Finance Ministry directs states to submit property transaction details

A letter has been issued by the Finance Ministry to all state registration departments, including Maharashtra, with a copy marked to the chief secretary asking officials to provide details for all sale and purchase transactions relating to immoveable properties exceeding a value of fifty lac rupees. All union territories have been sent a similar notice as well.

The Ministry has requested that all the data be submitted in the prescribed format by the 15th day of the succeeding month of every quarter. The reports have been termed “Immoveable Property Reports” (IPR). Officials claim this is part of an administrative exercise being undertaken by the central government. The report is to be submitted to the Financial Intelligence Unit (FIU-Ind).

The FIU-Ind is the national agency responsible for receiving, processing, analysing and disseminating information relating to suspected financial transactions. The body is also responsible for coordinating and strengthening efforts of national and international intelligence, investigation and enforcement agencies against money laundering and financial terrorism.

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Finance Ministry directs states to submit property transaction details

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