As per the Act, every banking company, financial institution and intermediary needs to maintain a record of all transactions, the nature and value of which is prescribed in the rules. "The deadline for the banks to comply with the Act was December 31, 2005. We are procuring reports on the compliance from various banking fraternities. Non-compliance of the Act will be viewed seriously," Anand Sinha, executive director of RBI, said at a seminar on
