New Delhi: Strengthening measures to keep a tab on black money, the Central government has decided to bring all such branches of banks in its ambit which carry out a business of more than Rs one crore in a day. The move is to monitor big transactions being executed through these banks.

According to reports, the government has included 1100 branches of banks under this proposal. It will be ensured that government has accurate information about the customers of all the branches of the various banks. For correct information about customers, the banks will be asked to strictly follow the rule of “Know Your Customer”.

The previous transactions of the banks will also be audited and the detailed investigation will be carried out for suspected transactions.

The Economic Offence Wing for finance will keep a strict vigil on the future transactions of the branches in the country. The officials of Ministry of Finance will carry out a review on regular interval for such transactions.

“The Ministry of Finance will chalk out a strategy for detailed surveillance,” say officials of Finance Ministry, adding that “the proposal will prove beneficial in finding out the source of black money”.

The government has made efforts in the past as well to keep a vigil on banks transactions but they did not yield the result.

Presently, banks send information to the Department of Economic Offence Wing for every transaction that exceeds Rs 50,000. But the information is so huge that it is difficult to review it technically, and that is why the government has decided to book mark the banks.

JPN/Bureau