www.rbi.org.in
Open in
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2620:1ec:4b::28
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URL:
https://www.rbi.org.in/CommonPerson/english/scripts/notification.aspx?id=2607
Submission: On August 02 via api from IN — Scanned from DE
Submission: On August 02 via api from IN — Scanned from DE
Form analysis 1 forms found in the DOM
POST ./notification.aspx?id=2607
<form method="post" action="./notification.aspx?id=2607" id="MLRBIForm">
<div class="aspNetHidden">
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<script async="" src="//www.google-analytics.com/analytics.js"></script>
<script type="text/javascript">
//<![CDATA[
var theForm = document.forms['MLRBIForm'];
if (!theForm) {
theForm = document.MLRBIForm;
}
function __doPostBack(eventTarget, eventArgument) {
if (!theForm.onsubmit || (theForm.onsubmit() != false)) {
theForm.__EVENTTARGET.value = eventTarget;
theForm.__EVENTARGUMENT.value = eventArgument;
theForm.submit();
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}
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<table height="100%" cellspacing="0" cellpadding="0" width="100%" border="0">
<tbody>
<tr valign="top">
<td colspan="2" height="120">
<meta http-equiv="Page-Enter" content="revealTrans(Duration=1.0,Transition=23)">
<meta http-equiv="Page-Exit" content="revealTrans(Duration=1.0,Transition=23)">
<script src="../../Hindi/includes/Hindi.js" type="text/javascript"></script>
<link rel="fontdef" src="../includes/AkrutiDevWebRbi.pfr">
<script language="JavaScript" type="text/JavaScript"> function MM_preloadImages() { //v3.0
var d = document; if (d.images) {
if (!d.MM_p) d.MM_p = new Array();
var i, j = d.MM_p.length, a = MM_preloadImages.arguments; for (i = 0; i < a.length; i++)
if (a[i].indexOf("#") != 0) { d.MM_p[j] = new Image; d.MM_p[j++].src = a[i]; }
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}
function Changeurl(arg1) {
var userURL;
userURL = window.document.location.toString();
userURL = userURL.toLowerCase()
s = new String(userURL)
s = s.replace("english", arg1)
location.href = s.toString()
}
</script>
<script language="JavaScript">
var fileName = location.pathname.substring(location.pathname.lastIndexOf('/') + 1)
//alert(fileName);
function EmailToFriend() {
var mailURL;
mailURL = window.document.location.toString();
window.open("../scripts/emailstory.aspx?page=" + mailURL, "Email", config = "menubar=no,height=320,width=410,scrollbars=yes")
}
</script>
<script language="javascript" src="../js/mm_menu.js"></script>
<script language="javascript" src="../js/popup.js"></script>
<script language="JavaScript">
<!--
function mmLoadMenus() {
if (window.mm_menu_0710165506_0) return;
window.mm_menu_0710165506_11 = new Menu("Organisation", 100, 20, "tahoma, arial, verdana, helvetica", 12, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false);
mm_menu_0710165506_11.addMenuItem("Structure", "location='../Scripts/OrgStructure.aspx'");
//mm_menu_0710165506_11.addMenuItem("Structure","javascript:alert('Page being revised')");
mm_menu_0710165506_11.addMenuItem("Function", "location='../Scripts/Organisation.aspx'");
mm_menu_0710165506_11.hideOnMouseOut = true;
mm_menu_0710165506_11.childMenuIcon = "../images/arrow.gif";
mm_menu_0710165506_11.bgColor = '#8D7016';
mm_menu_0710165506_11.menuBorder = 1;
mm_menu_0710165506_11.menuLiteBgColor = '#E0C265';
mm_menu_0710165506_11.menuBorderBgColor = '#E0C265';
window.mm_menu_0710165506_1 = new Menu("root", 180, 20, "tahoma, arial, verdana, helvetica", 12, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false);
mm_menu_0710165506_1.addMenuItem(mm_menu_0710165506_11);
mm_menu_0710165506_1.addMenuItem("Communication Policy of RBI", "location='../Scripts/commpol.aspx'");
mm_menu_0710165506_1.addMenuItem("Right to Information Act", "location='http://rbi.org.in/Scripts/righttoinfoact.aspx'");
mm_menu_0710165506_1.hideOnMouseOut = true;
mm_menu_0710165506_1.childMenuIcon = "../images/arrow.gif";
mm_menu_0710165506_1.bgColor = '#8D7016';
mm_menu_0710165506_1.menuBorder = 1;
mm_menu_0710165506_1.menuLiteBgColor = '#E0C265';
mm_menu_0710165506_1.menuBorderBgColor = '#E0C265';
window.mm_menu_0710165506_21 = new Menu("RBI Regulations", 160, 20, "tahoma, arial, verdana, helvetica", 12, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false);
mm_menu_0710165506_21.addMenuItem("Notifications", "location='../Scripts/Notification.aspx'");
mm_menu_0710165506_21.addMenuItem("Press Releases", "location='../Scripts/PressReleases.aspx'");
mm_menu_0710165506_21.addMenuItem("Speeches", "location='../Scripts/speeches.aspx'");
mm_menu_0710165506_21.addMenuItem("Master Circulars", "location='../Scripts/MasterCircular.aspx'");
mm_menu_0710165506_21.addMenuItem("Master Direction", "location='../Scripts/MasterDirection.aspx'");
//mm_menu_0710165506_21.addMenuItem("Customer Service Guidelines", "location='../Scripts/CustomerServiceGuidelines.aspx'");
mm_menu_0710165506_21.hideOnMouseOut = true;
mm_menu_0710165506_21.childMenuIcon = "../images/arrow.gif";
mm_menu_0710165506_21.bgColor = '#8D7016';
mm_menu_0710165506_21.menuBorder = 1;
mm_menu_0710165506_21.menuLiteBgColor = '#E0C265';
mm_menu_0710165506_21.menuBorderBgColor = '#E0C265';
window.mm_menu_0710165506_22 = new Menu("Financial Agents", 310, 20, "tahoma, arial, verdana, helvetica", 12, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false);
mm_menu_0710165506_22.addMenuItem("Banks in India", "location='../Scripts/BanksInIndia.aspx'");
mm_menu_0710165506_22.addMenuItem("List of Agency Banks", "location='https://www.rbi.org.in/commonman/English/Scripts/Content.aspx?id=2139'");
mm_menu_0710165506_22.addMenuItem("List of Authorised entities - Payment System Operators", "location='https://rbi.org.in/Scripts/PublicationsView.aspx?id=12043'");
mm_menu_0710165506_22.addMenuItem("List of Banks Permitted to Provide Mobile Banking Service in India", "location='https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2463'");
