Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: form 3cd :: cpt :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: empanelment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« News Headlines »
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government

Banks on Rs 10-lakh cash trail
February, 08th 2007

If you have deposited or withdrawn more than Rs 10 lakh in a single cash transaction from your bank account, watch out. You are being tracked by your bank. Around 13 lakh such cash transactions have been tracked by banks in the last year.

This is not all. Suspicious transactions too have been tracked, in line with the rules under the Prevention of Money Laundering Act (PMLA). The PMLA passed in 2003 and notified in 2005 is the Act governing the legal regime for anti-money laundering in the country.

The Act requires banks, financial institutions and intermediaries of securities markets to put in place a system of internal reporting of suspicious transactions and cash transactions of Rs 10 lakh and above. As per recent estimates, the number of such cash transactions executed electronically stands at 12,31,945 as on December 31, 2006, while the number of manual transactions is 55,103.

As far as suspicious transactions are concerned, the total number of such transactions spotted by banks, financial institutions and intermediaries stands at 440. However, only 220 of the transactions have been disseminated among law enforcement agencies.

While a majority 269 of the suspicious transactions were reported by banks, 15 were spotted by FIs and 157 by financial intermediaries. Further, 173 of the cases were disseminated to law enforcement agencies, 53 to intelligence agencies and 27 to regulators.

The rules under the PMLA require the entities to maintain a record of transactions: all cash transactions of a value greater than Rs 10 lakh or equivalent foreign currency, series of cash transactions that have taken place within a month (integrally connected to each other) and total a value of more than Rs 10 lakh, cash transactions where forged or counterfeit currency notes have been issued as genuine and all suspicious transactions whether or not made in cash.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions