Highlights

Finance Ministry allow to Income Tax Department share PAN data with Financial Intelligence Unit. The FIU is the Indian nodal agency permit to obtain cash flow reports from private and public sector banks. The Nodal Agency receives reports monthly from IT Department to analyse suspicious cases.

IT Department has permittion to share Permanent Account N​umber details of individuals to dig deeper into large doubtful accounts. Financial Intelligence Unit forwards doubtful accounts to law enforcement, intelligence agencies and investigative agencies of Indian Govt.

Prevention of Money Laundering Act, 2002

The Financial Intelligence Unit is authorize to get (Cheque/Cash) Cash Transaction Reports under the Laundering Act, 2002. A bank has to provide Cash Transaction Reports to Financial Intelligence Unit monthly incorporating all transactions over ₹ 10,00000.

About Financial Intelligence Unit

In 2004, The Financial Intelligence Unit was established by Govt of India. Role of FIU, is the central national agency is analyzing, receiving, processing and disseminating information related to doubtful financial transactions.

Finance Minister control Financial Intelligence Unit.

FIU get PAN data from IT Department FIU get PAN data from IT Department