9500 high risk financial companies detected by Finance Ministry

Financial Intelligence Unit under the finance ministry has released a list of 9500 Non-banking financial companies (NBFC) that have been defined as ‘high-risk financial institutions’. These were also found out to be non-complaint to the Prevention of Money Laundering Act rules. After the demonetization, NBFCs, many rural and urban banks were checked by the income tax department for illegally converting banned currency.