hyderabad insurance regulator irda on wednesday asked insurance companies not to accept premium beyond rs 50000 in cash in order to check money launderingwith a view to ensure that premiums are paid out of clearly identifiable sources of funds it has been decided that remittances of premium by cash should not exceed rs 50000 irda said in a statementit would be advisable for the companies to evolve even lower thresholds for cash transactions it saidthe regulator also instructed insurance companies that the premium deposits of over rs 50000 should be remitted only through cheques demand drafts credit card or any other banking channelsin addition to this premium amount greater than rs 50000 in a calendar month should be examined more closely for possible angles of money laundering it saidthe instructions emphasise strict adherence to the ceiling with the clear focus to check possible attempts of money laundering and consequently require compliance with both the letter and spirit it saidthe regulator warned that it will be constrained to take serious action against the insurers where the violations of anti money laundering aml framework are permitted with their tacit approval