Finance Ministry releases list of 9,491 'high risk' financial companies
Posted February 27th, 2018, 10:24 AM IST
A list of 9,491 "high risk financial institutions" has been published by the Financial Intelligence Unit (FIU) that works under the Union Finance Ministry to check crimes in the Indian economy and alert enforcement agencies against such instances. Check the full list of high risk companies here.
The list, containing the names of the firms, has been updated till January this year.
Under the Prevention of Money Laundering Act (PMLA), the NBFCs, which includes cooperative banks, are required to furnish details about their financial operations and transactions to the FIU.
The FIU processed the data of these companies and found that they did not comply largely on one stipulated condition of appointing a principal officer who is responsible to check and report suspicious transactions and cash transactions of Rs. 10 lakh and above, and report it to the agency, sources said.
The activities of these institutions -- post the demonetisation of large currency notes of Rs. 1,000 and Rs. 500 in November, 2016 -- were under the scanner of the FIU and it published their names after analysing their data from various information sources, they said.
"The publication of names is primarily a step by the FIU to make aware the public that these NBFCs are not law compliant and that they should refrain from indulging into transactions with them," a senior official said.
NBFC is defined as a company registered under the Companies Act which is engaged in the business of loans and advances, acquisition of shares, stocks, bonds, debentures and securities issued by the government or local authority or other marketable securities.
NBFCs lend and make investments and hence, their activities are akin to that of banks, however, there they cannot accept demand deposits and do not form part of the payment and settlement system and cannot issue cheques drawn on itself.
- Vijay Sethupathi’s heartwarming selfie with elderly voter goes viral
- ‘aha’ unveils promo for ‘Sarkaar Season 4’ featuring Sudigali Sudheer as host
- Record rains in UAE flood Dubai International Airport, disrupt travels
- Akshay Kumar joins Vishnu Manchu’s ‘Kannappa’ shoot in Hyderabad
- Suhana Khan shares joyful photos with Ananya Panday after KKR victory
- Kartik Aaryan says he’s ready for love, asks Neha Dhupia to find someone for him
- Indian film stars extend Ugadi, Gudi Padwa, and Navreh wishes
- Deepika Padukone’s ‘Deewani Mastani’ featured on Oscars’ Instagram; Ranveer Singh reacts
- Tamil actor Daniel Balaji dies of heart attack
- Aditi Rao Hydari misses ‘Heeramandi’ event after wedding
- Bigg Boss winner Munawar Faruqui among 14 detained in Mumbai raid
- Mrunal Thakur follows ‘grandma diet,’ believes in not skipping meals
- Selena Gomez shares makeup-free selfies on Instagram
- Diljit collaborates with Saweetie for ‘Khutti’ Song, says ‘she just landed in Punjab’
- Malaika Arora, Arjun Kapoor, Richa, Ali Fazal, Farah, and more at KJo’s Bash
More News
- Vijay Sethupathi’s heartwarming selfie with elderly voter goes viral
- ‘aha’ unveils promo for ‘Sarkaar Season 4’ featuring Sudigali Sudheer as host
- Record rains in UAE flood Dubai International Airport, disrupt travels
- Akshay Kumar joins Vishnu Manchu’s ‘Kannappa’ shoot in Hyderabad
- Suhana Khan shares joyful photos with Ananya Panday after KKR victory
- Kartik Aaryan says he’s ready for love, asks Neha Dhupia to find someone for him
- Indian film stars extend Ugadi, Gudi Padwa, and Navreh wishes
- Mrunal Thakur honored for ‘Hi Nanna’ performance, details inside
- Prithviraj-starrer ‘The Goat Life’ rakes it in: Rs 100 cr in 9 days
- Rashmika Mandanna’s ‘Srivalli’ takes center stage in Pushpa 2: The Rule poster drop
A PHP Error was encountered
Severity: Warning
Message: file_get_contents(): http:// wrapper is disabled in the server configuration by allow_url_fopen=0
Filename: views/newsdetails.php
Line Number: 29
Backtrace:
File: /home5/am2pm/public_html/application/views/newsdetails.php
Line: 29
Function: file_get_contents
File: /home5/am2pm/public_html/application/controllers/News.php
Line: 135
Function: view
File: /home5/am2pm/public_html/application/controllers/News.php
Line: 95
Function: newsdetails
File: /home5/am2pm/public_html/index.php
Line: 315
Function: require_once
A PHP Error was encountered
Severity: Warning
Message: file_get_contents(http://www.indiaaffiliates.in/ads.php?size=300X250): failed to open stream: no suitable wrapper could be found
Filename: views/newsdetails.php
Line Number: 29
Backtrace:
File: /home5/am2pm/public_html/application/views/newsdetails.php
Line: 29
Function: file_get_contents
File: /home5/am2pm/public_html/application/controllers/News.php
Line: 135
Function: view
File: /home5/am2pm/public_html/application/controllers/News.php
Line: 95
Function: newsdetails
File: /home5/am2pm/public_html/index.php
Line: 315
Function: require_once