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WHAT ARE THE TRANSACTIONS TO BE REPORTED BY BANKS TO FINANCIAL INTELLIGENCE UNIT-India (FIU-IND)?
  1. All cash transactions of the value of more than Rs.10 lakhs or its equivalent in foreign currency
  2. All series of cash transactions integrally connected to each other, which have been valued below Rs.10 lakhs or its equivalent in foreign currency (excluding individual transactions below Rs.50,000/- in the reporting) where such series of transactions have taken place within a month and the aggregate value of such transactions exceeds Rs.10 lakhs.
  3. Counterfeit currency transactions
  4. Suspicious transactions.
SUSPICIOUS TRANSACTIONS :
Rule 2(1) (g) of PMLA-2002 defines suspicious transactions as:
    A transaction whether or not made in cash which, to a person acting in good faith-
  1. gives rise to a reasonable ground of suspicion that it may involve the proceeds of crime; or
  2. appears to be made in circumstances of unusual or unjustified complexity; or
  3. appears to have no economic rationale or bonafide purpose; or
  4. gives rise to a reasonable ground of suspicion that it may involve financing of activities relating to terrorism.
  5. The complete list of terrorist/individuals/organizations are available on the UN website
    http:// www.un.org/sc/committes/1267/consolist.shmt/

    List of terrorist (as per UN website) Click Here
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