Responsibility of government and tax authorities to check money laundering: RBI

Reserve Bank Governor D Subbarao said it was the responsibility of the government and tax authorities to check allegations of money laundering against banks and insurance companies.

Addressing the students and academicians as part of the Platinum Jubilee celebrations of Jammu & Kashmir Bank, Subbarao said, "RBI is not directly involved... even banks are not directly responsible. They are not expected to inquire about the source of income. It is for government and tax authorities to check money laundering."

Meanwhile, the RBI chief denied the charges of money laundering in the expose of Cobrapost, and said that there was no conclusive evidence of any wrongdoing.

Read more about: rbi
Story first published: Thursday, May 9, 2013, 10:30 [IST]
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