-The Times of India NEW DELHI: The government has made the Aadhaar card mandatory for opening bank accounts and conducting financial transactions of Rs 50,000 and above. Those with existing accounts will also have to submit their unique identification number by the end of December. Not disclosing it by December 31 will lead to suspension of the account. While the income tax department had earlier announced the decision to make Aadhaar mandatory for...

-The Economic Times Aadhaar came with a lot of promises. They were brought by some of the brightest in India. Aadhaar promises to remove duplicates and ghosts from government databases, deliver subsidies to beneficiaries, collect taxes, provide financial inclusion and eliminate corruption. Here is why it cannot deliver anything it promises. Aadhaar came with a lot of promises. They were brought by some of the brightest in India. Promise 1: Removing Fraud and Duplicates In...

-Hindustan Times New Delhi: At least Rs 3,900 crore was laundered through shell companies between November-December after the ban on high-value banknotes, investigations by a central agency have found. The probe by the Serious Fraud Investigation Office (SFIO) has also identified at least 54 people who helped 559 beneficiaries with laundering the illicit cash, sources said. The government recalled 500 and 1000-rupee notes on November 8 in a move it said was aimed...

-Hindustan Times The government and Reserve Bank of India (RBI) are set to bring out tougher norms for cooperative banks, which have come under scanner for alleged discrepancies and irregularities in the wake of the demonetisation drive. According to a recent report by the income tax department, most banks have indulged in Money Laundering after the Narendra Modi government announced ban on high-value bank notes of Rs 500 and Rs 1,000 from...

-The Times of India NEW DELHI: Investigations by the income tax department have found that a large number of cooperative banks have been manipulating and laundering unaccounted money post demonetisation of high denomination currency notes of Rs 1000 and Rs 500 on November 8. As the department's findings suggest a general absence of requisite regulatory oversight over cooperative banks across the country, the government feels the need for a strong regulatory framework. An...