Money Laundering Inputs

Recently one of the members reported how money laundering is taking place in Real Estate. With this post, we would like to seek your inputs on how money laundering is taking place in India. If you have any specific instances of money laundering that you would like to report, do share.

Money Laundering goes hand in hand with corruption and it is important that we understand all issues and causes and then discuss solutions that can be proposed to the Ministry of Finance and Enforcement Directorate to improve the current situation.

We look forward to your inputs,
Transparency International India more  

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Money Laundering Inputs
Black money can be converted to white very officially and legally. KVP which was withdrawn as it was used to convert black money to white is revived.

You can go to Post offices with black money even without PAN buy Kisan Vikas Patra of any amount and you get double the amount in 8 years.

Full details go to link below:-

http://www.thehindubusinessline.com/banking/no-pan-requirement-for-investment-in-kisan-vikas-patra/article6610793.ece more  
Money Laundering Inputs
Money laundering is there because of the presence of black money. If there is no black money there is no money laundering. Demonetize and create a cashless society there won't be any more money laundering. more  
WHY real estate only, i am witness to Many incidence of money laundering cases through Bank. i served as manager in a prominent bank for 5 -6 years . i resigned the bank and simultaneously complained to banks higher management and RBI , police, income tax dept,bcsbi, ects. but no one took action against real money laundering perpetrators of bank... forget the action even a fair investigation was not done...crime was neglected...perpetrators are not punished till date more  
One of the main sources of money laundering and black money in real estate in India is to get a certain percentage of the price fixed for the property in cash and without accounting for and issuing any money receipts therefor nor the amount is added in the total price of the property's documents. Thus a lower price is shown in the documents and the purchasers are happy that they had to incur much less expenses for registration. Thus tactfully making the buyer also a party in the corrupt deals. The high rates of stamp duties and registration charges encourage the buyers to agree in such deals.

I had recently come across of 2 such deals where the builders charged 20% of the price in black without issuing any money receipts and the black portion of the deals was recovered first. It is in every body's knowledge that this practice is in vogue in everywhere and in all metropolies and in big deals and no more its a secret matter. However, no one knows as to how such black moneys are accounted for by the builders/real estate developers and how they spend it. more  
Most of Indians talks about corruption but individually for financial benefits they indulge in it. In real estate it is in the form of buy back offer to double the money in few years with no concrete plans, circulating private shares in real estate etc. more  
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