anti money laundering act

The Reserve Bank of India has imposed a monetary penalty of ` 5.00 lakh (Rupees five lakh only) on Ahmedabad District Central Co-operative Bank Ltd., Ahmedabad, Gujarat in exercise of powers vested in it under the provisions of Section 46 read with Section 47A of the Banking Regulation Act, 1949 (AACS) for violating guidelines issued by Reserve Bank of India on Know Your Customers (KYC) norms and Anti Money Laundering (AML) standards. Full Article

The Reserve Bank has imposed penalty of Rs 1 lakh each on two Gujarat-based cooperative sector lenders for violation of various rules, including anti-money laundering guidelines. The two banks are -- the Surat-headquartered Rander People's Co-operative Bank and Vadodara-based Shree Mahalaxmi Mercantile Co-operative Bank, the apex bank said yesterday. Full Article

There was a demand against the company. The duty demand was confirmed against which the assessee filed appeal before the Commissioner (Appeal). In the meantime, the assessee deposited the amount vide debit entry in RG23A part-II. When the appeal was decided in the favour of the assessee, the assessee informed to the department and took credit of the amount it deposited earlier. Demand was raised, and the tribunal held that such re-credit of amount is recoverable and impo.. Full Article

WITH the Prevention of Money Laundering (Amendment) Act, 2009 (No 21 of 2009) coming into force from June 1, the RBI has advised all NBFCs to maintain records of clients for a period of 10 years from the date of transaction. The NBFCs will have keep records of the Identity of the Clients, both domestic or international, which will permit reconstruction of individual transactions so as to provide, if necessary, evidence for prosecution of persons involved in criminal acti.. Full Article