Anti Money laundering Bill

      From past almost three decades, different parts of country are suffering from terrorists activities, and epicenter of most of terrorism in country is Pakistan. Pakistan not only giving shelter to anti Indian elements but also source of training camps and then infiltrates them into India with weapons and money to destablise India. On an average minimum once a week, news comes of encounter with terrorists by our security personnel’s, but sometimes terrorists become successful to entered in the country and then they get directions from their handlers who are based in Pakistan how to proceed further and from where they can get weapons, money or how to get explosive materials and make destructive stuff for mass killing. They have many channels to get money, but main source of money in the country is hawala transaction or through black money, which is illegal way of getting money because with hawala transaction, they don’t left behind any written proof that money changes hands.
      In the beginning of this month, Government of India taking notice to control flow of such transaction and on to black money implement Anti money laundering Bill in the country, under this act every financial institutions across country are bound to follow instructions, reagrdlessly whether they are government run or private, so now money deposit in the post office different schemes by retail investors (small investors) they also have to follow government norms, and they are under three categories, depending on the amount they are going to deposit. As per information, every year across country 200 millions people deposit money in post office’s different schemes, and total amount deposited by them in the post office schemes around 40,000 Crores, certainly it is a huge money, now new norms will give teeth to government under law and also can keep eyes on these deposited, but all this make depositors angry with new norms and they said it will increase extra burden on to the investors, agents who were in the post office business said it has started showing effects on to their performances and business will be down more then fifty to sixty percent, if these terms wont take back by government, as now at the time of deposit every time some additional information’s/documents have to be submitted. The new guidelines issue by the government which are mandatory to follow-

1. First type of category of investors are, who deposited less then fifty thousand rupees per month, have to give three photos, voter card and proof of residency, without these additional stuff, they wont be able to deposit money in the post office schemes or any other schemes, whether it is government or private.
2. Second type of category of depositors are, who deposit above fifty thousand to one million rupees per month, not only they have to pass on three photos, voter cards and proof of residency but also submit the copy of pan card, every time they deposit money.
3. Third type of category of investors are, who deposit more then one million rupees per month, and these terms applicable not only on adults but minor account holders also entitle to submit same necessity documents.

It is a good initiatives by government because with these terms not only it will have eye on to the source money but also stop persons to deposit black money, before these norms people were successfully able to deposit their black money in the post office schemes as then they not need to submit proof of residency and identity, no doubt with this initiatives flow of money in the post office schemes will fall significantly, but it will help government to stop black money goes in the post office schemes.