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Demonetisation ED enquiry operations at 50 banks

News and Press Release - Dated:- 7-12-2016 - New Delhi, Dec 7 (PTI) Stepping up action to check financial crimes post demonetisation, the ED today launched an 'enquiry of records' operation at over 50 bank branches across the country to detect money laundering and hawala dealing instances through these channels. Officials said multiple teams of the Enforcement Directorate (ED) swooped early morning at over 50 branches of at least ten banks, both in the private and public sector, along wi .....

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to suspicion of suspect deposits. Officials said the sleuths and auditors are looking at the banking transaction records post November 8 and instructions have been issued to these teams to ensure that regular operations and customer dealings are not affected due to this. The ED, tasked with enforcing two important laws to check financial crimes-Prevention of Money Laundering Act (PMLA) and Foreign Exchange Management Act (FEMA)-has sourced Suspicious Transaction Reports (STRs) and Cash Transact .....

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