The Dahod Urban Co-operative Bank Ltd., Dist. Dahod – Penalised


The Reserve Bank of India has imposed a monetary penalty of Rs1.00 lakh (Rupees one lakh only) on The Dahod Urban Co-operative Bank Ltd., Dist. Dahod.

The reason for the imposition of the penalty was for non-reporting/wrong submission of Cash Transaction Reports (CTRs) for cash transactions in excess of Rs10.00 lakhs to Financial Intelligence Unit-India (FIU-IND), as required under the Anti-Money Laundering (AML) Guidelines.

In terms of the PMLA Rules, banks are required to report information relating to cash and suspicious transactions and all transactions involving receipts by non-profit organisations of value more than rupees ten lakh or its equivalent in foreign currency to the Director, Financial Intelligence Unit-India (FIU-IND) in respect of transactions referred to in Rule 3.

a) all cash transactions of the value of more than Rupees Ten Lakh or its equivalent in foreign currency;

b) all series of cash transactions integrally connected to each other which have been valued below Rupees Ten Lakh or its equivalent in foreign currency where such series of transactions have taken place within a month and the aggregate value of such transactions exceeds Rupees Ten Lakh;

c) all transactions involving receipts by non-profit organizations of value more than rupees ten lakh or its equivalent in foreign currency [Ref : Government of India Notification dated November 12, 2009 – Rule 3, sub-rule (1) clause (BA) of PML Rules]

d) all cash transactions where forged or counterfeit currency notes or bank notes have been used as genuine and where any forgery of a valuable security or a document has taken place facilitating the transaction and

e) All suspicious transactions whether or not made in cash and by way of as mentioned in the Rules.

Dahod’s claim to history is as the birthplace of Mughal Emperor Aurangzeb. The Emperors was born in a mosque within the fort of Dahod and as such the Emperor had advised his officers to provide special treatment to Dahod.

Another name of ‘Dahod’, is ‘Dohad’ meaning “two boundaries”; called so as the States of Rajasthan (region of Wagad) and Madhya Pradesh (region of Malwa) borders the town.

Dahod is an economic center in the area due to its crucial location. The Dahod Market Yard is the biggest commodity markets of Gujarat second only to Ahmedabad. This has encouraged, many many agro based industries to set up their manufacturing plants in Dahod.

Amongst the many agro based industries, pulse mills (Dal Mills), flour mills (Atta mills) and maize flakes (Makka Poha) manufacturing plants abound in Dahod. Most economic activities of Dahod are directly or indirectly related to agriculture.

Another note-worthy feature of Dahod is that it has more than 50% of area under Indian Railways, and is one of the largest railway townships in India.

There two main temples one in Desaiwada which is nearly 100 years old and one in Gujaratiwada. The Dahod Fair is a weekly fair, held even today. The fair not only attracts the locals, but also tourists on the lookout for traditional Gujarati articles.

Advertisements

One thought on “The Dahod Urban Co-operative Bank Ltd., Dist. Dahod – Penalised”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s