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...

Read More

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: Finance |

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: Finance |

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: Finance |

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: Finance |

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: Finance |

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: Finance | ,

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: Finance |

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: Finance |

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. (Section 16 of the amended MD on KYC)...

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Central KYC Registry

Central Government of India has created CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India) to ensure single KYC across all financial products. It provides an ease to the every financial consumer by submitting one time KYC at the CERSAI portal and escaping from the requirement of giving KYC ever...

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Posted Under: Finance |

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 Notification dated 21st August 2018 or via C...

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Director KYC under Companies Act, 2013 with FAQs

Who have to File DIR-3 KYC? Every Director who has been allotted DIN as on or before 31st march of a financial year submits e-form DIR-3KYC with central government....

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Posted Under: Finance |

FAQ on Mandatory Annual KYC of all Directors on or before 31.08.2018

Q.1 Who have to File DIR-3 KYC? Ans: Every Director who has been allotted DIN on or before 31st march, 2018 and whose DIN status is ‘Approved’....

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Posted Under: Finance |

E-Form DIR-3KYC- Everything You want to know

As the Ministry of Corporate Affairs has started overhauling and cleaning its records and registry, it has initiated the process of Annual KYC of all the Directors (e-form DIR-3KYC) and giving a snag to the irregularities occurred due to outdated filing and unsystematic procedures. In the Editorial, Author has made an effort to throw ligh...

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Posted Under: Finance |

Provisions of KYC Updation of Directors on MCA

As per new provisions, Every Director is required to file E-form DIR-3 KYC on or before 31st August 2018. Details regarding the same are as follows:- Introduction:- The Ministry of Corporate Affairs as part of updating its registry, is conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC. […]...

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Posted Under: Finance |

MCA to update KYC of Directors | New E-form DIR-3 KYC notified

The following points to be taken into account as per DIR-3 KYC for providing details and information: Every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN status is ‘Approved’ would be mandatorily required to file form DIR-3 KYC....

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Posted Under: Finance |

eFORM DIR-3 KYC

Recently notified new eFORM DIR-3 KYC by Ministry of Corporate Affairs (MCA), states that, 'As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly'....

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Posted Under: Finance |

E-KYC Drive through e-form DIR-3KYC is operational from 14.07.2018

MCA is conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC. Important points to be noted: 1. Every Director who has been allotted DIN on or before 31st march, 2018 and whose DIN status is ‘Approved’. 2. Due date of filing of DIR-3KYC is on or before 31st August, […]...

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Posted Under: Finance |

DIR-3 KYC certification by Professionals- What needs to be certified

In this editorial the author made an effort to discuss the key check points for professionals while preparing, verifying and certifying the e-form DIR-3 KYC. As its is mentioned in the form that it should be certified by the professionals which includes-...

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Posted Under: Finance |

KYC updation for all directors of all companies

MCA introduced the KYC norms for all directors of all Companies. To implement this, MCA has amended the Companies (Appointment and Qualification of Directors) Rules, 2014 effective from 10th July, 2018. In this write up we discussed about the various practical aspects of the Companies (Appointment and Qualification of Directors) fourth am...

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Posted Under: Finance |

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 6 dated November 17, 2016 remains unchan...

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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....

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Posted Under: Finance | ,

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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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...

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Posted Under: Finance |

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?...

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Posted Under: Finance |

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...

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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...

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Posted Under: Finance |

KYC Norms for Company Secretary in Practice

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...

Read More
Posted Under: Finance |

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, duly authenticated/ acknowledged by the Inc...

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Sebi announces Uniform Know Your Client (KYC) Requirements for the Securities Markets

Circular No. MIRSD/SE/Cir-21/2011 (05/10/2011)

Capital market regulator Sebi vide CIRCULAR MIRSD/SE/Cir-21/2011 , Dated- October 5, 2011 announces introduction of uniform forms and documents for the purpose of customer identification by different market intermediaries like stock exchanges and mutual funds, a step intended to bring uniformity to the process. The new rule will be ef...

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

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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Posted Under: Finance |

Govt may allow foreign individuals to invest USD 10 bn in Mutual Funds

India is likely to allow foreign individuals to invest in mutual funds in the next two weeks but with a cumulative cap of USD 10 billion, an official said today. The detailed guidelines are being worked out jointly by the finance ministry, RBI and Sebi. These will be notified by the capital market regulator, the Finance Ministry officia...

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Posted Under: Finance |

Operation of bank accounts and money mules

RBI/2010-11/303, DBOD. AML. BC. No. 65/14 .01.001/2010-11 (07/12/2010)

It has been brought to our notice that “Money mules” can be used to launder the proceeds of fraud schemes (e.g., phishing and identity theft) by criminals who gain illegal access to deposit accounts by recruiting third parties to act as money mules In some cases these third parties may be innocent while in others they may be having co...

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SEBI circular on Updation of investor related documents

Circular No. Cir/IMD/DF/9/2010 (12/08/2010)

SEBI vide circular No. SEBI/IMD/CIR No.12 /1 86868 /2009 dated December 11, 2009 has inter alia advised mutual funds to confirm whether all the investor related documents are maintained/ available with them. Further in case the investor related documentation was incomplete, the trustees of the mutual funds were advised not to make further...

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Anti Money Laundering (AML) Guidelines – Circular No. IRDA/F&I/CIR/AML/99/06/2010, dated 16-6-2010

Circular No. IRDA/F&I/CIR/AML/99/06/2010 (16/06/2010)

Various queries have been raised by insurers on who can be termed as customer(s) for the purposes of AML guidelines. Keeping the objective of the PMLA and AML guidelines in view, it is hereby clarified that details of the person who funds/pays for an insurance contract, either as beneficial owner or otherwise become relevant and important...

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Foreign Direct Investment in India -Transfer of Shares / Preference Shares / Convertible Debentures by way of Sale – Modified Reporting Mechanism

RBI/2008-09/447, A. P. (DIR Series) Circular No.63 (22/04/2009)

Further, it may be noted that in terms of Regulation 2 of Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time, "preference shares" mean compulsorily and mandatorily convertible preference shares and "debenture" means compulsorily and mandatorily convertible debentures....

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Food Coupons, Prepaid Cards May Come Under RBI Glare

MEAL vouchers and prepaid cards have come under the regulatory scanner. In an attempt to check possible moneylaundering, Reserve Bank of India (RBI) has proposed that only banks and finance companies be allowed to issue prepaid cards which are accepted outside a closed group. This means that issuers who are neither banks nor finance compa...

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Posted Under: Finance |

Half-Yearly Audit Rule Puts Small Broking Companies in a Spot

The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent i...

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Posted Under: Finance |

RBI eases norms for opening bank a/c

RBI/2007-08/239 DBOD.AML.BC. No.63/14.01.001/2007-08 (18/02/2008)

It was further clarified to banks that 'being satisfied' means that the bank must be able to satisfy the competent authorities that due diligence was observed based on the risk profile of the customer in compliance with the extant guidelines in place. An indicative list of the nature and type of documents/ information that may be relied u...

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