engages in any transaction using any payment instrument of other person or any account of other person at a financial institution without lawful authority or lawful purpose.

Section 424D seeks to provide for the definition of “financial institution” and “payment instrument” (a prescribed designated payment instrument under the Financial Services Act 2013 and Islamic Financial Services Act 2013) in the context of the new sections 424A, 424B and 424C.

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