Laundering Restrictions and Investigations: Inputs
In the Fight Corruption Together circle, many inputs have been given by members on how laundering activities should be restricted and investigated. Kindly review them and share any additional inputs you may have. The same will be shared with Finance Ministry and other investigation agencies.
https://in.finance.yahoo.com/news/84-surveyed-found-laundering-common-135404294.html
We look forward to your inputs!
Laundering Restrictions and Investigations
1. For next 6 months, all accounts should have a monthly withdrawal limit of higher of Rupees 10,000 or average balance (between Nov 15-Oct 16)
2. All accounts with deposits above Rupees 2.5 lakhs in Nov-Dec 16 where the average cash deposit in previous years was significantly lower than Nov-Dec 16 deposits must be investigated
3. All property registration records from April – Dec 16 should be reviewed and missing details like Aadhar or Pan Card added to them
4. Jan Dhan accounts with large activities only in Nov-Dec 16 should be thoroughly checked
5. All farmers who have taken loans but have deposited cash into their accounts should be investigated
6. All Nov-Dec RTGS transactions done by grain traders, distributors, mill owners and farmers must be compared to previous years and investigated if they look unusual
7. Any deposits in the account of non-tax paying low income person in the range of Rs. 10,000 to Rs.2.5 lakh must be investigated as these people might have been provided cash by their employer
8. Any employer whose monthly payroll transfer amounts have drastically reduced starting Dec 16 should be investigated as they may have paid future advance salaries in cash
9. Bank Accounts with unusual activity as a percent of previous year’s average should be investigated
10. CCTV footage of banks where there is a massive cash exchange should be archived and audited
11. Exchanges done under each AADHAR/PAN card should be consolidated through the system and checked
12. Companies reporting share assignments in the months of Nov 16-March 17 without a corresponding e-transfer or cheque transaction should be thoroughly scrutinized
13. Jeweller transactions from April 1st 2016 till Nov 30th 2016 should be reviewed in detail and compared to previous year patterns for back dated sales
14. Last minute travel that was ticketed for cash and took place between Nov 9-16 should be checked
15. Nov-Dec 16 Call records of all bank managers, practicing chartered accountants should be checked
16. Petrol pumps which have made large payments for purchase of oil in advance should be scrutinised
17. Dormant accounts that have suddenly received big cash deposits should be investigated
18. Accounts of temples and trusts should be checked for inconsistencies
19. NGOs whose accounts have shown a sudden spike in transactions in the months of Nov-Dec should be investigated. more
https://in.finance.yahoo.com/news/84-surveyed-found-laundering-common-135404294.html
We look forward to your inputs!
Laundering Restrictions and Investigations
1. For next 6 months, all accounts should have a monthly withdrawal limit of higher of Rupees 10,000 or average balance (between Nov 15-Oct 16)
2. All accounts with deposits above Rupees 2.5 lakhs in Nov-Dec 16 where the average cash deposit in previous years was significantly lower than Nov-Dec 16 deposits must be investigated
3. All property registration records from April – Dec 16 should be reviewed and missing details like Aadhar or Pan Card added to them
4. Jan Dhan accounts with large activities only in Nov-Dec 16 should be thoroughly checked
5. All farmers who have taken loans but have deposited cash into their accounts should be investigated
6. All Nov-Dec RTGS transactions done by grain traders, distributors, mill owners and farmers must be compared to previous years and investigated if they look unusual
7. Any deposits in the account of non-tax paying low income person in the range of Rs. 10,000 to Rs.2.5 lakh must be investigated as these people might have been provided cash by their employer
8. Any employer whose monthly payroll transfer amounts have drastically reduced starting Dec 16 should be investigated as they may have paid future advance salaries in cash
9. Bank Accounts with unusual activity as a percent of previous year’s average should be investigated
10. CCTV footage of banks where there is a massive cash exchange should be archived and audited
11. Exchanges done under each AADHAR/PAN card should be consolidated through the system and checked
12. Companies reporting share assignments in the months of Nov 16-March 17 without a corresponding e-transfer or cheque transaction should be thoroughly scrutinized
13. Jeweller transactions from April 1st 2016 till Nov 30th 2016 should be reviewed in detail and compared to previous year patterns for back dated sales
14. Last minute travel that was ticketed for cash and took place between Nov 9-16 should be checked
15. Nov-Dec 16 Call records of all bank managers, practicing chartered accountants should be checked
16. Petrol pumps which have made large payments for purchase of oil in advance should be scrutinised
17. Dormant accounts that have suddenly received big cash deposits should be investigated
18. Accounts of temples and trusts should be checked for inconsistencies
19. NGOs whose accounts have shown a sudden spike in transactions in the months of Nov-Dec should be investigated. more
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Is the circle manager a mouth piece of the Government who is into the practice of harassing the common citizens? Because all the suggestions given while seeking are inputs are implemented by the government. Then why this drama of seeking inputs? Let the government do what it wants. Don't waste our time and fool people by such one sided surveys. Or are the inputs in favor of the survey only kept and the negatives ones are removed? As it said "you should first clean your own house before cleaning other's". more
Dec 22
Make ATMs functional and dispense cash from them, upto a limit of RS. 24000 per account per week. If anyone needs more cash, they need to go to the bank, submit a cheque or payout slip. Banks would give them the money after 24 hours (request given before 12noon,money will b given next day. Request after 12noon, money will be given the second day). This way, banks can plan as to how much cash (other than ATMs) is required for the day. more
Dec 16
Make maximum / all. txns / works / government approvals online. Make online audit from remote more
Dec 11
PRIMARY COOP SOCIETIES ARE COLLECTING MONEY FROM MONEY LAUNDERAL FOR ACCOUNTS AND THEY DEPOSIT. THE MONEY WITH DIST COOP BANK IN THERE- PRIMARY COOP BK ACCOUNT .DIST COOP BANK REMIT IT TO THEIR ACCOUNT WITH PSU BANK OR NEW GENERATION BANK. MOSTLY THEY DEPOSIT WITH NEW GENERATION BANK FOR AN UNDER DEAL BY GIVING BULK DEPOSIT TO EXCHANGE NOTES. DIST COOP BANKS ARE PERMITTED TO EXCHANGE NOTES FOR FIRST 2-3 DAYS AND MAY HAVE REPORTED THE STATISTICS.THEY HAVE DEPOSITED THEIR HOLDING TO NEW GENERATION BANK ON A LATER DATE. AND THEY MAY ALSO HAV REPORTED THE STATITICS--DAUBLE RPORTING CHANCES ARE THERE. GOLD SALES TO BE MADE CASHLESS BY LINKING ACCOUNTS WITH ADHAR/PAN MULTIPLE ACCOUNTS CAN BE DETECTED-BENAMI ACCOUNTS CAN BE DETECTED MISUSE OF SUBSIDY CAN BE CHECKED On Sun, Dec 4, 2016 at 5:38 PM, LocalCircles Manager < support@localcirclesmail.com> wrote: > more
Dec 11