mm_menu_0710165506_22.addMenuItem("List of Banks Permitted to Issue Pre-paid Cards in India", "location='https://rbi.org.in/Scripts/bs_viewcontent.aspx?Id=2491'");
mm_menu_0710165506_22.addMenuItem("Authorized Dealers in Foreign Exchange", "location='https://www.rbi.org.in/scripts/category.aspx'");
mm_menu_0710165506_22.addMenuItem("Authorised Franchisees of ADs/FFMCs", "location='https://www.rbi.org.in/Scripts/franchisees_List.aspx'");
mm_menu_0710165506_22.addMenuItem("Full Fledged Money Changers", "location='https://www.rbi.org.in/Scripts/FFMCList.aspx'");
mm_menu_0710165506_22.addMenuItem("List of Full Fledged Money Changers Licenses cancelled", "location='https://www.rbi.org.in/Scripts/FFMCListCancelled.aspx'");
mm_menu_0710165506_22.addMenuItem("List of Scheduled Commercial Banks (SCBs)", "location='https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3657'");
mm_menu_0710165506_22.addMenuItem("Overseas presence of Indian banks",
"window.open('https://rbidocs.rbi.org.in/rdocs/Content/pdfs/71206.pdf', '_blank', 'width=600,height=400,scrollbars=0,resizable=yes,top=10,left=50');");
mm_menu_0710165506_22.addMenuItem("List of Banks having IFSC Banking Unit (IBU) in GIFT City",
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mm_menu_0710165506_22.addMenuItem("Foreign bank branches/WOS/Representative offices in India",
"window.open('https://rbidocs.rbi.org.in/rdocs/Content/pdfs/71207.pdf', '_blank', 'width=600,height=400,scrollbars=0,resizable=yes,top=10,left=50');");
//mm_menu_0710165506_22.addMenuItem("New Private Sector Banks", "window.open('#', '#', 'width=600,height=400,scrollbars=0,resizable=yes,top=10,left=50');");
mm_menu_0710165506_22.addMenuItem("Banks Importing Gold/Silver", "location='../Scripts/Content.aspx?id=336'");
mm_menu_0710165506_22.addMenuItem("Primary Dealers", "location='../Scripts/PrimaryDealers.aspx'");
mm_menu_0710165506_22.addMenuItem("Non-Banking Finance Companies", "location='https://rbi.org.in/Scripts/BS_NBFCList.aspx'");
mm_menu_0710165506_22.addMenuItem("PPF/Senior Citizens' Savings Scheme (SCSS)", "location='../Scripts/Content.aspx?id=1290'");
//mm_menu_0710165506_22.addMenuItem("State Co-operative Banks", "location='../Scripts/Content.aspx?id=1306'");
//mm_menu_0710165506_22.addMenuItem("Scheduled State Co-operative Banks", "location='http://rbidocs.rbi.org.in/rdocs/Content/pdfs/SCCB20141702.pdf'");
//mm_menu_0710165506_22.addMenuItem("Non-Scheduled State Co-operative Banks", "location='http://rbidocs.rbi.org.in/rdocs/Content/pdfs/NSCB20141402.pdf'");
//mm_menu_0710165506_22.addMenuItem("District Central Cooperative Bank", "location='http://rbidocs.rbi.org.in/rdocs/Content/pdfs/DCCB20141702.pdf'");
mm_menu_0710165506_22.hideOnMouseOut = true;
mm_menu_0710165506_22.childMenuIcon = "../images/arrow.gif";
mm_menu_0710165506_22.bgColor = '#8D7016';
mm_menu_0710165506_22.menuBorder = 1;
mm_menu_0710165506_22.menuLiteBgColor = '#E0C265';
mm_menu_0710165506_22.menuBorderBgColor = '#E0C265';
window.mm_menu_0710165506_2 = new Menu("root", 150, 20, "tahoma, arial, verdana, helvetica", 12, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false);
mm_menu_0710165506_2.addMenuItem(mm_menu_0710165506_21);
mm_menu_0710165506_2.addMenuItem("Lending Rates", "window.open('http://rbi.org.in/rbi-sourcefiles/lendingrate/LendingRates.aspx', '_blank', 'width=600,height=400,scrollbars=0,resizable=yes,top=10,left=50');"); < !--
mm_menu_0710165506_2.addMenuItem("Service Charges", "location='../Scripts/ServiceCharge.aspx'");
-->
mm_menu_0710165506_2.addMenuItem("Note Refund",
"location='https://rbi.org.in/Scripts/OccasionalPublications.aspx?head=RBI%20-%20Note%20Refund%20Rules'");
mm_menu_0710165506_2.addMenuItem("Cheque Collection Policy",
"location='../Scripts/ChequeCollectionPolicy.aspx'");
mm_menu_0710165506_2.addMenuItem(mm_menu_0710165506_22);
mm_menu_0710165506_2.hideOnMouseOut
=
true;
mm_menu_0710165506_2.childMenuIcon
=
"../images/arrow.gif";
mm_menu_0710165506_2.bgColor
=
'#8D7016';
mm_menu_0710165506_2.menuBorder
=
1;
mm_menu_0710165506_2.menuLiteBgColor
=
'#E0C265';
mm_menu_0710165506_2.menuBorderBgColor
=
'#E0C265';
window.mm_menu_3_1
=
new
Menu("Against Bank",
180,
20,
"tahoma,
arial,
verdana,
helvetica ",
12,
"#000000",
"#000000",
"#EFDFAF",
"#FBF4E1",
"left",
"middle",
3,
0,
1000,
-5,
7,
true,
true,
true,
0,
true,
false);
mm_menu_3_1.addMenuItem("Banking Ombudsman Scheme",
"location='../Scripts/AgainstBank.aspx'");
mm_menu_3_1.addMenuItem("Protected Disclosure Scheme",
"location='../Scripts/Notification.aspx?Id=255'");
mm_menu_3_1.hideOnMouseOut
=
true;
mm_menu_3_1.childMenuIcon
=
"../images/arrow.gif";
mm_menu_3_1.bgColor
=
'#8D7016';
mm_menu_3_1.menuBorder
=
1;
mm_menu_3_1.menuLiteBgColor
=
'#E0C265';
mm_menu_3_1.menuBorderBgColor
=
'#E0C265';
window.mm_menu_3_13
=
new
Menu("Against NBFCs",
200,
20,
"tahoma,
arial,
verdana,
helvetica ",
12,
"#000000",
"#000000",
"#EFDFAF",
"#FBF4E1",
"left",
"middle",
3,
0,
1000,
-5,
7,
true,
true,
true,
0,
true,
false);
mm_menu_3_13.addMenuItem("Ombudsman
Scheme
for
NBFCs ",
"window.open('https://www.rbi.org.in/commonman/English/Scripts/AgainstNBFCs.aspx');");
mm_menu_3_13.addMenuItem("Company
Law
Board ",
"window.open('http://www.rbi.org.in/commonman/upload/english/Content/Docs/Regional_Offices_of_Company_Law_Board_and_complaint_form_to_CLB.doc');");
mm_menu_3_13.addMenuItem("Nodal
Agencies ",
"window.open('../../Upload/English/Content/PDFs/LNA100112C_M.pdf');");
mm_menu_3_13.hideOnMouseOut
=
true;
mm_menu_3_13.childMenuIcon
=
"../images/arrow.gif";
mm_menu_3_13.bgColor
=
'#8D7016';
mm_menu_3_13.menuBorder
=
1;
mm_menu_3_13.menuLiteBgColor
=
'#E0C265';
mm_menu_3_13.menuBorderBgColor
=
'#E0C265';
window.mm_menu_0710165506_3
=
new
Menu("root",
95,
20,
"tahoma,
arial,
verdana,
helvetica ",
12,
"#000000",
"#000000",
"#EFDFAF",
"#FBF4E1",
"left",
