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Original Ids Mandatory
October 23 , 2017
2401 days
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- The Department of Revenue (DoR), Finance Ministry has made it mandatory for banks and financial institutions to check original identification documents of individuals dealing in cash above 50000 to weed out use of forged or fake copies.
- DoR has amended to Prevention of Money-laundering (Maintenance of Records) Rules.
- The Prevention of Money Laundering Act (PMLA) and its rules impose obligation on reporting entities like banks, financial institutions and intermediaries to verify identity of clients, maintain records and furnish information to Financial Intelligence Unit of India (FIU-IND).
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