Government makes ID-checks mandatory for cash transactions above Rs 50,000
The government has made it mandatory for banks and financial institutions to check the original identification documents of individuals dealing in cash above the Rs 50,000 threshold as part of the stepped up war against black money.
The Department of Revenue under the administrative control of the Finance Ministry has issued a notification making an amendment to the Prevention of Money-laundering (Maintenance of Records) Rules.
The new rule now requires the reporting entity to compare the copy of the officially valid identification document produced by the client with the original and record it on the copy. The Prevention of Money Laundering Act (PMLA) forms part of the legal framework put in place by the government to combat money laundering and generation of black money.
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