Govt. Taps RBI To Track All Financial Transactions

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Government Taps RBI to track all financial transactions

Government is going to take an impressive step to track the black money. The government and the Reserve Bank of India (RBI) have begun discussions to put in place a database of all payment transactions in the country.

a senior government officer talks to TOI that, the proposal is to let RBI put in place a platform where all non-cash transactions can be recorded and shared on a need-to-know basis.

In a familiar discussion to TOI, the official said: “It is not going to be available on tap but will be shared based on a specific request”.

At least two other officers told TOI that the plan needed to be fleshed out as the discussions so far had not yielded a robust mechanism. For instance, a law enforcement agency suggested that the database could be used to establish a trail of transactions often seen in case of a fraud.

All suspicious transactions need to report to the unit within seven days after it is concluded that those are suspicious in nature.

The move to track all financial transactions is the latest in a series to curb black money and identify shell companies, sources said.

In FY17, the FIU had received more than 15.9 million Cash Transaction Reports and 4.73 lakh Suspicious Transaction Reports.

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