"middle",
3,
0,
1000,
-5,
7,
true,
true,
true,
0,
true,
false);
mm_menu_0710165506_3.addMenuItem(mm_menu_3_1);
mm_menu_0710165506_3.addMenuItem("Against RBI",
"location='../Scripts/AgainstRBI.aspx'");
//mm_menu_0710165506_3.addMenuItem("Against NBFCs","window.open('http://www.rbi.org.in/commonman/upload/english/Content/Docs/Regional_Offices_of_Company_Law_Board_and_complaint_form_to_CLB.doc',
'_blank',
'width=600,height=400,scrollbars=0,resizable=yes,top=10,left=50');
");
mm_menu_0710165506_3.hideOnMouseOut
=
true;
mm_menu_0710165506_3.childMenuIcon
=
"../images/arrow.gif";
mm_menu_0710165506_3.bgColor
=
'#8D7016';
mm_menu_0710165506_3.menuBorder
=
1;
mm_menu_0710165506_3.menuLiteBgColor
=
'#E0C265';
mm_menu_0710165506_3.menuBorderBgColor
=
'#E0C265';
mm_menu_0710165506_3.addMenuItem(mm_menu_3_13);
window.mm_menu_0710165506_4
=
new
Menu("root",
120,
20,
"tahoma,
arial,
verdana,
helvetica ",
12,
"#000000",
"#000000",
"#EFDFAF",
"#FBF4E1",
"left",
"middle",
3,
0,
1000,
-5,
7,
true,
true,
true,
0,
true,
false);
mm_menu_0710165506_4.addMenuItem("Currency Museum",
"location='http://www.rbi.org.in/scripts/ic_currency.aspx'");
mm_menu_0710165506_4.addMenuItem("History",
"location='http://www.rbi.org.in/scripts/History.aspx'");
//mm_menu_0710165506_4.addMenuItem("Currency Museum","location='../Scripts/CurrencyHome.aspx'");
//mm_menu_0710165506_4.addMenuItem("History","location='../Scripts/HistoryHome.aspx'");
mm_menu_0710165506_4.hideOnMouseOut
=
true;
mm_menu_0710165506_4.childMenuIcon
=
"../images/arrow.gif";
mm_menu_0710165506_4.bgColor
=
'#8D7016';
mm_menu_0710165506_4.menuBorder
=
1;
mm_menu_0710165506_4.menuLiteBgColor
=
'#E0C265';
mm_menu_0710165506_4.menuBorderBgColor
=
'#E0C265';
window.mm_menu_0710165506_5_1
=
new
Menu("For
School
Kids ",
220,
20,
"tahoma,
arial,
verdana,
helvetica ",
12,
"#000000",
"#000000",
"#EFDFAF",
"#FBF4E1",
"left",
"middle",
3,
0,
1000,
-5,
7,
true,
true,
true,
0,
true,
false);
mm_menu_0710165506_5_1.addMenuItem("BE(A)WARE",
"location='../Scripts/BEAWARE.aspx'");
mm_menu_0710165506_5_1.addMenuItem("Raju
and
the
Forty
Thieves ",
"location='../Scripts/BasicBankingNew.aspx'");
mm_menu_0710165506_5_1.addMenuItem("Raju
and
the
Money
tree ",
"location='../Scripts/BasicBanking.aspx'");
mm_menu_0710165506_5_1.addMenuItem("Money Kumar & The Monetary Policy",
"location='../Scripts/MoneyKumar.aspx'");
mm_menu_0710165506_5_1.addMenuItem("Old Man Monetary",
"location='../Scripts/OldManMonetary.aspx'");
mm_menu_0710165506_5_1.addMenuItem("Raju and The Skyladder",
"location='../Scripts/RajuAndSkyladder.aspx'");
mm_menu_0710165506_5_1.addMenuItem("Raju
and
The
Magical
Goat ",
"location='../Scripts/RajuAndMagicalGoat.aspx'");
mm_menu_0710165506_5_1.addMenuItem("Money
Kumar
and
Caring
for
Currency ",
"location='../Scripts/MoneyKumarandCaring.aspx'");
mm_menu_0710165506_5_1.addMenuItem("Raju
and
The
Friendly
ATM ",
"location='../Scripts/RajuAndATM.aspx'");
mm_menu_0710165506_5_1.addMenuItem("Raju
and
The
Debit
Card ",
"location='../Scripts/RajuandDebitCard.aspx'");
mm_menu_0710165506_5_1.hideOnMouseOut
=
true;
mm_menu_0710165506_5_1.childMenuIcon
=
"../images/arrow.gif";
mm_menu_0710165506_5_1.bgColor
=
'#8D7016';
mm_menu_0710165506_5_1.menuBorder
=
1;
mm_menu_0710165506_5_1.menuLiteBgColor
=
'#E0C265';
mm_menu_0710165506_5_1.menuBorderBgColor
=
'#E0C265';
//for
trainers
window.mm_menu_0710165506_5_3
=
new
Menu("For
Trainers ",
220,
20,
"tahoma,
arial,
verdana,
helvetica ",
12,
"#000000",
"#000000",
"#EFDFAF",
"#FBF4E1",
"left",
"middle",
3,
0,
1000,
-5,
7,
true,
true,
true,
0,
true,
false);
mm_menu_0710165506_5_3.addMenuItem("Financial
Literacy
Guide ",
"location='../Scripts/FinancialLiteracyGuide.aspx'");
mm_menu_0710165506_5_3.addMenuItem("Financial
Diary ",
"location='../Scripts/FinancialDiary.aspx'");
mm_menu_0710165506_5_3.addMenuItem("Financial
Literacy
Posters ",
"location='../Scripts/FinancialLiteracyPosters.aspx'");
mm_menu_0710165506_5_3.hideOnMouseOut
=
true;
mm_menu_0710165506_5_3.childMenuIcon
=
"../images/arrow.gif";
mm_menu_0710165506_5_3.bgColor
=
'#8D7016';
mm_menu_0710165506_5_3.menuBorder
=
1;
mm_menu_0710165506_5_3.menuLiteBgColor
=
'#E0C265';
mm_menu_0710165506_5_3.menuBorderBgColor
=
'#E0C265';
//end
for
trainers
window.mm_menu_0710165506_5_2_2
=
new
Menu("Essay
Competition
for
School
Children ",
140,
20,
"tahoma,
arial,
verdana,
helvetica ",
12,
"#000000",
"#000000",
"#EFDFAF",
"#FBF4E1",
"left",
"middle",
3,
0,
1000,
-5,
7,
true,
true,
true,
0,
true,
false);
mm_menu_0710165506_5_2_2.addMenuItem("Announcement",
"location='../Scripts/EssayCompetition.aspx'");
mm_menu_0710165506_5_2_2.addMenuItem("Results",
"location='Results.aspx'");
mm_menu_0710165506_5_2_2.addMenuItem("Prize winning essays",
"location='Prizewinningessays.aspx'");
mm_menu_0710165506_5_2_2.hideOnMouseOut
=
true;
mm_menu_0710165506_5_2_2.childMenuIcon
=
"../images/arrow.gif";
mm_menu_0710165506_5_2_2.bgColor
=
'#8D7016';
mm_menu_0710165506_5_2_2.menuBorder
=
1;
mm_menu_0710165506_5_2_2.menuLiteBgColor
=
'#E0C265';
mm_menu_0710165506_5_2_2.menuBorderBgColor
=
'#E0C265';
window.mm_menu_0710165506_5_2
=
new
Menu("Advertisements",
240,
20,
"tahoma,
arial,
verdana,
helvetica ",
12,
"#000000",
"#000000",
"#EFDFAF",
"#FBF4E1",
"left",
"middle",
3,
0,
1000,
-5,
7,
true,
true,
true,
0,
true,
false);
mm_menu_0710165506_5_2.addMenuItem("₹10
new
note ",
"location='../Scripts/Note10.aspx'");
mm_menu_0710165506_5_2.addMenuItem("₹20
new
note ",
"location='../Scripts/Note20.aspx'");
mm_menu_0710165506_5_2.addMenuItem("₹50
new
note ",
"location='../Scripts/Note50.aspx'");
mm_menu_0710165506_5_2.addMenuItem("₹100
new
note ",
"location='../Scripts/Note100.aspx'");
mm_menu_0710165506_5_2.addMenuItem("₹200
new
note ",
"location='../Scripts/Note200.aspx'");
mm_menu_0710165506_5_2.addMenuItem("₹2000
and
& #8377;500
new
notes ",
"location='../Scripts/NewNotes.aspx'");
mm_menu_0710165506_5_2.addMenuItem("RBI
issues
Rs.
