Customers can do KYC by non-face–to-face channels or remotely through V-CIP – RBI

Customers can do KYC by submission of self-declaration through various non-face–to-face channels or fresh KYC remotely through V-CIP – RBI

RBI has rationalised the KYC related instructions taking into account the available technological options for enhancing customers’ convenience within the framework prescribed under the Prevention of Money Laundering Act, 2002 (PMLA) and rules framed thereunder.

As per RBI, Press Release,  as per the present guidelines, if there is no change in KYC information, a self-declaration to that effect from the individual customer is sufficient to complete the re-KYC process. The banks have been advised to provide facility of such self-declaration to the individual customers through various non-face-to-face channels such as registered email-id, registered mobile number, ATMs, digital channels (such as online banking / internet banking, mobile application), letter, etc., without need for a visit to bank branch.

Further, if there is only a change in address, customers can furnish revised / updated address through any of the above channels after which, the bank would undertake verification of the declared address within two months.

Periodic reviews and updations, a fresh KYC process / documentation is required in certain where the KYC documents available in bank records do not conform to present list of the Officially Valid Documents (viz., passport, driving license, proof of possession of Aadhaar number, the Voter’s Identity Card, job card issued by NREGA and letter issued by the National Population Register) or where the validity of the KYC document submitted earlier may have expired. In such cases, the banks are required to provide an acknowledgement of the receipt of the KYC documents / self-declaration submitted by the customer.

Fresh KYC process can be done by visiting a bank branch, or remotely through a Video based Customer Identification Process (V-CIP) if enabled by the banks as per RBI Master Direction on KYC

• No disallowance u/s 43B if expenditure not claimed in Profit and Loss Account
• Assessee developing infrastructure facility of Govt. not contractor for denying 80IA deduction
• Jurisdictional PCIT/CIT to condone delay in filing Form No. 10A for Registration u/s 12A
• AO not justified in making addition by adopting extrapolation without any material evidence
• Court can not sit over comparative financial attractiveness of rival offers decided by CoC