Finance ministry puts out list of 9,500 ‘high risk’ finance companies | India News
NEW DELHI: The Monetary Intelligence Unit (FIU) beneath the finance ministry has launched an inventory of almost 9500 non-banking monetary corporations (NBFCs) which have been categorised as ‘excessive danger monetary establishments’.
The checklist launched by FIU-India on its web site reveals the names of NBFCs which have been categorised ‘excessive danger’ and located non-compliant to the Prevention of Cash Laundering Act guidelines as on January 31.
See Full checklist Right here
After the November 2016 demonetisation of Rs 500 and Rs 1,000 notes, NBFCs and several other rural and concrete cooperative banks had come beneath the scanner of the revenue tax division and the Enforcement Directorate for illegally changing banned foreign money notes of people that had unaccounted revenue.
Many of those NBFCs and cooperative banks had been discovered changing banned foreign money notes by receiving money as deposits and issuing back-dated mounted deposits and cheques even though the RBI had prevented them from taking such deposits.
As per the PMLA, all NBFCs should appoint a principal officer within the monetary establishment and report all suspicious and money transactions of Rs 10 lakh and above to the FIU. Part 12 of PMLA additionally requires “each reporting entity to keep up information of all transactions and to confirm the identification of their purchasers and their useful homeowners within the method prescribed” to the FIU.
These entities are additionally required to protect information of transactions and identification of purchasers for 5 years.