RBI Amendment to Master Direction on KYC
·
Overview
Reserve Bank of India vide Circular No. RBI/2019-20/207, DOR.
AML. BC. No. 61/14.01.001/2019-20 dated 01st April, 2020 has published Amendment
to Master Direction (MD) on KYC.
·
Government of India, vide Gazette Notification G.S.R. 228(E)
dated March 31, 2020 has notified amendment to the Prevention of
Money-laundering (Maintenance of Records) Rules, 2005.
·
Consequent to the aforementioned amendment to the PML Rules,
Master Direction on KYC dated February 25, 2016 has been updated as under:
Clause
(g) has been inserted in the conditions stipulated for Small Accounts in
Section 23 of the MD. Clause (g) reads as,
“Notwithstanding
anything contained in clauses (e) and (f) above, the small account shall remain
operational between April 1, 2020 and June 30, 2020 and such other periods as
may be notified by the Central Government.”
Applicability
: shall come into force with immediate effect.
Disclaimer:
IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT,
SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION
WITH THE USE OF THIS INFORMATION
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