Steps to Check Inflow of Illegal Money
PrintListen to this Article
Steps to Check Inflow of Illegal Money
Reserve Bank of India (RBI) has issued comprehensive instructions/guidelines to banks on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002.
Also under PMLA 2002, the reporting entities, including banks, financial institutions and intermediaries of securities market, payment system operators and authorized persons which include Money Transfer Service Providers, Authorized Money Changers etc, are under obligation to file Suspicious Transaction Reports (STRs) to the FIU-IND. After analysis of STRs, the information is disseminated to the appropriate law enforcement agencies for further investigation.
Further, the Government monitors the receipt and utilization of foreign contribution received by any ‘person’ including Non Government Organisations (NGOs) in the country in terms of Foreign Contribution (Regulation) Act, 2010 and the Rules framed thereunder.
In cases of receipt of funds from abroad other than through authorized channels, Directorate of Enforcement takes appropriate action under Foreign Exchange Management Act, 1999.
During the years 2009-10, 2010-11, 2011-12 and 2012-13 (upto 28.2.2013), based upon the investigations conducted, the Adjudicating Authorities under FEMA have issued 945 Show Cause Notices for alleged contravention of the relevant provisions of FEMA relating to the transfer of funds unauthorisedly to the extent of about Rs. 2530 crore.
Apart from above, on the basis of enquiries on the complaints received, 24 cases have been referred to CBI, 10 cases to State Police, 35 NGOs have been placed in Prior Permission category, accounts of 32 NGOs have been frozen, 72 NGOs have been prohibited from receiving foreign contribution and registration of 4138 NGOs have been canceled by Ministry of Home Affairs.
As per the Master Circulated dated 2.7.2012 issued by RBI, and in terms of Regulation 5A of the Foreign Exchange Management (Acquisition and transfer of immovable property in India) Regulation 2000, Foreign Embassy/Diplomat/Consulate General are permitted to purchase/sell immovable property (other than agricultural land/plantation property/farm house) in India subject to clearance from Ministry of External Affairs, Government of India, besides payment of the consideration amount out of funds remitted from abroad through normal banking channels.
Category : General | Comments : 0 | Hits : 278
WHAT IS THE VALUE OF MY BUSINESS?
As a registered valuer entrepreneurs often ask’s us, what is the value of my Business ? There is no right answer to this question as valuation is a very subjective thing. I will value a flat near my office higher as compared to someone whose office is far from that flat or a person will value an apple more when he is hungry compared to a time when he is not hungry. So the question what is the value of my business remains unanswered. It will always be difficult to ascertain the value of...
How to get APEDA registration Certificate
APEDA (Agricultural and Processed Food Products Export Development Authority) registration in India is an essential requirement for businesses engaged in the export of agricultural and processed food products. APEDA plays a crucial role in promoting the export of these products and ensuring their quality and compliance with international standards. This article will walk you through the step-by-step process of APEDA registration and the documents required for the same Step 1. Unde...
How to Get FSSAI Certificate
FSSAI (Food Safety and Standards Authority of India) registration is mandatory for any business involved in the food industry in India. The registration process involves several steps and requires specific documents to be submitted. Here is a detailed analysis of how to do FSSAI registration in India step-wise, along with the necessary documents: Step 1: Determine the Type of Registration FSSAI offers different types of registrations based on the scale and nature of the food business. ...
Addressing a career gap in your CV can be challenging- Here are the some ways by which you can address it
A lacuna in your employment history within your curriculum vitae can have potential drawbacks on your job hunt and career opportunities. Addressing a career gap in your CV can be challenging, but there are several unique ways you can handle it. Here are some approaches you can consider: Address the gap directly: Be honest and upfront in explaining the reason for your career gap. Don't try to hide it or sugarcoat it – address it head-on. Be positive and confident: W Regardless of the re...
Introduction India is widely recognized as one of the prominent players in the global economy. Despite being a developing nation, India's economy has a significant impact on world trade. The majority of the most developed countries worldwide are eager to establish or strengthen their ties with India. Investors prefer India as a desirable location over other major countries due to its vast market base and the evolving purchasing habits of its middle-class citizens. As mentioned earlier, I...
Comments