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India suggests Aadhaar-like IDs, realtime alert system for financial transactions across BRICS nations

To keep check on suspicious transactions in any of the BRICS nations, India has suggested a realtime alert system

May 10, 2018 / 02:04 PM IST
(L-R) Brazil's President Dilma Rousseff, Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President Jacob Zuma pose during a family photo session at the BRICS leaders meeting ahead of G20 summit in Antalya, Turkey, November 15, 2015.  REUTERS/Mikhail Klimentyev/RIA Novosti/Kremlin ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. - RTS74SV

(L-R) Brazil's President Dilma Rousseff, Indian Prime Minister Narendra Modi, Russian President Vladimir Putin, Chinese President Xi Jinping and South African President Jacob Zuma pose during a family photo session at the BRICS leaders meeting ahead of G20 summit in Antalya, Turkey, November 15, 2015. REUTERS/Mikhail Klimentyev/RIA Novosti/Kremlin ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. IT IS DISTRIBUTED, EXACTLY AS RECEIVED BY REUTERS, AS A SERVICE TO CLIENTS. - RTS74SV

While the BRICS nations have been discussing ways to tackle terrorism for a long time, India has a new suggestion to offer to address the issue. The proposal is to introduce an Aadhaar-like unique identification number for every individual and company across BRICS nations, reports The Economic Times.

To keep a check on suspicious transactions in any of the BRICS nations, India has suggested realtime alert system and also proposed a uniform format for recording and reporting transactions of banks.

“Earlier, it was a request-based alert. So during the course of investigation, if we found any foreign transaction happening, we raised a request to get details from the country concerned. This process consumes a lot of time,” said a senior official.

“Most of the time, investigators are clueless about foreign transactions. So if we raise an alert immediately and provide the relevant information to the concerned country, we can have an effective investigation conducted on terror financing that involves several countries,” the official added.