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of <h1>Govt Amends Money-Laundering Rules: New Definition for Suspicious Transactions, Counterfeit Reporting, and Reduced Document Requirements.</h1> The Central Government, in consultation with the Reserve Bank of India, has amended the Prevention of Money-laundering Rules, 2005, effective from the date of publication in the Official Gazette. Key amendments include redefining suspicious transactions to include those lacking economic rationale or potentially linked to terrorism financing. The rules now require financial institutions to report cash transactions involving counterfeit currency or forgery within seven working days. Additionally, the requirement for certified copies has been reduced from three to one. These changes aim to enhance the reporting and monitoring of financial transactions to prevent money laundering.
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