ALERT! Govt's new rules for cash transactions
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New Delhi, October 23: To weed out the use of forged or fake copies, the Government has mandated verification of original documents of an individual engaging in cash transactions above Rs 50,000.
The Revenue Department has notified banks regarding an amendment made to the Prevention of Money-laundering Rules (PMLA). The PMLA was introduced to tackle money laundering.
The Gazette notification said in case the officially valid document furnished does not contain updated address, a utility bill like electricity, telephone, post-paid mobile phone, piped gas or water bill which is not more than two months old can be considered as a proof of address.
The Prevention of Money Laundering Act forms the core of the legal framework put in place by India to combat money laundering and generation of black money. Also, purchase or sale of property above Rs 50 lakh falls under this category.