The document discusses money laundering, which it defines as making illegally obtained money appear to come from legal sources. It describes the three main steps of money laundering as placement, layering, and integration. It then outlines various common methods used to launder money, such as smurfing, cash smuggling, using cash businesses, and real estate. The document also discusses anti-money laundering regulations and India's Prevention of Money Laundering Act of 2002. It provides statistics on the estimated amounts of black money in and flowing out of India.
Money laundering is the process of concealing the origin of money obtained from illegitimate sources by passing it through complex sequence of financial transactions and making it appear to be originated from legal activity.
Illegal arm sales, terrorism funding, smuggling, drug trafficking, insider trading, fraud schemes, bribery etc. are some examples of illegal activities prohibited by law.
In simpler terms, money laundering means cleaning of dirty money.
Process of Money Laundering
Placement – Placing illegal cash proceeds with banks and other financial institutions onshore and offshore in smaller denominations.
Layering – Creating complex layers of financial transactions to make it difficult to trace the origin of money. The transactions might be channelled through purchase & sales of financial securities.
Integration – Integrating the money into legal system by investing into business, real estates and luxury assets.
Methods of Money Laundering
Structuring / Smurfing – It is a method of placement where the illegal money collected is broken into smaller deposits to place at different banks. This is done to avoid any suspicion of origin of money.
Shell Companies – This involves creation of fake companies that are registered and exist in papers but hold neither physical location nor operational activities are done.
Bulk Cash Smuggling – This involves smuggling cash to foreign countries to deposit illegal money in offshore bank which hold greater secrecy; generally countries considered as tax haven.
Round Tripping – Shipping back the money deposited in offshore financial institutions as foreign direct investment.
Act -
Financial Action Task Force – Formed in 1989 by G7 countries to develop and ensure an international response to combat money laundering. The objectives of the FATF were to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
PMLA (Prevention of Money Laundering Act) 2002 – The act passed to stop money laundering and punish those involved directly or indirectly in illegal activity. As per this act whoever commits money laundering shall be punishable with imprisonment of about 3 to 10 years and shall also be liable to pay fine.
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Prevention of Money Laundering Act 2002ramandeepjrf
Prevention of money laundering act 2002
Definitions, Obligation for Banks, Financial Institutions, Intermediaries, Attachment, Adjudication and confiscation of property, Appellate Tribunal, Special Court, Penalty and fine.
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
Money laundering is the process of concealing the origin of money obtained from illegitimate sources by passing it through complex sequence of financial transactions and making it appear to be originated from legal activity.
Illegal arm sales, terrorism funding, smuggling, drug trafficking, insider trading, fraud schemes, bribery etc. are some examples of illegal activities prohibited by law.
In simpler terms, money laundering means cleaning of dirty money.
Process of Money Laundering
Placement – Placing illegal cash proceeds with banks and other financial institutions onshore and offshore in smaller denominations.
Layering – Creating complex layers of financial transactions to make it difficult to trace the origin of money. The transactions might be channelled through purchase & sales of financial securities.
Integration – Integrating the money into legal system by investing into business, real estates and luxury assets.
Methods of Money Laundering
Structuring / Smurfing – It is a method of placement where the illegal money collected is broken into smaller deposits to place at different banks. This is done to avoid any suspicion of origin of money.
Shell Companies – This involves creation of fake companies that are registered and exist in papers but hold neither physical location nor operational activities are done.
Bulk Cash Smuggling – This involves smuggling cash to foreign countries to deposit illegal money in offshore bank which hold greater secrecy; generally countries considered as tax haven.
Round Tripping – Shipping back the money deposited in offshore financial institutions as foreign direct investment.
Act -
Financial Action Task Force – Formed in 1989 by G7 countries to develop and ensure an international response to combat money laundering. The objectives of the FATF were to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
PMLA (Prevention of Money Laundering Act) 2002 – The act passed to stop money laundering and punish those involved directly or indirectly in illegal activity. As per this act whoever commits money laundering shall be punishable with imprisonment of about 3 to 10 years and shall also be liable to pay fine.
Thank you for watching
Subscribe to DevTech Finance
Prevention of Money Laundering Act 2002ramandeepjrf
Prevention of money laundering act 2002
Definitions, Obligation for Banks, Financial Institutions, Intermediaries, Attachment, Adjudication and confiscation of property, Appellate Tribunal, Special Court, Penalty and fine.
