Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: empanelment :: form 3cd :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: TDS :: cpt :: articles on VAT and GST in India :: ACCOUNTING STANDARD
 
 
Latest Circulars »
 RBI-Formation of new districts in the State of Assam - Assignment of Lead Bank Responsibility
 RBI to conduct Overnight Variable Rate Reverse Repo auction under LAF on January 18, 2018
 RBI-Auction of Government of India Dated Securities January 15, 2018
 Understanding and Managing Interest Rate Risk at Banks (Viral V Acharya, Deputy Governor – January 15, 2018 – at the FIMMDA Annual Dinner, 2018
 Auction of State Government Securities
 RBI releases draft directions on hedging of commodity price risk and freight risk in overseas markets
 Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Gomati Nagariya Sahakari Bank Ltd., Jaunpur (Uttar Pradesh)
 RBI-Monthly Bulletin for January 2018
 RBI to conduct 7-day Variable Rate Reverse Repo auction under LAF on January 10, 2018
 Auction for Sale (Re-issue) of Government Stock (GS) January 08, 2018
 Auction of Government of India Dated Securities January 8, 2018

Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 Clarification on Proof of Address
June, 13th 2014

RBI/2013-14/641
RPCD.RRB.RCB.AML.BC.No.111/07.51.018/2013-14

June 12, 2014

The Chairmen/CEOs 
All Regional Rural Banks (RRBs) and
State/Central Cooperative Banks (StCBs/CCBs)

Madam/Dear Sir,

Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligation of banks under Prevention of Money Laundering Act (PMLA), 2002 – Clarification on Proof of Address

Please refer to our circulars RPCD.CO.RRB.RCB.AML.No.6097/7.51.018/2012-13 dated December 13, 2012 andRPCD.RRB.RCB.BC.No.63/07.51.018/2012-13 dated January 30, 2013 on Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligation of Banks under Prevention of Money Laundering Act (PMLA), 2002 and Annex-II of our circulars RPCD.No.RRB.BC.81/03.05.33(E)/2004-05 andRPCD.AML.BC.No.80/07.40.00/2004-05 both dated February 18, 2005 regarding requirement of ‘proof of address’ while opening a bank account by individuals.

2. Reserve Bank of India has been receiving representations/references from various quarters especially migrant workers, transferred employees, etc., regarding problems faced in submitting a proof of current/permanent address while opening a bank account. The matter has since been examined in the light of amendment to the Prevention of Money Laundering Rules (Maintenance of Records), 2005, and accordingly, it has been decided to simplify the requirement of submission of ‘proof of address’ as follows:

a) Henceforth, customers may submit only one documentary proof of address (either current or permanent) while opening a bank account or while undergoing periodic updation. In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within a period of six months.

b) In case the proof of address furnished by the customer is not the local address or address where the customer is currently residing, the RRB/StCB/CCB may take a declaration of the local address on which all correspondence will be made by the bank with the customer. No proof is required to be submitted for such address for correspondence / local address. This address may be verified by the bank through ‘positive confirmation’ such as acknowledgment of receipt of (i) letter, cheque books, ATM cards; (ii) telephonic conversation; (iii) visits; etc. In the event of change in this address due to relocation or any other reason, customers may intimate the new address for correspondence to the RRB/StCB/CCB within two weeks of such a change.

3. RRBs and StCBs/CCBs may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same.

4. The Principal Officer may acknowledge receipt of this circular to our Regional Office concerned.

Yours faithfully,

(A. Udgata)
Principal Chief General Manager

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Contact Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions