Money laundering

The finance ministry has notified rules which will pave the way for small savings account holders to earn higher returns from December 1. Earlier this month, the government had accepted the recommendations of a panel which would help investors earn higher interest on small savings schemes.An expert panel, headed by former RBI deputy governor Shyamala Gopinath, had recommended moving to a market-linked interest rate system for small savings schemes that would translate in.. Full Article

Union Finance Minister Shri Mukherjee has said that the capabilities against money laundering and terrorist financing should be strengthened by all nations to ensure an effective, efficient and more productive crusade against this menace. Full Article

Hasan Ali Khan, arrested for alleged money laundering, has stashed $800 million in banks in countries like the U.S., Switzerland and Singapore and has links with officials of these banks, the Enforcement Directorate told the Bombay High Court on Monday. Justice A.M. Thipsay was hearing a bail application filed by Mr. Khan after a sessions court rejected his bail plea. The matter will be heard on July 26. Full Article

The Government of India will host the 14th Annual Meeting and 10th Annual Technical Assistance and Training Forum of the Asia/Pacific Group (APG) on Money Laundering at the Le Meridien Hotel, Kochi (Cochin), Kerala, India, from 18th to 22nd July 2011. The Union Finance Minister Shri Pranab Mukherjee would make the opening address on 19th July,2011 . Full Article

Holding that there was prima facie case, the Supreme Court on Friday issued notice to Sahara group chief Subrata Roy for initiating contempt proceedings against him for allegedly interfering with the investigation in the 2G spectrum case. The apex court also issued notices to two journalists, Upendra Rai and Subodh Jain, for allegedly threatening and blackmailing Enforcement Directorate’s Investigating Officer Rajeshwar Singh, who is probing the case. Full Article

India has entered into a Tax Information Exchange Agreement (TIEA) with the Bahamas. The Agreement was signed on 11th February 2011 by the High Commissioner of India to Jamaica (concurrently accredited to the Commonwealth of The Bahamas) on behalf of Full Article

India has entered into a pact with the British Virgin Islands for exchange of information to check tax evasion and money laundering. This is the third Tax Information Exchange Agreement (TIEA) -- as it is known in the parlance of the Organisation for Full Article

RPCD.CO.RF.AML.BC. No. 84/07.40.00/2009-10, May 14, 2010 Government of India vide its Notification No. 7/2010-E.S.F.No.6/8/2009-E.S dated February 12, 2010 has amended the Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Int.. Full Article