KYC norms

Disbursement of Yearly Loan Statement in physical form

Fema / RBI - As we all know in India, there are many senior aged citizens who are not a part of Digitization i.e. they do not use Internet, emails, social media networks etc. Almost each household would have some sorts of Loans with a Bank or any other loan disbursement institutions and these senior citizens also form a part of these loans....

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All about transfer of shares of a Private/ Unlisted Indian Company from resident to non-resident

Fema / RBI - This article describes the FEMA/RBI guidelines for transfer of shares from resident to non-residents alongwith the corresponding tax implications of transfer/sale of shares by an Indian resident. ...

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Applying for loan: What you must do while handing over your KYC documents

Fema / RBI - Why is KYC Needed? Since your KYC is one of the stepping stones when commencing a new financial relationship, it becomes obvious that you must keep all these documents well guarded and make sure they are not easily duplicated. If you let your documents float around the city then you could land in a major mess which could upset all your fu...

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SEBI FAQs on Voluntary Adaption of Aadhar based e-KYC Process

Fema / RBI - Whether intermediaries are required to carry out in-person verification (IPV) of the client, if KYC verification of the client is carried out through Aadhaar based e-KYC service offered by UIDAI as per the aforementioned SEBI Circular?...

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Know Your Customer Guidelines – Faqs

Fema / RBI - What is KYC? Why is it required? Response: KYC means 'Know Your Customer'. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically u...

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ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017

Fema / RBI - Keeping in mind highest standards of Chartered Accountancy profession in India, Council of ICAI thought it necessary to issue such KYC norms to be observed by members of profession who are in practice....

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KYC Norms for Company Secretary in Practice

Fema / RBI - Client Information as well as due diligence on clients has become a necessity for professionals in today’s complex business scenario. Such an exercise can be made possible in a structured way. Many professional bodies today advise their members to have KYC about their clients so that professionals can freely exercise and deliver their p...

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ICAI issues Know Your Client (KYC) norms for members in Practice

Fema / RBI - All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at it’s 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and apply only in case of attest function....

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Sebi approves uniform customer identification process for investors in different segments

Fema / RBI - Capital market regulator Sebi on Thursday approved a uniform customer identification process for investors in different segments, and also decided to accept Aadhaar or UID as one of the eligible documents for fulfilling the KYC norms. ...

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Citibank fraud – RBI probes possible violation of KYC, STR norms

Fema / RBI - In the alleged Rs 400-crore fraud by a senior employee at a Gurgaon branch of Citibank, RBI is probing whether there have been any violations of norms related to customer verification and monitoring of accounts. The initial probe by the banking regul...

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Comply with Master Direction on KYC norms: RBI

RBI/2016-17/183 DBR.AML.BC.48/14.01.01/2016-17 - (15/12/2016) - (i) ection 8(d) and (e), wherein it is mentioned that concurrent/internal audit system of the Regulated Entities (REs) has to verify the compliance with KYC/AML policies and procedures and submit quarterly audit notes and compliance to the Audit Committee...

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15 Amendments to Master Direction on KYC norms

RBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 - (08/12/2016) - i. Explanation to Section 3(a)(ii)d pertaining to ‘definition of beneficial owner in case of trust’ which reads as - Explanation: Term ‘body of individuals’ includes societies has been deleted....

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Central KYC Registry Operating Guidelines 2016

NA - (21/07/2016) - a) Central KYC Registry application can be accessed by registered/authorised institutions or other notified institutions under the Prevention of Money Laundering Act or rules framed by the Government of India or any Regulator (RBI, SEBI, IRDA and PFRDA) thereunder....

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RBI revises KYC norms for Bank Account of Proprietary Concerns

RBI/2014-15/532 DCBR.BPD(PCB/RCB)Cir.No.24/14.01.062/2014-15 - (01/04/2015) - The default rule is that any two documents, out of those listed in paragraphs of the Master Circulars mentioned above, should be provided as activity proof by a proprietary concern. However, in cases where the banks are satisfied that it is not possible to furnish two such documents, they would have...

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Accounts of Proprietary Concerns – I-T return of sole proprietor & Utility Bills included in KYC

RBI/2011-12/506 DBOD. AML.BC. No 93 /14.01.001/2011-12 - (17/04/2012) - On a review, it has been decided to include the following documents in the indicative list of required documents for opening accounts of proprietary concern: The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, dul...

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Recent Posts in "KYC norms"

Disbursement of Yearly Loan Statement in physical form

As we all know in India, there are many senior aged citizens who are not a part of Digitization i.e. they do not use Internet, emails, social media networks etc. Almost each household would have some sorts of Loans with a Bank or any other loan disbursement institutions and these senior citizens also form a part of these loans....

Read More
Posted Under: Fema / RBI |

All about transfer of shares of a Private/ Unlisted Indian Company from resident to non-resident

This article describes the FEMA/RBI guidelines for transfer of shares from resident to non-residents alongwith the corresponding tax implications of transfer/sale of shares by an Indian resident. ...

Read More
Posted Under: Fema / RBI |

Comply with Master Direction on KYC norms: RBI

RBI/2016-17/183 DBR.AML.BC.48/14.01.01/2016-17 (15/12/2016)

(i) ection 8(d) and (e), wherein it is mentioned that concurrent/internal audit system of the Regulated Entities (REs) has to verify the compliance with KYC/AML policies and procedures and submit quarterly audit notes and compliance to the Audit Committee...

Read More

ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017

Keeping in mind highest standards of Chartered Accountancy profession in India, Council of ICAI thought it necessary to issue such KYC norms to be observed by members of profession who are in practice....

Read More
Posted Under: Fema / RBI | ,

15 Amendments to Master Direction on KYC norms

RBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 (08/12/2016)

i. Explanation to Section 3(a)(ii)d pertaining to ‘definition of beneficial owner in case of trust’ which reads as - Explanation: Term ‘body of individuals’ includes societies has been deleted....

Read More

Applying for loan: What you must do while handing over your KYC documents

Why is KYC Needed? Since your KYC is one of the stepping stones when commencing a new financial relationship, it becomes obvious that you must keep all these documents well guarded and make sure they are not easily duplicated. If you let your documents float around the city then you could land in a major mess which could upset all your fu...

Read More
Posted Under: Fema / RBI |

Central KYC Registry Operating Guidelines 2016

NA (21/07/2016)

a) Central KYC Registry application can be accessed by registered/authorised institutions or other notified institutions under the Prevention of Money Laundering Act or rules framed by the Government of India or any Regulator (RBI, SEBI, IRDA and PFRDA) thereunder....

Read More

SEBI FAQs on Voluntary Adaption of Aadhar based e-KYC Process

Whether intermediaries are required to carry out in-person verification (IPV) of the client, if KYC verification of the client is carried out through Aadhaar based e-KYC service offered by UIDAI as per the aforementioned SEBI Circular?...

Read More
Posted Under: Fema / RBI |

RBI revises KYC norms for Bank Account of Proprietary Concerns

RBI/2014-15/532 DCBR.BPD(PCB/RCB)Cir.No.24/14.01.062/2014-15 (01/04/2015)

The default rule is that any two documents, out of those listed in paragraphs of the Master Circulars mentioned above, should be provided as activity proof by a proprietary concern. However, in cases where the banks are satisfied that it is not possible to furnish two such documents, they would have the discretion to accept only one of th...

Read More

Know Your Customer Guidelines – Faqs

What is KYC? Why is it required? Response: KYC means 'Know Your Customer'. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically u...

Read More
Posted Under: Fema / RBI |
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