Presentation given for Crowe Horwath Auditor's training session on 26/03/2016.
AML regulations are applicable to professional service providers also. See the presentation for more information
Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
Money Laundering and Its Fall-out - REGULATION OF MONEY LAUNDERING: INDIA - ...Resurgent India
With growing financial strength, India is becoming more vulnerable to money laundering activities, despite its strict foreign exchange laws, which make it difficult for criminals to launder money.
Governments across the globe have been taking measures to increase the scrutiny of AML/CFT processes and controls, to fight Financial crimes. Individuals and firms are required to comply with minimum standards; failure to keep up with the changing requirements can lead to penalties and legal consequences.
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
Trust transaction monitoring and aml for swift messagingKeith Furst
This presentation was given at the prestigious ONE Aldwych hotel in London on July 14th 2016. The presentation discusses the implications to finance as regulatory and compliance controls become increasingly strict. How confident can you be that you are doing enough to spot and prevent risky transactions and money laundering attempts? And could technologies like blockchain help to increase confidence in transactions?
In July's edition we're talking about Trust, Transaction Monitoring, and anti-money laundering (AML) for financial messaging specifically:
How secure are current transaction methods?
What are the key weaknesses which can be exploited?
What approaches can be used to identify anomalies in financial messaging traffic?
What are the risks to Compliance Officers and financial institutions?
Are there improvements which can be made transaction monitoring systems?
Can technologies like blockchain be used to increase trust and confidence in financial messaging?
Interesting articles talking about money laundering activities and how the AML law shares an inverse relationship with the money laundering activity. This questions the overall cost/benefit activity of the AML regulation.
Basics of Anti-Money Laundering : A Really Quick Primer
What is Money Laundering?
The act of concealing or disguising (laundering) of funds obtained through illegal activity
so that they appear to have been generated through legal, legitimate sources.
How is it Carried Out?
Shell companies, intermediaries and money transmitters usually transfer these funds around the world Banks and other financial institutions are the chosen medium for laundering these illegal funds
AML Regulations:
The Bank Secrecy Act is the most important Anti-Money Laundering (AML) regulation
The BSA requires financial institutions to:
Keep records of cash purchases of negotiable instruments
File reports of cash transactions exceeding $10,000 (daily aggregate amount)
Report suspicious activity that might signify money laundering, tax evasion, or other criminal activities
Implement a written, board-approved compliance monitoring program
The USA Patriot Act
Expands AML requirements to all financial institutions
Augments existing BSA framework
AML Best Practices:
In order to combat money laundering, banks should implement the following best practices:
Customer Identification Program (CIP)
Customer Due Diligence (CDD) Program
Bank Secrecy Act/Anti-Money Laundering Risk Assessment
Identification and Reporting of Suspicious Activity
Want to learn more about anti-money laundering process and best practices? ComplianceOnline webinars and seminars are a great training resource. Check out the following links:
http://www.complianceonline.com/anti-money-laundering-aml-compliance-program-seminar-training-80114SEM-prdsm?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-regulatory-requirements-seminar-training-80181SEM-prdsm?channel=ppt
http://www.complianceonline.com/bsa-aml-compliance-reporting-requirements-webinar-training-703352-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-compliance-checklists-webinar-training-703178-prdw?channel=amlppt
http://www.complianceonline.com/bsa-aml-ofac-risk-assessments-and-evaluation-compliance-program-webinar-training-703493-prdw?channel=amlppt
http://www.complianceonline.com/best-practices-for-developing-risk-models-for-aml-bsa-monitoring-webinar-training-703628-prdw?channel=amlppt
Money Laundering and Its Fall-out - REGULATION OF MONEY LAUNDERING: INDIA - ...Resurgent India
With growing financial strength, India is becoming more vulnerable to money laundering activities, despite its strict foreign exchange laws, which make it difficult for criminals to launder money.
Governments across the globe have been taking measures to increase the scrutiny of AML/CFT processes and controls, to fight Financial crimes. Individuals and firms are required to comply with minimum standards; failure to keep up with the changing requirements can lead to penalties and legal consequences.
Threads Of money Laundering. I am Introducing a very big Issue, a big problem of our Country. I have written many ways to be out of the situation. So guys If you have chosen this topic be careful and Hit like and Download my PPT.
