The term "money laundering" originated in the United States, emerging from the activities of Mafia groups. These Mafia groups amassed vast sums of money through illicit activities—such as extortion and gambling—and subsequently disguised these funds as income derived from legitimate sources (such as laundromats). It is noteworthy that money laundering became a matter of significant concern in the United States around the 1980s. Money laundering refers to the act of disguising illegally acquired "black money" as funds obtained through legitimate means. Essentially, it is a method used to conceal the illicit origins of financial assets. Through money laundering, funds are channeled into specific activities or investments in such a manner that even investigative agencies are unable to trace the money back to its original source. The individual who orchestrates this financial manipulation is referred to as a "launderer." In the process of money laundering,...
The new rules will apply to all types of auto payments—such as OTT subscriptions, insurance premiums, bill payments, EMIs, etc.—that are processed via cards, UPI, or prepaid instruments. The RBI has implemented new regulations regarding e-mandates. The Reserve Bank of India (RBI) put its new guidelines concerning e-mandates into effect starting Tuesday. Under these new rules, customers are now required to complete a one-time registration process—involving an additional layer of verification—before initiating any form of online auto payment. Furthermore, the respective banks or financial institutions involved must provide a notification 24 hours in advance before deducting any amount from a customer's account. These new regulations cover all recurring auto payments—including OTT subscriptions, insurance premiums, bill payments, EMIs, and similar transactions—that are executed using cards, UPI, or prepaid payment instruments. The RBI has also clarified that customers will be ac...