New money laundering regulations which came into force in India on Friday will require banks and other financial institutions and intermediaries to keep records of all cash transactions exceeding Rs 1m, and to furnish the information to the country's Financial Intelligence Unit (FIU-IND).
The Unit is a multi-disciplinary body established by the Indian government to seek out and investigate links between suspicious or unusual financial transactions and underlying criminal activities.
Under the auspices of the newly implemented 2002 Prevention of Money Laundering Act, banks, co-operative banks, chit funds, housing finance companies and non-banking financial institutions would also be required to keep records of every suspicious or unusual payment, even if it was not a cash transaction.
The PMLA allows for custodial sentences of between 3-7 years for breaching its provisions, and a fine which may extend to Rs 0.5 m.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment