Red flag multiple forex transactions: CVC to RBI,IBA
Source: PTI The Central Vigilance Commission (CVC) has asked Reserve Bank of India and Indian Banks' Association (IBA) to red flag multiple transactions of smaller amounts from a single account and ensure compliance of KYC norms to check fraudulent forex transactions in the wake of alleged Rs.6,100 crore foreign remittance scam through Bank of Baroda, a top official said on Friday. "We have written to Reserve Bank of India (RBI) to say that if smaller forex transactions of less than one lakh dollars are being made than it should come to your notice," Vigilance Commissioner T M Bhasin told reporters here. He said similar communication has been sent to IBA chief, saying there may be "attempts to camouflage generation of alerts ...
Budget likely to bring up measures to tackle black money
The Dollar Business Bureau Union Budget 2015 while raising the bar on expectations is likely to be interesting too with the government trying to figure out ways and means to check “black money” in the country. According to sources, in addition to some of the key recommendations made by the Special Investigation Team (SIT) on how to take on the menace of “black money” in the past, the Union Finance Minister, Arun Jaitley has asked other investigative agencies their measures to curb unaccounted money in the system. Based on some of the presentations so far, the sources said that in addition to making tax evasion a “crime” in the country, the Permanent Account Number (PAN) could be more used as ...
