Black money: pvt banks warn staff of zero tolerance

.....Cobrapost had claimed that its undercover investigation revealed that top three private banks offered money laundering as product to their customers and violated several provisions of the Income Tax Act, Foreign Exchange Management Act (FEMA), Prevention of Money Laundering Act and regulations mandated by the Reserve Bank of India (RBI). While bankers claim that employees are advised not to violate norms at periodic intervals, a fresh set of communication mandating strict adherence to compliance were sent after Cobrapost's allegations on Thursday.......

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