Major amendments made to KYC Master Direction
Major Amendments made to KYC Master Direction. In the Gazette Notification G.S.R. 582(E) dated August 19, 2019, and G.S.R. 840(E) dated November 13, 2019, the Government of India has notified amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. Further RBI has permitted Regulated Entities (REs) Video-based Customer Identification Process (V-CIP) as a…
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You can convert your FCNR deposit to Resident Foreign Currency (RFC) Account
Resident Foreign Currency (RFC) accounts in India If you are a non-resident Indian planning to return back to India for good, you need not worry about the fate of foreign currency (FCNR) deposits held by you under your present status as an NRI. Non-resident Indians may continue to maintain their bank accounts in RFC- Resident foreign…
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Opening Bank account gets easier; address may be different in Aadhaar card
The government on Wednesday (November 13, 2019) amended the anti-money laundering rules to allow people to use Aadhaar for identification and yet use the current address different from the address as per the Aadhaar document. In the direction of prevention of Money Laundering (maintenance of records) Rules 2005, in rule 9, after sub-rule 18, the…
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Bank accounts of persons of mental illness and mental retardation and multiple disabilities explained
India is a signatory to the United Nations Convention on the Rights of Persons with Disabilities, 2006(UNCRPD) which provides the same human rights to persons with disabilities that everyone else enjoys. Section 5.2 of UNCRPD establishes internal equality between physical and mental disabilities. In view of UNCRPD resolutions, we in India have an international obligation…
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Operation of the bank account by old, sick and incapacitate persons
The United Nations Convention on the Rights of Persons with Disabilities, which clearly commits to the rights of persons with disabilities and their access to services. Article 9 of the Convention enables persons with disabilities to live independently and participate fully in all aspects of life and also gives them access to facilities and services…
Whether a bank account can be opened in the name of an undischarged insolvent?
No account should be opened in the name of an un-discharged insolvent. An insolvent person is a person who is unable to pay his debts as they are due or his liabilities cannot be covered by his assets is insolvent person. Such a person who cannot pay his debts can have insolvency proceedings initiated against…
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