500
notes
in
new
series ",
"location='../Scripts/Note500.aspx'");
mm_menu_0710165506_5_2.addMenuItem("RBI
issues
Rs.
2000
note
in
a
new
series ",
"location='../Scripts/Note2000.aspx'");
mm_menu_0710165506_5_2.addMenuItem("KYC",
"location='../Scripts/RBI_KYC.aspx'");
mm_menu_0710165506_5_2.addMenuItem("Currency Note Posters",
"location='../Scripts/CurrencyNotePosters.aspx'");
//mm_menu_0710165506_5_2.addMenuItem("Essay
Competition
for
School
Children ","
location = '../Scripts/EssayCompetition.aspx'
");
mm_menu_0710165506_5_2.addMenuItem(mm_menu_0710165506_5_2_2);
mm_menu_0710165506_5_2.addMenuItem("Fictitious
Mails ",
"location='../Scripts/FictitiousMails.aspx'");
mm_menu_0710165506_5_2.addMenuItem("Fictitious
Offers ",
"location='../Scripts/FictitiousOffers.aspx'");
mm_menu_0710165506_5_2.addMenuItem("NBFCs",
"location='../Scripts/NBFC_Ads.aspx'");
mm_menu_0710165506_5_2.hideOnMouseOut
=
true;
mm_menu_0710165506_5_2.childMenuIcon
=
"../images/arrow.gif";
mm_menu_0710165506_5_2.bgColor
=
'#8D7016';
mm_menu_0710165506_5_2.menuBorder
=
1;
mm_menu_0710165506_5_2.menuLiteBgColor
=
'#E0C265';
mm_menu_0710165506_5_2.menuBorderBgColor
=
'#E0C265';
window.mm_menu_0710165506_5_4
=
new
Menu("Posters
on
UPI
and
USSD ",
220,
20,
"tahoma,
arial,
verdana,
helvetica ",
12,
"#ffffff",
"#ffffff",
"#1b58ae",
"#3269b6",
"left",
"middle",
3,
0,
1000,
-5,
7,
true,
true,
true,
0,
true,
false);
mm_menu_0710165506_5_4.addMenuItem("UPI",
"location='../Scripts/UPI.aspx'");
mm_menu_0710165506_5_4.addMenuItem("USSD",
"location='../Scripts/USSD.aspx'");
mm_menu_0710165506_5_4.hideOnMouseOut
=
true;
mm_menu_0710165506_5_4.childMenuIcon
=
"../images/arrow.gif";
mm_menu_0710165506_5_4.bgColor
=
'#ae7226';
mm_menu_0710165506_5_4.menuBorder
=
1;
mm_menu_0710165506_5_4.menuLiteBgColor
=
'#ae7226';
mm_menu_0710165506_5_4.menuBorderBgColor
=
'#ae7226';
window.mm_menu_1011090347_0_4
=
new
Menu("
<font Face='mangal' size='2px'>Target Group Booklets</font>", 200, 20, "AkrutiDevWebRbi, arial, verdana, helvetica", 18, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false);
mm_menu_1011090347_0_4.addMenuItem("<font Face='mangal' size='2px'>Farmers</font>", "location='Farmers.aspx'"); mm_menu_1011090347_0_4.addMenuItem("<font Face='mangal' size='2px'>Small entrepreneurs</font>",
"location='SmallEntrepreneurs.aspx'"); mm_menu_1011090347_0_4.addMenuItem("<font Face='mangal' size='2px'>School children</font>", "location='SchoolChildren.aspx'"); mm_menu_1011090347_0_4.addMenuItem("<font Face='mangal' size='2px'>Self
Help Groups</font>", "location='SelfHelpGroups.aspx'"); mm_menu_1011090347_0_4.addMenuItem("<font Face='mangal' size='2px'>Senior Citizens</font>", "location='SeniorCitizens.aspx'"); mm_menu_1011090347_0_4.fontWeight = "bold";
mm_menu_1011090347_0_4.hideOnMouseOut = true; mm_menu_1011090347_0_4.childMenuIcon = "https://www.rbi.org.in/commonman/English/images/arrow.gif"; mm_menu_1011090347_0_4.bgColor = '#8D7016'; mm_menu_1011090347_0_4.menuBorder = 1;
mm_menu_1011090347_0_4.menuLiteBgColor = '#E0C265'; mm_menu_1011090347_0_4.menuBorderBgColor = '#E0C265'; //new menu added for financial literacy week 2022 window.mm_menu_0710165506_5_12 = new Menu("<font Face='mangal' size='2px'>Financial
Literacy Week 2023</font>", 320, 20, "AkrutiDevWebRbi, arial, verdana, helvetica", 18, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false);
mm_menu_0710165506_5_12.addMenuItem("<font Face='mangal' size='2px'>Prudent use of digital financial services - I</font>", "location='../Scripts/FLW23_Digital_Fin_Services.aspx'"); mm_menu_0710165506_5_12.addMenuItem("<font Face='mangal'
size='2px'>Prudent use of digital financial services - II</font>", "location='../Scripts/FLW23_Caution_Digital_Services.aspx'"); mm_menu_0710165506_5_12.addMenuItem("<font Face='mangal' size='2px'>Savings, planning and Budgeting</font>",
"location='../Scripts/FLW23_Savings_Budget.aspx'"); mm_menu_0710165506_5_12.hideOnMouseOut = true; mm_menu_0710165506_5_12.childMenuIcon = "../images/arrow.gif"; mm_menu_0710165506_5_12.bgColor = '#8D7016';
mm_menu_0710165506_5_12.menuBorder = 1; mm_menu_0710165506_5_12.menuLiteBgColor = '#E0C265'; mm_menu_0710165506_5_12.menuBorderBgColor = '#E0C265'; //new menu added for financial literacy week 2022 window.mm_menu_0710165506_5_11 = new
Menu("<font Face='mangal' size='2px'>Financial Literacy Week 2022</font>", 320, 20, "AkrutiDevWebRbi, arial, verdana, helvetica", 18, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0,
true, false); mm_menu_0710165506_5_11.addMenuItem("<font Face='mangal' size='2px'>Convenience of Digital Banking</font>", "location='../Scripts/FLW22_Convenience_digitaltransactions.aspx'"); mm_menu_0710165506_5_11.addMenuItem("<font
Face='mangal' size='2px'>Security of Digital Transaction</font>", "location='../Scripts/FLW22_Security_digitaltransactions.aspx'"); mm_menu_0710165506_5_11.addMenuItem("<font Face='mangal' size='2px'>Protection to Consumers</font>",
"location='../Scripts/FLW22_Protectiontocustomers.aspx'"); mm_menu_0710165506_5_11.hideOnMouseOut = true; mm_menu_0710165506_5_11.childMenuIcon = "../images/arrow.gif"; mm_menu_0710165506_5_11.bgColor = '#8D7016';
mm_menu_0710165506_5_11.menuBorder = 1; mm_menu_0710165506_5_11.menuLiteBgColor = '#E0C265'; mm_menu_0710165506_5_11.menuBorderBgColor = '#E0C265'; //new menu added for financial literacy week 2021 window.mm_menu_0710165506_5_9 = new Menu("
<font Face='mangal' size='2px'>Financial Literacy Week 2021</font>", 320, 20, "AkrutiDevWebRbi, arial, verdana, helvetica", 18, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true,
false); mm_menu_0710165506_5_9.addMenuItem("<font Face='mangal' size='2px'>Borrowing from Formal Institutions</font>", "location='../Scripts/FLW21_BorrowingFormalInstitution.aspx'"); mm_menu_0710165506_5_9.addMenuItem("<font Face='mangal'
size='2px'>Responsible Borrowing</font>", "location='../Scripts/FLW21_ResponsibleBorrowing.aspx'"); mm_menu_0710165506_5_9.addMenuItem("<font Face='mangal' size='2px'>Timely Repayment</font>",
"location='../Scripts/FLw21_TimelyRepaymentCredit.aspx'"); mm_menu_0710165506_5_9.hideOnMouseOut = true; mm_menu_0710165506_5_9.childMenuIcon = "../images/arrow.gif"; mm_menu_0710165506_5_9.bgColor = '#8D7016';
mm_menu_0710165506_5_9.menuBorder = 1; mm_menu_0710165506_5_9.menuLiteBgColor = '#E0C265'; mm_menu_0710165506_5_9.menuBorderBgColor = '#E0C265'; //new menu added for financial literacy week 2020 window.mm_menu_0710165506_5_10 = new
Menu("Financial Literacy Week 2020", 200, 20, "tahoma, arial, verdana, helvetica", 12, "#ffffff", "#ffffff", "#1b58ae", "#3269b6", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false); mm_menu_0710165506_5_10.addMenuItem("
<font Face='mangal' size='2px'>Formalisation</font>", "location='../Scripts/Formalisation.aspx'"); mm_menu_0710165506_5_10.addMenuItem("<font Face='mangal' size='2px'>Collateral Free</font>",
"location='../Scripts/CollateralFreeLoans.aspx'"); mm_menu_0710165506_5_10.addMenuItem("<font Face='mangal' size='2px'>Trade Receivables Discounting</font>", "location='../Scripts/TradeReceivablesDiscountingSystem.aspx'");
mm_menu_0710165506_5_10.addMenuItem("<font Face='mangal' size='2px'>Timely Repayment</font>", "location='../Scripts/TimelyRepaymentLoans.aspx'"); mm_menu_0710165506_5_10.hideOnMouseOut = true; mm_menu_0710165506_5_10.childMenuIcon =
"../images/arrow.gif"; mm_menu_0710165506_5_10.bgColor = '#8D7016'; mm_menu_0710165506_5_10.menuBorder = 1; mm_menu_0710165506_5_10.menuLiteBgColor = '#E0C265'; mm_menu_0710165506_5_10.menuBorderBgColor = '#E0C265';
window.mm_menu_0710165506_5_8 = new Menu("<font Face='mangal' size='2px'>Financial Literacy Week 2019</font>", 320, 20, "AkrutiDevWebRbi, arial, verdana, helvetica", 18, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0,
1000, -5, 7, true, true, true, 0, true, false); mm_menu_0710165506_5_8.addMenuItem("<font Face='mangal' size='2px'>Responsible Borrowing</font>", "location='../Scripts/ResponsibleBorrowing.aspx'"); mm_menu_0710165506_5_8.addMenuItem("<font
Face='mangal' size='2px'>Agricultural Finance</font>", "location='../Scripts/AgriculturalFinance.aspx'"); mm_menu_0710165506_5_8.hideOnMouseOut = true; mm_menu_0710165506_5_8.childMenuIcon = "../images/arrow.gif";
mm_menu_0710165506_5_8.bgColor = '#8D7016'; mm_menu_0710165506_5_8.menuBorder = 1; mm_menu_0710165506_5_8.menuLiteBgColor = '#E0C265'; mm_menu_0710165506_5_8.menuBorderBgColor = '#E0C265'; window.mm_menu_0710165506_5_7 = new Menu("<font
