FEMA - RBI (KYC REQUIREMENT)

BHAWNA (Querist) 28 January 2009 This query is : Resolved
Hi
I would like to know the when, how and for whom KYC is required.

Also is it just needed when foreign investor is an individual or is it also needed when foreign investor is a company.

Please advice

Thanks & Regards
Bharti

Follow Query

Report Abuse

sanjeev murthy desai (Expert) 28 January 2009
Dear Bharti,

RBI has issued several guidlines on Know your custormer (KYC)relating to identification of depositors and advised the banks to put in place systems and procedures to help control financial frauds, identify money laundering and suspicious activities, and for scrutiny/monitoring oflarge value cash transactions. Instructions have also been issued by the RBI from time to time advising banks to be vigilant while opening accounts for new customers to prevent misuse of the banking system for perpetration of frauds.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now