black money - Page 81

SBI get installed anti-money laundering software

The solution will enable the bank to monitor any suspicious transfer of money, including terror financing State Bank of India (SBI) has announced that it has deployed a solution to prevent money laundering across its group companies and six associate banks. The solution has been deployed by 3i Infotech in compliance with the orders of [&h...

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Posted Under: Finance |

I-T dept may seek details on accounts held by taxpayers in banks abroad

The Central Board of Direct Taxes (CBDT), the apex body for tax matters in India, is actively considering a proposal that will allow income-tax department to ask for information on accounts held by taxpayers in banks abroad. According to a person directly involved in the development, CBDT is considering adding a column in I-T returns [&he...

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Posted Under: Finance |

7 Indian companies so far been banned by World Bank Including Satyam

Satyam, and now, Wipro Technologies and Megasoft, join the 300 companies that have been blacklisted by the World Bank Since 2000. The list includes four other India-based vendors....

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Posted Under: Finance |

Food Coupons, Prepaid Cards May Come Under RBI Glare

MEAL vouchers and prepaid cards have come under the regulatory scanner. In an attempt to check possible moneylaundering, Reserve Bank of India (RBI) has proposed that only banks and finance companies be allowed to issue prepaid cards which are accepted outside a closed group. This means that issuers who are neither banks nor finance compa...

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Posted Under: Finance |

Benami Transactions (Prohibition) Act, 1988

Act no. 45 of 1988 (05/09/1988)

In 1973, the Law Commission of India after studying various Acts and prevailing benami system, recommended formulating an Act to tackle the issue. Accordingly, the Benami Transactions (Prohibition) Act, 1988 was enacted by the Parliament which came into force on 05.09.1988 and it prohibits benami transactions and the right to recover prop...

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June 2020