Face='mangal' size='2px'>Financial Literacy Week 2018</font>", 320, 20, "AkrutiDevWebRbi, arial, verdana, helvetica", 18, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false);
mm_menu_0710165506_5_7.addMenuItem("<font Face='mangal' size='2px'>Version 1 (For trainers)</font>", "location='../Scripts/Version1.aspx'"); mm_menu_0710165506_5_7.addMenuItem("<font Face='mangal' size='2px'>Version 2 (For ATM, Website and
branches)</font>", "location='../Scripts/Version2.aspx'"); mm_menu_0710165506_5_7.hideOnMouseOut = true; mm_menu_0710165506_5_7.childMenuIcon = "../images/arrow.gif"; mm_menu_0710165506_5_7.bgColor = '#8D7016';
mm_menu_0710165506_5_7.menuBorder = 1; mm_menu_0710165506_5_7.menuLiteBgColor = '#E0C265'; mm_menu_0710165506_5_7.menuBorderBgColor = '#E0C265'; window.mm_menu_0710165506_5_5 = new Menu("<font Face='mangal' size='2px'>Financial Literacy
Week 2017</font>", 200, 20, "AkrutiDevWebRbi, arial, verdana, helvetica", 18, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false); //mm_menu_0710165506_5_5.addMenuItem("<font
Face='mangal' size='2px'>Know Your Customer</font>", "location='../Scripts/KnowYourCustomer.aspx'"); mm_menu_0710165506_5_5.addMenuItem("<font Face='mangal' size='2px'>Exercise Credit Discipline</font> ",
"location='../Scripts/ExerciseCreditDiscipline.aspx'"); mm_menu_0710165506_5_5.addMenuItem("<font Face='mangal' size='2px'>Grievance Redress</font>", "location='../Scripts/GrievanceRedress.aspx'"); mm_menu_0710165506_5_5.addMenuItem("<font
Face='mangal' size='2px'>Unified Payment Interface</font>", "location='../Scripts/UnifiedPaymentInterface.aspx'"); mm_menu_0710165506_5_5.addMenuItem("<font Face='mangal' size='2px'>USSD (*99#)</font>",
"location='../Scripts/USSD99.aspx'"); mm_menu_0710165506_5_5.addMenuItem("<font Face='mangal' size='2px'>ATM and Website Messages</font>", "location='../Scripts/WebsiteATMmessages.aspx'"); mm_menu_0710165506_5_5.addMenuItem("<font
Face='mangal' size='2px'>FL week Logo</font>", "location='../Scripts/FLweek.aspx'"); mm_menu_0710165506_5_5.hideOnMouseOut = true; mm_menu_0710165506_5_5.childMenuIcon = "../images/arrow.gif"; mm_menu_0710165506_5_5.bgColor = '#8D7016';
mm_menu_0710165506_5_5.menuBorder = 1; mm_menu_0710165506_5_5.menuLiteBgColor = '#E0C265'; mm_menu_0710165506_5_5.menuBorderBgColor = '#E0C265'; window.mm_menu_0710165506_5_6 = new Menu("<font Face='mangal' size='2px'>BSBD Account</font>",
200, 20, "AkrutiDevWebRbi, arial, verdana, helvetica", 18, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false); mm_menu_0710165506_5_6.addMenuItem("<font Face='mangal'
size='2px'>Video</font>", "location='../Scripts/RBIBSBD.aspx'"); mm_menu_0710165506_5_6.addMenuItem("<font Face='mangal' size='2px'>FAQ</font> ", "location='../Scripts/FAQs.aspx?Id=1288'"); mm_menu_0710165506_5_6.hideOnMouseOut = true;
mm_menu_0710165506_5_6.childMenuIcon = "../images/arrow.gif"; mm_menu_0710165506_5_6.bgColor = '#8D7016'; mm_menu_0710165506_5_6.menuBorder = 1; mm_menu_0710165506_5_6.menuLiteBgColor = '#E0C265'; mm_menu_0710165506_5_6.menuBorderBgColor =
'#E0C265'; window.mm_menu_0710165506_5 = new Menu("root", 200, 20, "tahoma, arial, verdana, helvetica", 12, "#000000", "#000000", "#EFDFAF", "#FBF4E1", "left", "middle", 3, 0, 1000, -5, 7, true, true, true, 0, true, false);
mm_menu_0710165506_5.addMenuItem("NSFI - 2019-2024", "location='/commonman/Upload/English/Content/PDFs/English_16042021.pdf'"); mm_menu_0710165506_5.addMenuItem("RBI Kehta Hai", "location='https://rbikehtahai.rbi.org.in/'");
//mm_menu_0710165506_5.addMenuItem("RBI Cautions", "location='../scripts/rbicautions.aspx'"); //mm_menu_0710165506_5.addMenuItem("Paisa Bolta Hai", "location='https://paisaboltahai.rbi.org.in/'");
//mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_6); mm_menu_0710165506_5.addMenuItem(mm_menu_1011090347_0_4); mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_12); mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_11);
mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_9); mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_10); mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_8); mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_7);
mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_5); mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_1); mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_3); mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_2);
mm_menu_0710165506_5.addMenuItem("Financial Awareness messages", "location='../Scripts/Fame.aspx'"); mm_menu_0710165506_5.addMenuItem(mm_menu_0710165506_5_4); mm_menu_0710165506_5.addMenuItem("I Can Do - Financial Planning",
"location='https://rbi.org.in/FinancialEducation/content/I%20Can%20Do_RBI.pdf'"); mm_menu_0710165506_5.addMenuItem("Films", "location='../Scripts/Films.aspx'"); mm_menu_0710165506_5.addMenuItem("Games", "location='../Scripts/Jigsaw.aspx'");
mm_menu_0710165506_5.hideOnMouseOut = true; mm_menu_0710165506_5.childMenuIcon = "../images/arrow.gif"; mm_menu_0710165506_5.bgColor = '#8D7016'; mm_menu_0710165506_5.menuBorder = 1; mm_menu_0710165506_5.menuLiteBgColor = '#E0C265';
mm_menu_0710165506_5.menuBorderBgColor = '#E0C265'; mm_menu_0710165506_5.writeMenus(); } // mmLoadMenus() //-->
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<script language="JavaScript1.2">
mmLoadMenus();
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<div id="menuItemText0" style="position:absolute;left:4px;top:3px;color:#000000;">Structure </div>
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<div id="menuItemText1" style="position:absolute;left:4px;top:3px;color:#000000;">Function </div>
<div id="menuItemHilite1" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Function </div>
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<div id="focusItem0" style="position: absolute; left: 0px; top: -30px;" onclick="onMenuItemAction(null,this);"> </div>
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<div id="menuLite1" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 64px; width: 222px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg1" style="position: absolute; left: 1px; top: 1px; height: 63px; width: 221px; background-color: rgb(141, 112, 22);">
<div id="menuItem2"
style="position: absolute; left: 0px; top: 0px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 220px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText2" style="position:absolute;left:4px;top:3px;color:#000000;"> Organisation </div>
<div id="menuItemHilite2" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;"> Organisation </div>
<div id="childMenu2" style="position: absolute; left: 209px; top: 6px;"><img src="../images/arrow.gif"></div>
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<div id="menuItem3"
style="position: absolute; left: 0px; top: 21px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 220px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText3" style="position:absolute;left:4px;top:3px;color:#000000;">Communication Policy of RBI </div>
<div id="menuItemHilite3" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Communication Policy of RBI </div>
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<div id="menuItem4"
style="position: absolute; left: 0px; top: 42px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 220px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText4" style="position:absolute;left:4px;top:3px;color:#000000;">Right to Information Act </div>
<div id="menuItemHilite4" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Right to Information Act </div>
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<div id="focusItem1" style="position: absolute; left: 0px; top: -30px;" onclick="onMenuItemAction(null,this);"> </div>
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</div>
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<div id="menuLayer2" style="position: absolute; z-index: 1; left: -300px; top: -300px; visibility: hidden; color: rgb(224, 194, 101); background-color: rgb(224, 194, 101); width: 204px; height: 108px;">
<div id="menuLite2" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 106px; width: 202px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg2" style="position: absolute; left: 1px; top: 1px; height: 105px; width: 201px; background-color: rgb(141, 112, 22);">
<div id="menuItem5"
