Filling up know your customer (KYC) requirements with one bank will be enough to open an account with any bank, mutual fund or any financial institution
GN Bureau | July 15, 2016
In a move that will save a lot of banking hassle for customers, the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI) have directed banks and insurance companies to upload KYC documents relating to new accounts to a central server from July 15, reported Economic Times.
Securities and Exchange Board of India (SEBI) is also part of this initiative to facilitate mutual funds, brokerage firms and depository participants to offer services without asking customers to provide multiple KYC undertakings. Central Registry of Securitisation and Asset Reconstruction and Security Interest of India has been authorized by the government to perform the job of a central KYC registry.
A 14-digit KYC identifier will be generated when the KYC records are uploaded in the registry for the first time. The RBI has made it mandatory for banks to upload KYC documents for new accounts from July 15.
The tax net needs to be expanded and the rich farmers must pay up their taxes. This week saw quite a bit of going back and forth over this prickly issue after Niti Aayog member Bibek Debroy batted for taxing agricultural income. Niti Aayog vice chairman A
A giant yellow inflatable schistosomiasis worm, with ‘Making Schistory’ printed on it, floated on Lake Geneva, marking the five years since the London Declaration on neglected tropical diseases (NTDs). Though in 2015 about 1.59 billion people received treatment for at least
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A giant yellow inflatable schistosomiasis worm, with ‘Making Schistory’ printed on it, floated on Lake Geneva, marking the five years since the London Declaration on neglected tropical diseases (NTD). Though in 2015 about 1.59 billion people received treatment for at least one of the 18 disease
Should agriculture income be taxed?
If it was needed at all, the supreme court has cleared the air. The Lokpal Act, it has ruled, is perfectly implementable even without the pending amendments. The interpretation from the apex court is welcome, but the government does not seem to be in any hurry to appoint the ombudsman in the first place.