News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
« Latest Circulars »
 DCIT, Circle 25(1), New Delhi Vs. Smt. Usha Rani Talla, B-5, Near Durga Mandir, Moti Nagar, New Delhi
 Exim Bank's Government of India supported Line of Credit of USD 11.13 million to the Government of the Republic of Suriname
 Implementation of Section 51A of UAPA, 1967 - Removal of two entries from 1267 List
 Notification No. 10/2020 Central Board Of Direct Taxes
 Address by Hon’ble President of India at NIBM Golden Jubilee Celebrations
  Finance Minister addresses the Central Board of Directors of Reserve Bank of India
 Use permanent address for filing income tax returna
 Notification No. 09/2020 Central Board Of Direct Taxesa
 Incentivising Bank Credit to Specific Sectors – Exemption from CRR Maintenance
 Guidelines on Merchant Acquiring Business – Regional Rural Banks
 RBI reopens allotment of investment limit under the revised Voluntary Retention Route (VRR) for Investments by Foreign Portfolio Investors (FPIs)

Reserve Bank of India extends timeline for completion of KYC for PPIs
February, 27th 2019

The Reserve Bank had issued Master Direction on Issuance and Operation of Prepaid Payment Instruments (PPIs) on October 11, 2017 (amended as on December 29, 2017). As per these directions, PPI issuers are required to complete the Know Your Customer (KYC) process by February 28, 2019.

Based on requests received from various stakeholders to increase the above timeline on account of difficulties in undertaking Aadhaar e-KYC and time necessary to put in place alternative systems for completing the KYC process, it has been decided to allow PPI issuers additional time of six months for completion of the KYC process.

The relevant provision in the PPI Master Direction has been modified suitably.

Ajit Prasad
Assistant Adviser

Press Release: 2018-2019/2025

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting