The Financial Monitoring Unit (FMU) has instructed reporting entities, including financial institutions, real estate agents, jewelers, lawyers/accountants, fund divisions, and corporate service providers, to report cash transactions of Rs.2 million or more via FMU’s ‘Currency Transaction Reporting’.
The FMU has issued guidance on filing currency transaction reporting (CTR) for reporting entities, including designated non-financial businesses and professions (DNFBP), which covers real estate agents including builders/developers and Gold Dealers.
The FMU clarified that a report on CTR refers to a report on Cash transactions in excess of an amount that is determined by the National Executive Committee through an official announcement. The minimum reporting volume of Cash Transactions is at least Rs. 2 million. It is important that reporting entities only report financial transactions when the Cash Transactions exceed the minimum threshold.
To simplify the reporting process and improve the quality of CTR reporting, detailed guidance is provided to reporting entities. The FMU stated that all reporting entities must ensure that these guidelines are followed.
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