In a move that seeks to ensure India’s compliance with Financial Action Task Force norms on money laundering, Reserve Bank of India cancelled licences of 19 big foreign exchange dealers who allegedly issued huge foreign currencies in cash to some high net-worth individuals, allegedly helping them stash black money in tax havens. In one case, a Mumbai-based forex dealer was found to have issued Rs 2,000 crore worth of forex based on forged documents.
Ahead of FATF scrutiny, 19 forex dealers lose licence
Uploaded by Sandra Carter on October 13, 2020 at 1:11 pm
Ahead of FATF scrutiny, 19 forex dealers lose licence
In a move that seeks to ensure India’s compliance with Financial Action Task Force norms on money laundering, Reserve Bank of India cancelled licences of 19 big foreign exchange dealers who allegedly issued huge foreign currencies in cash to some high net-worth individuals, allegedly helping them stash black money in tax havens. In one case, a Mumbai-based forex dealer was found to have issued Rs 2,000 crore worth of forex based on forged documents.
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