An Indian money exchange operator or hawala dealer is suspected of employing multiple trade-based money laundering (TBML) techniques in a string of dubious transactions. Naresh Jain allegedly arranged transactions maybe amounting to billions of US dollars using hundreds of shell… Read More ›
India
India embarked on manual inspection of Chinese imports for under-invoicing
Indian customs officers are conducting manual inspections of Chinese imports for under-invoicing. The clampdown on under-invoicing comes amidst increased tensions between India and China. Manual inspections India’s nationwide effort to identify under-invoicing of goods involves all land and sea ports… Read More ›
India turns to AI to expose shell companies
India’s ministry of corporate affairs (MCA) is turning to artificial intelligence (AI) and data analytics as key elements to expose shell companies. The ministry is in the process of constructing what it describes as an advanced version of its MCA… Read More ›
Deep malaise in India’s customs clearance system must be investigated
India’s Central Excise and Service Tax Appellate Tribunal (CESTAT) – which was established as an independent forum to hear appeals against orders passed by the Commissioners of Customs and Excise – has asked customs officials to investigate what they describe… Read More ›
India introduces new beneficial ownership legislation
India has issued the Companies (Significant Beneficial Owners) Rules, 2018, requiring companies and partnerships in the country to maintain an official record of persons holding beneficial shares. Companies must also file a return with the Registrar of Companies providing details… Read More ›