The Union Finance Ministry has asked the registration departments of all states, including Maharashtra to provide details of all the sales and purchases of immovable property valued at Rs 50 lakhs and above as part of immovable property reports.
The ministry has sought a date to be submitted every quarter by the 15th of the succeeding month. Officials from the State Property Registration Department has been confirmed the directions from the Union Finance Ministry and said that it was part of an administrative exercised and instructions have been given to all the sub-registrars.
The sub-registrars will have to compile details of all sales and purchases of immovable valued at Rs 50 lakhs or more in every quarter and submit the report to the financial intelligence unit.
The FIU-Ind is the national agency responsible for receiving, processing, analysing and disseminating information relating to suspect financial transactions. It is also responsible for coordinating and strengthening the efforts of national and international intelligence, investigation and enforcement agencies against money laundering and financial terrorism.