Effective employment of the anti-money laundering mechanism by India, which vowed to fight tax havens and black-money, helped detect over 4,000 suspicious financial transactions relating to crime and terror -- more than double the numbers reported last year.
The Year of the Rabbit, according to the Chinese calendar, began on Sunday, January 22.
Financial Intelligence Unit data show many of these societies have become the biggest draw for laundering money. Subhomoy Bhattacharjee reports.
To tighten its focus on curbing money laundering activities, the Reserve Bank of India has now asked cooperative as well as regional rural banks to tweak their reporting mechanism to help agencies track all suspicious financial transactions.
A proposal for creation of seven Customs Overseas Intelligence Network units is pending with the Ministry of External Affairs.
NCP chief Sharad Pawar said that Malik is being troubled because he spoke against the Union government and 'misuse' of central probe agencies.
Do not share your passwords or personal information with anyone.
The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.
The agency filed the prosecution complaint under the Prevention of Money Laundering Act before a special court in Mumbai and said Naik's "inflammatory speeches and lectures have inspired and incited a number of Muslim youths in India to commit unlawful activities and terrorist acts."
Handle cards like you would handle cash.
Clearly, rich Indians have little confidence in India. Perhaps we are also chronically dishonest.
The latest fraud is a failure of management supervision and accountability, as no bad debt was generated and no cash was involved
Dubai Islamic Bank has installed an integrated anti-money laundering and compliance solution in an effort to curb financial crime. The solution developed by Norkom Technologies, will be implemented across the bank's operations in the UAE and Pakistan.
It's best to avoid deals that sound too good to be true.
Tax wing scanning cash deposits between Rs 5-10 lakh
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
Online purchases with a debit card are much safer because transactions take place on the bank's website rather than the merchant's.
Wipro, HCL in race for Sebi's fraud detection system upgrade,
While the virus out there meddling big-time with our lives, danger is lurking in our email boxes too.
'However, this time it looks like that is not working.'
The 'mystery' of the education business sale by Cox & Kings is part of an Enforcement Directorate investigation, which is also examining the siphoning-off of funds to the tune of Rs 21,000 crore to dozens of so-called related-parties, highlighted by the forensic auditor.
"Post demonetisation, during November 9, 2016, to January 10, 2017, more than 1,100 searches and surveys were conducted and more than 5,100 notices were issued by the income tax department for verification of suspicious high-value cash deposits," Finance Minister Arun Jaitley said in a written reply in the Lok Sabha on Friday.
Operator syndicate could be behind stock hammering, suspects regulator.
The Coast Guard has increased surveillance along the Gujarat coast, after a Pakistani boat blew itself off Porbandar on New Year's Eve.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
ED failed to obtain evidence with regard to financial links about the purchase of an island in Scotland.
Indian Coast Guard on Saturday said suspicions were raised about the identity of crew of the explosives-laden boat intercepted by them, as they did not resemble fishermen from their dressing style and carried no nets.
In all, 292 allegedly fraudulent LoUs and 224 foreign letters of credit were generated and money sanctioned to Nirav Modi's companies since 2011
Could the gains in terms of widening the tax net, increased digital transactions and detection of higher fake currency notes have been achieved without the huge disruption and output loss that demonetisation caused to the Indian economy, asks A K Bhattacharya.
The department had sent SMSes and emails to 18 lakh people who made suspicious deposits of over Rs 500,000 during the 50-day demonetisation period.
The relative ranking of castes can vary across regions and localities and depends on a number of factors including control over land, wealth, and political power. Castes have often tried to 'upgrade' themselves (a process sociologists refer to as Sanskritization), and sometimes get 'downgraded'. A revealing excerpt from Upinder Singh's Ancient India: Culture Of Contradictions.
Over 100 tax sleuths along with police officials have been roped in for the survey operations
With cyber criminals becoming savvier by the day, learning how to safeguard yourself is imperative.
According to a senior official, Sebi has written to various stakeholders under its jurisdiction with regard to the requirement of FIs to report under CRS.
Don't reveal any information to strangers.
The agency said it searched a Mumbai-based operator who was running 700 shell companies with 20 dummy directors and had "converted Rs 46.7 crore for Chaggan Bhujbal", the jailed ex-Maharashtra deputy chief minister.
Sahara says it got suspicious on February 1 about the purported letter showing Mirach having blocked sufficient funds with Bank of America.
The sluggish legal system in India makes it extremely difficult for law-enforcing agencies in the ministry of finance to punish violations of foreign exchange laws. Unfortunately, it is not just FEMA. The Prevention of Money Laundering Act too has significant infirmities, say Paranjoy Guha Thakurta and Pranati Mehra.