style="position: absolute; left: 0px; top: 0px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 200px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText5" style="position:absolute;left:4px;top:3px;color:#000000;">Notifications </div>
<div id="menuItemHilite5" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Notifications </div>
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<div id="menuItem6"
style="position: absolute; left: 0px; top: 21px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 200px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText6" style="position:absolute;left:4px;top:3px;color:#000000;">Press Releases </div>
<div id="menuItemHilite6" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Press Releases </div>
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<div id="menuItem7"
style="position: absolute; left: 0px; top: 42px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 200px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText7" style="position:absolute;left:4px;top:3px;color:#000000;">Speeches </div>
<div id="menuItemHilite7" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Speeches </div>
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<div id="menuItem8"
style="position: absolute; left: 0px; top: 63px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 200px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText8" style="position:absolute;left:4px;top:3px;color:#000000;">Master Circulars </div>
<div id="menuItemHilite8" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Master Circulars </div>
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<div id="menuItem9"
style="position: absolute; left: 0px; top: 84px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 200px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText9" style="position:absolute;left:4px;top:3px;color:#000000;">Master Direction </div>
<div id="menuItemHilite9" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Master Direction </div>
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<div id="focusItem2" style="position: absolute; left: 0px; top: -30px;" onclick="onMenuItemAction(null,this);"> </div>
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<div id="menuLayer3" style="position: absolute; z-index: 1; left: -300px; top: -300px; visibility: hidden; color: rgb(224, 194, 101); background-color: rgb(224, 194, 101); width: 354px; height: 360px;">
<div id="menuLite3" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 358px; width: 352px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg3" style="position: absolute; left: 1px; top: 1px; height: 357px; width: 351px; background-color: rgb(141, 112, 22);">
<div id="menuItem10"
style="position: absolute; left: 0px; top: 0px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText10" style="position:absolute;left:4px;top:3px;color:#000000;">Banks in India </div>
<div id="menuItemHilite10" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Banks in India </div>
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style="position: absolute; left: 0px; top: 21px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText11" style="position:absolute;left:4px;top:3px;color:#000000;">List of Agency Banks </div>
<div id="menuItemHilite11" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">List of Agency Banks </div>
</div>
<div id="menuItem12"
style="position: absolute; left: 0px; top: 42px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText12" style="position:absolute;left:4px;top:3px;color:#000000;">List of Authorised entities - Payment System Operators </div>
<div id="menuItemHilite12" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">List of Authorised entities - Payment System Operators </div>
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style="position: absolute; left: 0px; top: 63px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText13" style="position:absolute;left:4px;top:3px;color:#000000;">List of Banks Permitted to Provide Mobile Banking Service in India </div>
<div id="menuItemHilite13" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">List of Banks Permitted to Provide Mobile Banking Service in India </div>
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style="position: absolute; left: 0px; top: 84px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText14" style="position:absolute;left:4px;top:3px;color:#000000;">List of Banks Permitted to Issue Pre-paid Cards in India </div>
<div id="menuItemHilite14" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">List of Banks Permitted to Issue Pre-paid Cards in India </div>
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style="position: absolute; left: 0px; top: 105px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText15" style="position:absolute;left:4px;top:3px;color:#000000;">Authorized Dealers in Foreign Exchange </div>
<div id="menuItemHilite15" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Authorized Dealers in Foreign Exchange </div>
</div>
<div id="menuItem16"
style="position: absolute; left: 0px; top: 126px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText16" style="position:absolute;left:4px;top:3px;color:#000000;">Authorised Franchisees of ADs/FFMCs </div>
<div id="menuItemHilite16" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Authorised Franchisees of ADs/FFMCs </div>
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<div id="menuItem17"
style="position: absolute; left: 0px; top: 147px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText17" style="position:absolute;left:4px;top:3px;color:#000000;">Full Fledged Money Changers </div>
<div id="menuItemHilite17" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Full Fledged Money Changers </div>
</div>
<div id="menuItem18"
style="position: absolute; left: 0px; top: 168px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText18" style="position:absolute;left:4px;top:3px;color:#000000;">List of Full Fledged Money Changers Licenses cancelled </div>
<div id="menuItemHilite18" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">List of Full Fledged Money Changers Licenses cancelled </div>
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style="position: absolute; left: 0px; top: 189px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText19" style="position:absolute;left:4px;top:3px;color:#000000;">List of Scheduled Commercial Banks (SCBs) </div>
<div id="menuItemHilite19" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">List of Scheduled Commercial Banks (SCBs) </div>
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style="position: absolute; left: 0px; top: 210px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText20" style="position:absolute;left:4px;top:3px;color:#000000;">Overseas presence of Indian banks </div>
<div id="menuItemHilite20" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Overseas presence of Indian banks </div>
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style="position: absolute; left: 0px; top: 231px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText21" style="position:absolute;left:4px;top:3px;color:#000000;">List of Banks having IFSC Banking Unit (IBU) in GIFT City </div>
<div id="menuItemHilite21" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">List of Banks having IFSC Banking Unit (IBU) in GIFT City </div>
</div>
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style="position: absolute; left: 0px; top: 252px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText22" style="position:absolute;left:4px;top:3px;color:#000000;">Foreign bank branches/WOS/Representative offices in India </div>
<div id="menuItemHilite22" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Foreign bank branches/WOS/Representative offices in India </div>
</div>
<div id="menuItem23"
style="position: absolute; left: 0px; top: 273px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText23" style="position:absolute;left:4px;top:3px;color:#000000;">Banks Importing Gold/Silver </div>
<div id="menuItemHilite23" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Banks Importing Gold/Silver </div>
</div>
<div id="menuItem24"
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<div id="menuItemText24" style="position:absolute;left:4px;top:3px;color:#000000;">Primary Dealers </div>
<div id="menuItemHilite24" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Primary Dealers </div>
</div>
<div id="menuItem25"
