ID Must For Large Cash Transactions

By | October 24, 2017
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The Government has amended the Prevention of Money Laundering Act to make identity verification mandatory for cash transactions and opening of bank accounts. Under this act, entities such as banks and brokerages are required to verify the identity of their clients. They also have to maintain records on the same and send reports to the Financial Intelligence Unit of India. This has been put in place to prevent money laundering and black money.

What will you need to do? If you are making a cash transaction of over Rs. 50,000 or opening a bank account, you will have to show your original identity proof and provide a copy. The institution will verify the copy with the original identity proof provided. This will be recorded by the institution. This process will also be followed for cash transactions worth more than Rs. 10 lakh made in foreign currency.

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