Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: cpt :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India :: VAT Audit :: TDS :: empanelment :: ACCOUNTING STANDARD
 
 
« Latest Circulars »
 RBI signs Memorandum of Understanding(MoU) on “Supervisory Cooperation and Exchange of Supervisory Information” with the Bank of Thailand
 RBI-Meeting Schedule of the Monetary Policy Committee for 2017-18
 RBI to conduct Overnight, 7 day and 14 day Variable rate Reverse Repo auctions under LAF on March 22, 2017
 Risk Management and Inter-bank Dealings: Operational flexibility for Indian subsidiaries of Non-resident Companies
 Master Directions on Issuance and Operation of Prepaid Payment Instruments in India
 RBI seeks comments on draft circular on Master Directions on Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India
  Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2016-17)
 RBI-Reporting and Accounting of Central Government Transactions of March 2017
 Annual Closing of Government Accounts – Transactions of Central / State Governments – Special Measures for the Current Financial Year (2016-17)
 RBI WPS (DEPR): 04/2017: Corporate Leverage in EMEs: Has the Global Financial Crisis Changed the Determinants?
 RBI-Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 - Clarification

RBI-Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards /Combating of Financing of Terrorism (CFT) / Obligation of NBFCs under Prevention of Money Laundering Act (PMLA), 2002- Clarification on proof of Address
July, 11th 2014

RBI/2014-15/120
DNBS (PD).CC. No 398/03.10.42/2014-15

July 10, 2014

All Deposit taking Non Banking Financial Companies

Dear Sirs,

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

Please refer to paragraph I 8 and Annex VIII of Master Circular DNBS (PD) CC No. 387/03.10.42/ 2014-15 dated July 1, 2014 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 on Know Your Customer (KYC) Norms / Anti-Money Laundering (AML) Standards / Combating of Financing of Terrorism (CFT) / Obligation of banks under PMLA, 2002 regarding requirement of proof of address while opening deposit account by individuals.

2. Reserve Bank 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 deposit 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 deposit 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 NBFC 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 NBFC may take a declaration of the local address on which all correspondence will be made by the NBFC with the customer. No proof is required to be submitted for such address for correspondence/local address. This address may be verified by the NBFC through 'positive confirmation' such as acknowledgment of receipt of (i) letter (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 NBFC within two weeks of such a change.

3. Deposit taking NBFCs may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same.

Yours faithfully,

(Sindhu Pancholy)
Deputy General Manager

Encl: as above

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

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