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Ministry of Finance

The Government of India is determined to fight economic crime. Indian investigating and intelligence agencies fighting economic crimes including customs, foreign exchange, central excise, Income Tax manipulations, drug and narcotics smuggling and trafficking function under the Indian Union Ministry of Finance. The following Investigating Agencies which function under the Department of Revenue in Union Ministry of Finance:

In pursuance of its commitment to fight economic crime, the Government of India has been implementing an attractive Reward Scheme for persons ( irrespective of their nationality) providing useful information to the Government of India.

Although money laundering is not a criminal offense per se, those suspected of hiding funds can be prosecuted for income tax evasion under the income tax act, with penalties of up to seven years' imprisonment. Under or over-invoicing, two common ways of hiding drug money, are offenses and can be prosecuted under customs law. The NCB has set up a committee to look into drafting specific money-laundering legislation, but to date, no proposals have gone forward. Anyone establishing a bank account must provide a photograph, and transactions over rs 50,000 (usd 1,470) cannot be made in cash. All transactions over rs 100,000 (usd 2,940) must be reported to bank management, which then decides whether to notify the authorities. The GOI is open to efforts by the US and other countries to trace and seize assets, and they make use of tips from other countries. The GOI has bilateral narcotics agreements with ten other countries, but the focus is not on asset seizure. National laws do not permit the sharing of forfeited assets with other countries. The banking community has been fairly cooperative; bank secrecy laws are not strict in any case.

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Page last modified: 28-07-2011 00:52:57 ZULU