Financial Action Task Force gives thumbs-up to demonetisation drive

The Finance Ministry in a tweet said that FATF has recognised the action India has taken to tackle illicit finance.

By: PTI | New Delhi | Published:November 11, 2016 4:22 pm
500 1000 rupee notes, rupee demonetisation, notes, Financial Action Task Force, David Lewis, Narendra Modi, Finance Ministry, news, latest news, currency exchange, India news, national news The government on Tuesday had demonetised the Rs 500 and Rs 1,000 notes as part of its efforts to clamp down against the black money, fake currency and terror financing. (source: PTI)

Global inter-governmental body FATF has lauded the demonetisation saying withdrawal of Rs 500 and Rs 1,000 notes was an “unprecedented” step. “Unprecedented action to clean currency in circulation. India is a valued member of FATF and global AML/CFT efforts,” FATF Executive Secretary David Lewis tweeted on Thursday.

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His tweet was in response to Prime Minister Narendra Modi’s tweet about the historic decision. The Finance Ministry in a tweet said that FATF has recognised the action India has taken to tackle illicit finance.

Financial Action Task Force (FATF) sets global standards for Anti Money Laundering and Countering Financing of Terrorism (AML/CFT) regulations for governments across the world. India has been its member since 2010. FATF’s recommendations are recognised as the global AML/CFT standard.

The government on Tuesday had demonetised the Rs 500 and Rs 1,000 notes as part of its efforts to clamp down against the black money, fake currency and terror financing.

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  1. S
    Surendranathan
    Nov 12, 2016 at 8:10 pm
    dear all, regarding 500/1000 demolition , 80 percent atm are are operation. Though we accept it any orders are are are issued orders to banks that at least once every day ATM to be refilled even by reducing the max width drawing limit to 1 k. but none turned up even in major roads . few atms are closed for almost past 3 days or not able to dispense money. at least in future i wish to carry out this situation as emergency measure . without any use power, ac is wastes and few ATM doesn't have security guys to protect it. so we our people money they they can DO BUSINESS AND EARN. BUT IN such critical situation least bothered. grt boss.so always middle cl people will be thrown to dogs????????????????????i sincerely request our govt to look into this issue. for such action they need to be penalised. more irritating is via sms they advice use electronic money transfer FOR BUYS VEGETABLES, MILK,petrol , for wheel puncture , kids toffee, simple tea or coffee, snacks etc horrible situation. this is not blame any one
    Reply
    1. J
      jitan kumar
      Nov 13, 2016 at 1:52 pm
      Jo bhi kiya sab achha hi kya lekin sabko rula raha hai.abhi tak
      Reply