Sunday, 30 July 2017

Rs 562 cr black money detected in 2015-16 after reports of suspicious currency

Detection and reportage of suspicious transactions, fake currency notes and cross-border fund transfers in the country’s economic channels doubled in the last fiscal year 2015-16, leading to unearthing of over Rs 560 crore black money, a government report has said.

The report of the Financial Intelligence Unit (FIU), the premier technical snoop wing under the finance ministry, said the financial year 2015-16 saw a “record increase” in the detection of such instances.

An STR is a transaction that either indicates that it has been made in circumstances of unusual or unjustified complexity or appears to have no economic rationale or bona fide purpose.

It is also applicable to the transactions that give rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism.

An NPO Transaction Report (NTR) pertains to all transactions involving receipts by non-profit organisations of more than Rs 10 lakh or its equivalent in foreign currency.

The FIU, established in 2004, provides financial intelligence to law enforcement agencies for safeguarding the economy from abuses of money laundering, terrorist financing and other offences.

It disseminates this data to probe agencies to check economic crimes, ascertain the extent of fake Indian currency notes (FICN) in banking channels and undertake legal action under criminal laws to check money laundering and black money.


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