Bank Statement Made Mandatory for Real Estate Transactions, Prime Minister's Office Expresses Concern

Following the issuance of a directive making bank statements mandatory for real estate transactions, the Prime Minister's Office has shown increased concern. Discussions are underway between the ministry's secretary and the department's director general due to pressure from real estate businesses.

According to the directive, both the buyer and seller must present their bank statements when completing real estate transactions. For transactions above 10 lakh, the registration fees and charges must be paid from the buyer’s bank account.

This move comes under pressure from the FATF, but there are concerns about the effective implementation of this directive.