To prevent money laundering, the Reserve Bank has asked money changers to furnish report of all suspicious transactions within seven days to the Financial Intelligence Unit-India (FIU-IND). The central bank, in a notification said that all authorized persons are advised to furnish suspicious transactions and non-compliance of the guidelines would attract penal provisions. The FIU-IND was set up by the government as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.