A new threshold for reporting cash transactions by banks has been set, which will come into effect immediately.

According to a private TV channel, the Federal Gove new threshold for reporting cash transactions brnment—under the Anti-Money Laundering Act—has increased the reporting threshold for cash transactions by banks and other financial institutions from 20 million rupees (2 crore) to 30 million rupees (3 crore).

The Ministry of Finance has issued a formal notification regarding this change to the threshold for Currency Transaction Reports (CTRs), which comes into effect immediately.

According to the new regulations, banks and other related financial institutions will be required to report cash transactions of Rs 3 crore or more to the Financial Monitoring Unit (FMU).

This change has been approved by the National Executive Committee for Anti-Money Laundering and Anti-Terrorist Financing.

According to the notification, this initiative is part of the government’s framework for review and analysis of Suspicious Transaction Reports (STRs) and Currency Transaction Reports.

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