counterfeit currency

Various queries have been raised by insurers on who can be termed as customer(s) for the purposes of AML guidelines. Keeping the objective of the PMLA and AML guidelines in view, it is hereby clarified that details of the person who funds/pays for an insurance contract, either as beneficial owner or otherwise become relevant and important. Stipulations under clause 3.1 of the AML guidelines will therefore have to be applied to such persons. The term customers also refer .. Full Article

Impact of counterfeit currency on National Economy. Reserve Bank of India maintains that the volume of fake currency is negligible, at less than 0.001% (8 notes per million pieces) of the total notes in circulation and, therefore, there is no serious threat to the economy on this account. Full Article