style="position: absolute; left: 0px; top: 315px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText25" style="position:absolute;left:4px;top:3px;color:#000000;">Non-Banking Finance Companies </div>
<div id="menuItemHilite25" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Non-Banking Finance Companies </div>
</div>
<div id="menuItem26"
style="position: absolute; left: 0px; top: 336px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 350px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText26" style="position:absolute;left:4px;top:3px;color:#000000;">PPF/Senior Citizens' Savings Scheme (SCSS) </div>
<div id="menuItemHilite26" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">PPF/Senior Citizens' Savings Scheme (SCSS) </div>
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<div id="focusItem3" style="position: absolute; left: 0px; top: -30px;" onclick="onMenuItemAction(null,this);"> </div>
</div>
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<div id="menuLite4" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 106px; width: 192px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg4" style="position: absolute; left: 1px; top: 1px; height: 105px; width: 191px; background-color: rgb(141, 112, 22);">
<div id="menuItem27"
style="position: absolute; left: 0px; top: 0px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 190px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText27" style="position:absolute;left:4px;top:3px;color:#000000;"> RBI Regulations </div>
<div id="menuItemHilite27" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;"> RBI Regulations </div>
<div id="childMenu27" style="position: absolute; left: 179px; top: 6px;"><img src="../images/arrow.gif"></div>
</div>
<div id="menuItem28"
style="position: absolute; left: 0px; top: 21px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 190px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText28" style="position:absolute;left:4px;top:3px;color:#000000;">Lending Rates </div>
<div id="menuItemHilite28" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Lending Rates </div>
</div>
<div id="menuItem29"
style="position: absolute; left: 0px; top: 42px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 190px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText29" style="position:absolute;left:4px;top:3px;color:#000000;">Note Refund </div>
<div id="menuItemHilite29" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Note Refund </div>
</div>
<div id="menuItem30"
style="position: absolute; left: 0px; top: 63px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 190px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText30" style="position:absolute;left:4px;top:3px;color:#000000;">Cheque Collection Policy </div>
<div id="menuItemHilite30" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">Cheque Collection Policy </div>
</div>
<div id="menuItem31"
style="position: absolute; left: 0px; top: 84px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 190px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText31" style="position:absolute;left:4px;top:3px;color:#000000;"> Financial Agents </div>
<div id="menuItemHilite31" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;"> Financial Agents </div>
<div id="childMenu31" style="position: absolute; left: 179px; top: 6px;"><img src="../images/arrow.gif"></div>
</div>
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<div id="menuItemText43" style="position:absolute;left:4px;top:3px;color:#000000;">Raju and the Forty Thieves </div>
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<div id="menuItemText44" style="position:absolute;left:4px;top:3px;color:#000000;">Raju and the Money tree </div>
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<div id="menuItemText45" style="position:absolute;left:4px;top:3px;color:#000000;">Money Kumar & The Monetary Policy </div>
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<div id="menuItemText52" style="position:absolute;left:4px;top:3px;color:#000000;">Financial Literacy Guide </div>
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<div id="menuItemText57" style="position:absolute;left:4px;top:3px;color:#000000;">Prize winning essays </div>
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<div id="menuItemText58" style="position:absolute;left:4px;top:3px;color:#000000;">₹10 new note </div>
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<div id="menuItemText59" style="position:absolute;left:4px;top:3px;color:#000000;">₹20 new note </div>
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<div id="menuItemText60" style="position:absolute;left:4px;top:3px;color:#000000;">₹50 new note </div>
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<div id="menuItemText61" style="position:absolute;left:4px;top:3px;color:#000000;">₹100 new note </div>
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<div id="menuItemText62" style="position:absolute;left:4px;top:3px;color:#000000;">₹200 new note </div>
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<div id="menuItemText63" style="position:absolute;left:4px;top:3px;color:#000000;">₹2000 and ₹500 new notes </div>
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<div id="menuItemText64" style="position:absolute;left:4px;top:3px;color:#000000;">RBI issues Rs. 500 notes in new series </div>
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<div id="menuItemText65" style="position:absolute;left:4px;top:3px;color:#000000;">RBI issues Rs. 2000 note in a new series </div>
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<div id="menuItemText66" style="position:absolute;left:4px;top:3px;color:#000000;">KYC </div>
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<div id="menuItemText67" style="position:absolute;left:4px;top:3px;color:#000000;">Currency Note Posters </div>
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<div id="menuItemText68" style="position:absolute;left:4px;top:3px;color:#000000;"> Essay Competition for School Children </div>
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<div id="menuItemText69" style="position:absolute;left:4px;top:3px;color:#000000;">Fictitious Mails </div>
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<div id="menuItemText70" style="position:absolute;left:4px;top:3px;color:#000000;">Fictitious Offers </div>
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<div id="menuItemText71" style="position:absolute;left:4px;top:3px;color:#000000;">NBFCs </div>
<div id="menuItemHilite71" style="position:absolute;left:4px;top:3px;color:#000000;visibility:hidden;">NBFCs </div>
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<div id="menuItemText72" style="position:absolute;left:4px;top:3px;color:#ffffff;">UPI </div>
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<div id="menuItemText73" style="position:absolute;left:4px;top:3px;color:#ffffff;">USSD </div>
<div id="menuItemHilite73" style="position:absolute;left:4px;top:3px;color:#ffffff;visibility:hidden;">USSD </div>
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<font face="mangal" size="2px">Farmers</font>
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<font face="mangal" size="2px">Farmers</font>
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<font face="mangal" size="2px">Small entrepreneurs</font>
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<font face="mangal" size="2px">Small entrepreneurs</font>
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<font face="mangal" size="2px">School children</font>
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<font face="mangal" size="2px">School children</font>
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<font face="mangal" size="2px">Self Help Groups</font>
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<font face="mangal" size="2px">Self Help Groups</font>
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<font face="mangal" size="2px">Senior Citizens</font>
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<font face="mangal" size="2px">Senior Citizens</font>
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</div>
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<div id="menuLayer15" style="position: absolute; z-index: 1; left: -300px; top: -300px; visibility: hidden; color: rgb(224, 194, 101); background-color: rgb(224, 194, 101); width: 364px; height: 66px;">