Trust transaction monitoring and aml for swift messagingKeith Furst
This presentation was given at the prestigious ONE Aldwych hotel in London on July 14th 2016. The presentation discusses the implications to finance as regulatory and compliance controls become increasingly strict. How confident can you be that you are doing enough to spot and prevent risky transactions and money laundering attempts? And could technologies like blockchain help to increase confidence in transactions?
In July's edition we're talking about Trust, Transaction Monitoring, and anti-money laundering (AML) for financial messaging specifically:
How secure are current transaction methods?
What are the key weaknesses which can be exploited?
What approaches can be used to identify anomalies in financial messaging traffic?
What are the risks to Compliance Officers and financial institutions?
Are there improvements which can be made transaction monitoring systems?
Can technologies like blockchain be used to increase trust and confidence in financial messaging?
Interesting articles talking about money laundering activities and how the AML law shares an inverse relationship with the money laundering activity. This questions the overall cost/benefit activity of the AML regulation.
Money laundering is the process of transforming the proceeds of crime into ostensibly legitimate money or other assets. However, in a number of legal and regulatory systems, the term money laundering has become conflated with other forms of financial crime, and sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. This is a process whereby the origin of funds generated by illegal means is concealed (drug trafficking, fraud, gun smuggling, corruption, etc.)
The anti-money laundering regime includes customer due diligence, transaction monitoring, and reporting suspicious activities to regulatory authorities. Financial institutions must also have policies and procedures in place to identify and manage high-risk customers and transactions.
The first stage of the money laundering cycle is placement, where the dirty money is introduced into the financial system. This can be done through various means, such as depositing cash into a bank account or using a money transfer service.
The second stage is layering, where the money is moved around and disguised to make it difficult to trace its origin. This can involve transferring funds between accounts, buying and selling assets, and creating fake invoices
The final stage is integration, where the laundered money is reintroduced into the economy as legitimate funds. This can be done by investing in real estate, starting a business, or simply spending the money.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
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We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
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This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
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2. The process of creating the appearance that large
amounts of money obtained from serious crimes,
such as drug trafficking or terrorist activity, originated
from a legitimate source.
3. Money lau-ndering happens in almost every country in
the world, and a single scheme typically involves
transferring money through several countries in order to
obscure its origins. Money laundering, at its simplest, is
the act of making money that comes from Source A look
like it comes from Source B. In practice, criminals are
trying to disguise the origins of money obtained through
illegal activities so it looks like it was obtained from legal
sources. Otherwise, they can't use the money because it
would connect them to the criminal activity, and lawenforcement officials would seize it..
4. : Money laundering is commonly occurring in three
steps: the first step involves introducing cash into the
financial system by some means ("placement"); the
second involves carrying out complex financial
transactions to camouflage the illegal source
("layering"); and the final step entails acquiring
wealth generated from the transactions of the illicit
funds ("integration"). Some of these steps may be
omitted, depending on the circumstances; for
example, non-cash proceeds that are already in the
financial system would have no need for
placement.[3]
5. Often known as smurfing, this is a method of
placement whereby cash is broken into smaller
deposits of money, used to defeat suspicion of
money laundering and to avoid anti–money
laundering reporting requirements. A sub-component
of this is to use smaller amounts of cash to purchase
bearer instruments, such as money orders, and then
ultimately deposit those, again in small amounts.[6]
6.
7. Bulk cash smuggling: This involves physically smuggling cash
to another jurisdiction and depositing it in a financial
institution, such as an offshore bank, with greater bank
secrecy or less rigorous money laundering enforcement.[7]
Cash-intensive businesses: In this method, a business
typically involved in receiving cash uses its accounts to deposit
both legitimate and criminally derived cash, claiming all of it as
legitimate earnings. Service businesses are best suited to this
method, as such businesses have no variable costs, and it is
hard to detect discrepancies between revenues and costs.
Examples are parking buildings, strip clubs, tanning beds, and
casinos.
Trade-based laundering: This involves under- or
overvaluing invoices to disguise the movement of money.[8]
8. Bank capture: In this case, money launderers or criminals
buy a controlling interest in a bank, preferably in a
jurisdiction with weak money laundering controls, and
then move money through the bank without scrutiny.
Casinos: In this method, an individual walks into a casino
with cash and buys chips, plays for a while, and then
cashes in the chips, taking payment in a check, or just
getting a receipt, claiming it as gambling winnings.[7]
Other gambling: Money is spent on gambling, preferably
on higher odds. The wins are shown if the source for
money is asked for, while the losses are hidden.
