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.
Restrictions on Transactions
- The finance ministry has advised all banks to take immediate steps to restrict transactions in bank accounts of more than 2.09 lakh companies
- The name of these companies have been struck off the Register of Companies
Other Directions by the Finance Ministry
- Banks have also been advised to step up due diligence while dealing with all firms in general
- 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