Govt releases list of 9,500 high-risk finance cos, Adani Group's firm listed

Govt releases list of 9,500 high-risk finance cos, Adani Group's firm listed

Govt releases list of 9,500 high-risk finance cos, Adani Group's firm listed

The Centre on Monday released a list of 9,500 "high risk" Non-Banking Financial Companies (NBFCs) which also includes Adani Group's non-banking financial company (NBFC), Adani Capital Pvt Ltd. These companies have been found non-compliant to the Prevention of Money Laundering Act (PMLA) rules as on January 31.

Financial Intelligence Unit (FIU), the national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions, released the list early Monday.

As per the Prevention of Money Laundering Act (PMLA), all NBFCs have to appoint a principal officer in the financial institutions and report all suspicious and cash transactions of over Rs 10 lakh to the FIU.

The "high risk" companies whose were released Monday have been found not following PMLA norms, the FIU said.

Some other names in the list are ABM FINLEASE PVT Ltd, a Delhi based NBFC known for giving loan against gold, Birla Financial Corporation Ltd and Indigo Fincap Pvt Ltd.

NBFCs came under the government lens after they were found exchanging unaccounted old currency notes of Rs 500 and Rs 1,000 post-November 8, 2016 demonetisation.

 

DH Newsletter Privacy Policy Get top news in your inbox daily
GET IT
Comments (+)