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Money Laundering Indian Scenario

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Hiral Sanghvi
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Money Laundering Indian Scenario - October 20th, 2010

The concept of two parallel economies in India an many other developing countries has been existent since quite some times.

What is Money Laundering and its impact ?

The word "Laundering" is used for cleaning dirty clothes. Money Laundering refers to the conversion or laundering of money which is illegally obtained, in oredr to make it appear to originate from a legitimate source.

The financial Action Task Force (FATF) defines money laundering as "the procesessing of criminal proceeds to disguise their illegal origin".

Indian anti money laundering law encompasses the money generated from numerous different crimes, viz. drug trafficking, racketeering, embezzlement, etc. Apart from these activities, black money is also generated by businessmen, by completing off the book transactions in orer to evede various taxes and levies.

Money Laundering deprives the government of some much needed tax revenue, thereby raising the burden of honest law abiding citizens. Also development suffers, because of lack of fund. Beside, due to the rapid movements of large amounts of money, financial institutions may become destabilized, thus in turn threatening savings and retirement fund accounts with these institutions.






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Re: Money Laundering Indian Scenario - October 22nd, 2010

very good information .... black money has been a big headache in the past but condition is better now and rbi is shortly going to release the plastic notes which will prevent the duplicates
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Dimpy Handa
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Re: Money Laundering Indian Scenario - October 24th, 2010

Following are the Acts against money laundering in India:
The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974; The Income Tax Act, 1961 The Benami Transactions (Prohibition) Act, 1988 The Indian Penal Code and Code of Criminal Procedure, 1973 The Narcotic Drugs and Psychotropic Substances Act, 1985 The Prevention of Illicit Traffic in Narcotic Drugs and Psychotropic Substances Act, 1988
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