Business Companies 26 Feb 2018 Finance Ministry put ...

Finance Ministry puts out list of high-risk finance companies

ANI
Published Feb 26, 2018, 1:02 pm IST
Updated Feb 26, 2018, 1:02 pm IST
FIU released list on its website showing the names of NBFCs which have been found non-compliant to PMLA rules.
As per PMLA, all NBFCs have to appoint a principal officer in financial institutions and report all suspicious and cash transactions of over 10 lakh rupees to FIU.
 As per PMLA, all NBFCs have to appoint a principal officer in financial institutions and report all suspicious and cash transactions of over 10 lakh rupees to FIU.

New Delhi: Financial Intelligence Unit (FIU) on Monday released a list of around 9,500 Non-Banking Financial Companies (NBFCs), which have been categorised as high-risk financial institutions by the Finance Ministry.

As per the Prevention of Money Laundering Act (PMLA), all NBFCs have to appoint a principal officer in the financial institutions and report all suspicious and cash transactions of over ten lakh rupees to the FIU.

 

But, these companies have been found not following these rules as on January 31,2018.

The FIU released the list on its website showing the names of NBFCs which have been found non-compliant to the PMLA rules.

Adani Capital Pvt Ltd, Anand Corporate Holdings Pvt Ltd., Arihant Udyog Ltd., Asian Financial Services Ltd., AVON MONEY SOLUTION INDIA LIMITED, Bindal Finvest., Bombay Gas Co Ltd., CELLO CAPITAL PRIVATE LIMITED, Dlf Finvest Limited, Eros Merchants (P) Ltd, and Indigo Fincap Pvt Ltd are few of the companies listed by FIU.

 

After demonetisation in 2016, NBFCs and several other rural and urban cooperative banks had come under the scanner of the Income Tax Department and the Enforcement Directorate (ED) for illegally converting banned currency notes.

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Location: India, Delhi, New Delhi




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