https://www.taxtmi.com/news?id=4384 The Prize Chits and Money Circulation Scheme (Banning) Act empowers State Governments to act against money circulation schemes; the RBI forwards complaints to appropriate agencies and advises the public to report fictitious offers to police or cyber crime authorities. RBI has directed banks to ensure strict KYC and AML compliance when opening and monitoring accounts for marketing and trading entities and to review accounts showing indicators of money circulation activity; it has also informed states that Multi Level Marketing schemes fall within the Act's scope. en-us Thu, 20 Dec 2012 17:53:37 +0530 Thu, 20 Dec 2012 17:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=4384 The Prize Chits and Money Circulation Scheme (Banning) Act empowers State Governments to act against money circulation schemes; the RBI forwards complaints to appropriate agencies and advises the public to report fictitious offers to police or cyber crime authorities. RBI has directed banks to ensure strict KYC and AML compliance when opening and monitoring accounts for marketing and trading entities and to review accounts showing indicators of money circulation activity; it has also informed states that Multi Level Marketing schemes fall within the Act's scope. News - Thu, 20 Dec 2012 17:53:37 +0530 https://www.taxtmi.com/news?id=4384