Money Transactions Rules: Money transfer more than Rs 50000 will be investigated, government's strictness increased..


The central government is taking more strict action regarding the prevention of money laundering. Due to this, international transactions of more than Rs 50 50,000 have also been brought under scrutiny. For this, the government has notified changes in the money laundering prevention rules. Due to this, the rules to prevent terror financing have been made more stringent. The government can investigate transaction matters at any time.


The Central Government has notified an amendment to the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, making record keeping more stringent in case of international transactions of more than Rs 50,000 to prevent terror financing. Went.

Every international transaction exceeding Rs 50,000 will be subject to close scrutiny and a reporting unit will have to identify the customers. The identity of the transactors will have to be verified and the purpose of the business, if not well defined, will also have to be ascertained.

The new rule, following the amendment by the central government, also mandates reporting entities to take adequate safeguards on the confidentiality and use of information exchanged, including safeguards to prevent tip-offs.


Each reporting unit will identify its customers, verifying their identity using reliable and independent sources of identification. Will obtain information about the purpose of the business relationship and will take appropriate steps to understand the nature of the customer's business.

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