After the demonetization Financial intelligence unit of India puts the deep eye on the all financial and non-financial institutions of India. whereas they manage the reports through financial principle officers. The FIU released a list of 9500 non-financial companies those who are at high financial risk under the Finance Ministry report. These companies found not following the rules of Prevention and money laundering act PMLA. Many companies and cooperative banks also found converting banned currency notes in an illegal way by through cash or deposits even issue of BDC backdated cheques.
Prevention of money laundering act
According to Prevention of money laundering activities, all non-banking financial companies are mandatory to appoint Principal Officer to report all the suspicious or illegal transactions of 10 lakh and above. Under PMLA section 12 required to report every entity and transaction in the record of all clients and beneficiaries to maintain it for minimum five years.
List of Companies under scanner
- Anand Corporate Holdings Pvt Ltd.
- Adani Capital Pvt Ltd
- Arihant Udyog Ltd.
- AVON MONEY SOLUTION INDIA LIMITED
- Bindal Finvest.
- Bombay Gas Co Ltd.
- Asian Financial Services Ltd.
- Cello capital Pvt.Ltd.
- Dlf Eros Merchants (P) Ltd.
- Finvest Limited, and Indigo Fincap Pvt Ltd.
- are few of the companies listed by FIU. etc
As per Prevention of Money laundering act, the above companies are found to not following the rules of PMLA by March 2018.
Ministry of defense continuously checking and updating all financial transactions of companies after the demonetization to stop corruption and timely payments of taxes.
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