9.
10. Real estate: Someone purchases real estate with
illegal proceeds and then sells the property. To
outsiders, the proceeds from the sale look like
legitimate income. Alternatively, the price of the
property is manipulated: the seller agrees to a
contract that underrepresents the value of the
property, and receives criminal proceeds to make up
the difference.[9]
Black salaries: A company may have unregistered
employees without a written contract and pay them
cash salaries. Black cash might be used to pay
them.[10]
11. Tax amnesties: For example, those that legalize
unreported assets in tax havens and cash[11]
Fictional loans
A goal of money laundering is to be able to use the
dirty money for private consumption. If unable to use
it openly, the traditional way to keep the dirty money
near is hiding it as cash at home or other places. A
more modern method is a credit card connected to a
tax haven bank.
12. Shell companies and trusts: Trusts and shell companies
disguise the true owner of money. Trusts and corporate
vehicles, depending on the jurisdiction, need not disclose
their true, beneficial, owner.[9]
Round-tripping: Here, money is deposited in a controlled
foreign corporation offshore, preferably in a tax
haven where minimal records are kept, and then shipped
back as a foreign direct investment, exempt from
taxation. A variant on this is to transfer money to a law
firm or similar organization as funds on account of fees,
then to cancel the retainer and, when the money is
remitted, represent the sums received from the lawyers
as a legacy under a will or proceeds of litigation.
13. Anti–money laundering (AML) is a term mainly used in
the financial and legal industries to describe the legal
controls that require financial institutions and other
regulated entities to prevent, detect, and report money
laundering activities. Anti–money laundering guidelines
came into prominence globally as a result of the
formation of the Financial Action Task Force (FATF) and
the promulgation of an international framework of anti–
money laundering standards.[12] These standards began
to have more relevance in 2000 and 2001, after FATF
began a process to publicly identify countries that were
deficient in their anti–money laundering laws and
international cooperation, a process colloquially known
as "name and shame".[13][14]
14. An effective AML program requires a jurisdiction to
have criminalized money laundering, given the
relevant regulators and police the powers and tools
to investigate; be able to share information with other
countries as appropriate; and require financial
institutions to identify their customers, establish riskbased controls, keep records, and report suspicious
activities
15. In 2002, the Parliament of India passed an act called
the Prevention of Money Laundering Act, 2002. The
main objectives of this act are to prevent moneylaundering as well as to provide for confiscation of
property either derived from or involved in, moneylaundering.
The provisions of the Act are frequently reviewed
and various amendments have been passed from
time to time.[34][35]
16. The recent activity in money laundering in India is
through political parties, corporate companies and the
shares market. It is investigated by the Enforcement
Directorate and Indian Income Tax Department.[36]
Bank accountants must record all transactions over Rs.
10 Lakhs. Bank accountants must maintain this records
for 10 years. Banks also must make cash transaction
reports (CTRs) and suspicious transaction reports over
RS. 10 Lakhs within 7 days of doubt. They must submit
the report to the enforcement directorate and income tax
department.[citation needed
17. Indian Black money stastics
If go into the deeper statistics of Indian black
money which has proof it looks like this:
Year
Black money
1990-2000
4.1lak crores
2006-2007
9.6lak crores
Present
15lak crores
18. The following Government institutes have been
approved in March, 2011 for conducting separate
studies on black money:
o National Institute of Public Finance and
Policy(NIPFP);
o National Institute of Financial
Management(NIFM); and
o National Council of Applied Economic Research
(NCAER).
19. o The shown above statistics are the black money
which is in Switzerland.
o This way Indian black money are stored in almost 40
other countries.
o Recent survey shows that as much as 50lak crores
black money crossed the borders of India in last 5
years.
20. In a book written by an Indian Mr.Arun Kumar, said that
the black money is around 40% of the Indian GDP.
o The Indian GDP is around Rs 61,64,000 crore that
means the black money is around Rs 25,00,000 crore.
o If the black money is declared legal and shown in the
books of accounts then the 30% of it will be taken as
tax so as much as Rs 7,50,000 crore will come as
revenue.
o
o
21. o That will more than the total tax collection for the
year. 2009-10 which stands at Rs 6,41,000 crore
o But it is not legal so none is going to declare it
as legal because they will be behind bars.
o If it has to happen this should be another
movie.