KYC Guidelines – Accounts of Proprietary Concerns
DBOD. AML.BC. No. 38 /14.01.001/2010 -11
August 31, 2010
The Chairmen and Chief Executive Officers
All Scheduled Commercial Banks excluding RRBs/
All India Financial institutions/ Local Area Banks
Know Your Customer (KYC) guidelines – accounts of proprietary concerns
Please refer to our circular DBOD.AML.BC.No. 80/14.01.001/2009-10 dated March 26, 2010 advising banks to lay down criteria in their customer identification procedure for opening accounts of proprietary concerns.
2. In this connection, it is clarified that in addition to the documents listed in paragraph 2(i) of our circular referred to above for opening a bank account in the name of a proprietary concern, banks may also accept any registration/licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/Department. Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of bank account.
Chief General Manager