KYC

Dormant Bank Account or Inoperative Bank Account

Fema / RBI - Now-a-days many people receive mail from their banks stating that their bank account will become Inoperative/ Dormant for non-operation of Saving as well as Current Account? Many people got confused or stressed because of such mails, hence today I am writing this article to help my readers to understand and face this issue confidently....

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cKYC mechanism become a mockery & wastage of country’s resources

Fema / RBI - What is cKYC? Probably some senior persons in the banking industry are aware of the formation of Central KYC registration agency in 2011 and its role etc. cKYC stands for Central KYC which is a centralised repository which allows storage of personal information of the customer centrally. Earlier, when a customer went to a financial [&hell...

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DIR-3-KYC due date for financial year ending 31st March 2020

Fema / RBI - First time in Companies Act, 2013 and rules thereto, the concept of Director KYC was introduced in the year 2018. The Ministry of Corporate Affairs (‘MCA’) vide its Notification No. 615(E) Dated July 05, 2018 has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 as the Companies (Appointment and Qualificat...

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How to fill Digital signature supported KYC

Fema / RBI - As we all know that, whenever we visit TRACES website for any of TDS return related work at that time, we always face this issue that every time for any single process eg justification report or conso file, etc we always need to feel KYC and gone through that lengthy process. Hence now department has […]...

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Form DIR 3-KYC- A brief

Fema / RBI - The Ministry of Corporate Affairs has issued a General Circular No. 07/2019 dated: 27.06.2019 and has clarified the following: 1. As per the Companies (Appointment and Qualification of Directors) Rules 2014, every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rule...

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Steps to Withdraw Advance Provident Fund Claim (Only for Covid-19 Pandemic Period)

Fema / RBI - Due to the lock down amidst Covid-19 Coronavirus Pandemic, Government of India has allowed the employees covered under the Employees Provident Fund Act to withdraw their Provident Fund accumulations as advance withdrawals. The employees in service to withdraw 75% of accumulated balance or 3 months of salary (Basic +DA) or the claim amount...

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Steps to approve employees provident fund member KYC by employer

Fema / RBI - It is the responsibility of every employers of establishments covered under the Employees Provident Fund Act to ensure updation of KYC details by the employees covered under the Employees Provident Fund Act. Every employee covered under the Employees Provident Fund Act has to update their personal KYC details from their respective Provide...

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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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RBI fines 48 banks for violation of KYC, AML norms in six months

Fema / RBI - At a time when the government is grappling with the black money menace, the RBI has penalised as many as 48 small banks in just six months, for lapses in implementing customer identification norms and various other violations. In the first six months of 2011, the apex bank has slapped penalties on 48 erring banks , mostly co-operative, a...

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SEBI eases KYC Process by enabling online KYC

Press Release No.: 25/2020-SEBI - (29/04/2020) - SEBI has from time to time, taken steps to simplify the process of KYC for investors and intermediaries. SEBI has allowed the use of technological innovations which can facilitate online KYC. The use of technology would facilitate the investors to complete the KYC without the requirement of physical...

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SEBI clarifies on Online / Video/ App Based KYC Process

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/73 - (24/04/2020) - In order to enable the Online KYC process for establishing account based relationship with the RI, Investor’s KYC can be completed through online / App based KYC, in-person verification through video, online submission of Officially Valid Document (OVD) / other documents under eSign, in the follow...

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Amendment to Master Direction (MD) on KYC related to Aadhaar

RBI/2018-19/190, DBR. AML. BC. No. 39/14.01.001/2018-19 - (29/05/2019) - Important changes carried out in the Master Direction in accordance with the aforementioned amendments are listed hereunder: a) Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose. (Sect...

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Companies (Registration Offices and Fees) Fourth Amendment Rules, 2018

G.S.R.797(E) - (21/08/2018) - MCA has extended the last date of filing DIR -3KYC without any filing fees upto 15/09/2018 from 31/08/2018. The fees of ₹5,000/- shall be applicable & payable on all delayed filings w.e.f 16/09/2018. The Same been done by amending Companies (Registration Offices and Fees) Rules, 2014 vide Noti...

