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The Reserve Bank of India has asked all banks and financial institutions to furnish a suspicious transaction report to the Financial Intelligence Unit-India within seven days of such a transaction, said a notification from the central bank on Thursday. "The report must be furnished within seven days of arriving at a conclusion that a transaction, including attempted transaction, whether or not made in cash, or a series of transaction integrally connected are of suspiciou.. Full Article

The chartered accountancy firms of S K Naredi and Ashok Kedia have come under the scanner for their alleged role in the Rs 4,000-crore hawals transaction and illegal investment scam involving Madhu Koda and his associates.The Institute of Chartered Accountants of India (ICAI) has been flooded with complaints of late against a section of CAs relating to their involvement in cases of financial bungling. This stark revelation comes close on the heels of the involvement of t.. Full Article

Former Jharkhand chief minister Madhu Koda, under the scanner for allegedly amassing over Rs.2,000 crore (Rs.20 bn / $425 mn) illegally, was admitted to the intensive care unit (ICU) of Apollo Hospital in Ranchi as raids continued at his premises for the fourth consecutive day Tuesday. Income Tax (IT) officials were questioning Koda at his Ranchi residence when he said that he was feeling uneasy. Koda has a history of medical problems. Full Article