Black Money – Domestic and International Efforts

Centre asks banks to restrict accounts of 2.09 lakh firms

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Mains Paper 2: Governance | Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

From UPSC perspective, the following things are important:

Prelims level: Not Much

Mains level: Effective step to curb Money Laundering and Black Money.


News

Restrictions on Transactions

  1. The finance ministry has advised all banks to take immediate steps to restrict transactions in bank accounts of more than 2.09 lakh companies
  2. The name of these companies have been struck off the Register of Companies

Other Directions by the Finance Ministry

  1. Banks have also been advised to step up due diligence while dealing with all firms in general
  2. And been alerted that even if a firm is ‘active’ in the corporate affairs ministry database, it should be seen with ‘suspicion’ if it has failed to file statements or returns
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