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Acceptance of e-PAN card for KYC purpose

Circular No. SEBI/HO/IMD/FIIC/CIR/P/2017/068 - (30/06/2017) - Central Board of Direct Taxes (CBDT) has recently introduced a facility of E-PAN (electronic PAN card) vide press release dated April 11, 2017. Accordingly it is clarified that E-PAN issued by CBDT can also be produced by FPI for KYC The other instructions contained in Circular CIR/IMD/FPIC/123/201 ...

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Recent Posts in "KYC"

Dormant Bank Account or Inoperative Bank Account

Now-a-days many people receive mail from their banks stating that their bank account will become Inoperative/ Dormant for non-operation of Saving as well as Current Account? Many people got confused or stressed because of such mails, hence today I am writing this article to help my readers to understand and face this issue confidently....

Read More
Posted Under: SEBI |

cKYC mechanism become a mockery & wastage of country’s resources

What is cKYC? Probably some senior persons in the banking industry are aware of the formation of Central KYC registration agency in 2011 and its role etc. cKYC stands for Central KYC which is a centralised repository which allows storage of personal information of the customer centrally. Earlier, when a customer went to a financial [&hell...

Read More
Posted Under: SEBI |

DIR-3-KYC due date for financial year ending 31st March 2020

First time in Companies Act, 2013 and rules thereto, the concept of Director KYC was introduced in the year 2018. The Ministry of Corporate Affairs (‘MCA’) vide its Notification No. 615(E) Dated July 05, 2018 has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 as the Companies (Appointment and Qualificat...

Read More
Posted Under: SEBI |

Steps to Withdraw Advance Provident Fund Claim (Only for Covid-19 Pandemic Period)

Due to the lock down amidst Covid-19 Coronavirus Pandemic, Government of India has allowed the employees covered under the Employees Provident Fund Act to withdraw their Provident Fund accumulations as advance withdrawals. The employees in service to withdraw 75% of accumulated balance or 3 months of salary (Basic +DA) or the claim amount...

Read More
Posted Under: SEBI |

Steps to approve employees provident fund member KYC by employer

It is the responsibility of every employers of establishments covered under the Employees Provident Fund Act to ensure updation of KYC details by the employees covered under the Employees Provident Fund Act. Every employee covered under the Employees Provident Fund Act has to update their personal KYC details from their respective Provide...

Read More
Posted Under: SEBI |

SEBI eases KYC Process by enabling online KYC

Press Release No.: 25/2020-SEBI 29/04/2020

SEBI has from time to time, taken steps to simplify the process of KYC for investors and intermediaries. SEBI has allowed the use of technological innovations which can facilitate online KYC. The use of technology would facilitate the investors to complete the KYC without the requirement of physically visiting the office of the intermedia...

Read More

SEBI clarifies on Online / Video/ App Based KYC Process

Circular No. SEBI/HO/MIRSD/DOP/CIR/P/2020/73 24/04/2020

In order to enable the Online KYC process for establishing account based relationship with the RI, Investor’s KYC can be completed through online / App based KYC, in-person verification through video, online submission of Officially Valid Document (OVD) / other documents under eSign, in the following manner:...

Read More

How to fill Digital signature supported KYC

As we all know that, whenever we visit TRACES website for any of TDS return related work at that time, we always face this issue that every time for any single process eg justification report or conso file, etc we always need to feel KYC and gone through that lengthy process. Hence now department has […]...

Read More
Posted Under: SEBI | ,

Form DIR 3-KYC- A brief

The Ministry of Corporate Affairs has issued a General Circular No. 07/2019 dated: 27.06.2019 and has clarified the following: 1. As per the Companies (Appointment and Qualification of Directors) Rules 2014, every individual who has been allotted a Director Identification Number (DIN) as on 31st March of a financial year as per these rule...

Read More
Posted Under: SEBI |

Mandatory KYC of Director Indentification Number (DIN)

All the Individuals (whether Indian or any other nationality and whether residing in India or not) having DIN as on March 31 are required to file KYC form....

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Posted Under: SEBI |

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