The Indian government is set to establish a trail of all foreign exchange transactions, including electronic transfers through various intermediaries by NRIs in the Gulf and America.
The finance ministry and Reserve Bank of India has planned a proposal to keep record of all receipts of money transformed by the agent. The records would include aspects like addresses while some basic 'know-your-customer' (KYC) norms like an identity proof would be mandated. Out of six, five commandments have already been complied with since the government recently notified changes to the rules related to the Prevention of Money Laundering Act (PMLA) specifying that suspected cases of terror financing would be part of the suspicious transaction reporting system. The other four specifications were in place as soon as the PMLA Act came into operation along with its rules.
Source: i4d
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