Centre Asks RBI To Track Online Transactions To Detect Black Money

The Centre is planning to setup online mechanism to keep a tab on all non cash transactions in the country, The Hindu has reported. This will help in tracking money trail within and outside the country.

The report has quoted a source in the government which informed that the RBI was given the task to setup and track the money trail. All data will be collected in the proposed system while high value transactions will be filtered for scrutiny. Income Tax and Enforcement Directorate will not be given direct access to the data and RBI will be the sole owner of the system according to the report.

A mild version of the system is already in place which makes it mandatory for people under the provisions of Prevention of Money Laundering Act (PMLA). Banks and financial institutions are expected to report transactions of more than Rs 10 lakh to the Financial Intelligence Unit (FIU).

In the financial year 2017, more than 15.9 million Cash Transaction Reports and 4.73 lakh Suspicious Transaction Reports have been filed to the Financial Intelligence Unit.