“As part of its enhanced measures to check black money, country’s elite Financial Intelligence Unit (FIU) has begun tapping information on all suspicious cross-border fund transfers made from India to offshore destinations.
The premier technical snoop wing under the Finance Ministry has rolled out a new system where all banking and financial institutions are mandated to file formatted Cross Border Wire Transfer Reports (CBTRs) exceeding Rs 5 lakh to it under the provisions of anti-money laundering laws. “