<div id="menuLite15" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 64px; width: 362px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg15" style="position: absolute; left: 1px; top: 1px; height: 63px; width: 361px; background-color: rgb(141, 112, 22);">
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style="position: absolute; left: 0px; top: 0px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText79" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Prudent use of digital financial services - I</font>
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<div id="menuItemHilite79" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Prudent use of digital financial services - I</font>
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<div id="menuItem80"
style="position: absolute; left: 0px; top: 21px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText80" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Prudent use of digital financial services - II</font>
</div>
<div id="menuItemHilite80" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Prudent use of digital financial services - II</font>
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<div id="menuItem81"
style="position: absolute; left: 0px; top: 42px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText81" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Savings, planning and Budgeting</font>
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<div id="menuItemHilite81" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Savings, planning and Budgeting</font>
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</div>
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<div id="menuLayer16" style="position: absolute; z-index: 1; left: -300px; top: -300px; visibility: hidden; color: rgb(224, 194, 101); background-color: rgb(224, 194, 101); width: 364px; height: 66px;">
<div id="menuLite16" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 64px; width: 362px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg16" style="position: absolute; left: 1px; top: 1px; height: 63px; width: 361px; background-color: rgb(141, 112, 22);">
<div id="menuItem82"
style="position: absolute; left: 0px; top: 0px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText82" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Convenience of Digital Banking</font>
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<div id="menuItemHilite82" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Convenience of Digital Banking</font>
</div>
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<div id="menuItem83"
style="position: absolute; left: 0px; top: 21px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText83" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Security of Digital Transaction</font>
</div>
<div id="menuItemHilite83" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Security of Digital Transaction</font>
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<div id="menuItem84"
style="position: absolute; left: 0px; top: 42px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText84" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Protection to Consumers</font>
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<div id="menuItemHilite84" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Protection to Consumers</font>
</div>
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</div>
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<div id="menuLayer17" style="position: absolute; z-index: 1; left: -300px; top: -300px; visibility: hidden; color: rgb(224, 194, 101); background-color: rgb(224, 194, 101); width: 364px; height: 66px;">
<div id="menuLite17" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 64px; width: 362px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg17" style="position: absolute; left: 1px; top: 1px; height: 63px; width: 361px; background-color: rgb(141, 112, 22);">
<div id="menuItem85"
style="position: absolute; left: 0px; top: 0px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText85" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Borrowing from Formal Institutions</font>
</div>
<div id="menuItemHilite85" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Borrowing from Formal Institutions</font>
</div>
</div>
<div id="menuItem86"
style="position: absolute; left: 0px; top: 21px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText86" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Responsible Borrowing</font>
</div>
<div id="menuItemHilite86" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Responsible Borrowing</font>
</div>
</div>
<div id="menuItem87"
style="position: absolute; left: 0px; top: 42px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText87" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Timely Repayment</font>
</div>
<div id="menuItemHilite87" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Timely Repayment</font>
</div>
</div>
<div id="focusItem17" style="position: absolute; left: 0px; top: -30px;" onclick="onMenuItemAction(null,this);"> </div>
</div>
</div>
</div>
<div id="menuLayer18" style="position: absolute; z-index: 1; left: -300px; top: -300px; visibility: hidden; color: rgb(224, 194, 101); background-color: rgb(224, 194, 101); width: 244px; height: 87px;">
<div id="menuLite18" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 85px; width: 242px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg18" style="position: absolute; left: 1px; top: 1px; height: 84px; width: 241px; background-color: rgb(141, 112, 22);">
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style="position: absolute; left: 0px; top: 0px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 240px; height: 20px; background-color: rgb(27, 88, 174); visibility: inherit; cursor: pointer;">
<div id="menuItemText88" style="position:absolute;left:4px;top:3px;color:#ffffff;">
<font face="mangal" size="2px">Formalisation</font>
</div>
<div id="menuItemHilite88" style="position:absolute;left:4px;top:3px;color:#ffffff;visibility:hidden;">
<font face="mangal" size="2px">Formalisation</font>
</div>
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<div id="menuItem89"
style="position: absolute; left: 0px; top: 21px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 240px; height: 20px; background-color: rgb(27, 88, 174); visibility: inherit; cursor: pointer;">
<div id="menuItemText89" style="position:absolute;left:4px;top:3px;color:#ffffff;">
<font face="mangal" size="2px">Collateral Free</font>
</div>
<div id="menuItemHilite89" style="position:absolute;left:4px;top:3px;color:#ffffff;visibility:hidden;">
<font face="mangal" size="2px">Collateral Free</font>
</div>
</div>
<div id="menuItem90"
style="position: absolute; left: 0px; top: 42px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 240px; height: 20px; background-color: rgb(27, 88, 174); visibility: inherit; cursor: pointer;">
<div id="menuItemText90" style="position:absolute;left:4px;top:3px;color:#ffffff;">
<font face="mangal" size="2px">Trade Receivables Discounting</font>
</div>
<div id="menuItemHilite90" style="position:absolute;left:4px;top:3px;color:#ffffff;visibility:hidden;">
<font face="mangal" size="2px">Trade Receivables Discounting</font>
</div>
</div>
<div id="menuItem91"
style="position: absolute; left: 0px; top: 63px; font-family: tahoma, arial, verdana, helvetica; font-weight: normal; font-size: 12px; width: 240px; height: 20px; background-color: rgb(27, 88, 174); visibility: inherit; cursor: pointer;">
<div id="menuItemText91" style="position:absolute;left:4px;top:3px;color:#ffffff;">
<font face="mangal" size="2px">Timely Repayment</font>
</div>
<div id="menuItemHilite91" style="position:absolute;left:4px;top:3px;color:#ffffff;visibility:hidden;">
<font face="mangal" size="2px">Timely Repayment</font>
</div>
</div>
<div id="focusItem18" style="position: absolute; left: 0px; top: -30px;" onclick="onMenuItemAction(null,this);"> </div>
</div>
</div>
</div>
<div id="menuLayer19" style="position: absolute; z-index: 1; left: -300px; top: -300px; visibility: hidden; color: rgb(224, 194, 101); background-color: rgb(224, 194, 101); width: 364px; height: 45px;">
<div id="menuLite19" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 43px; width: 362px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg19" style="position: absolute; left: 1px; top: 1px; height: 42px; width: 361px; background-color: rgb(141, 112, 22);">
<div id="menuItem92"
style="position: absolute; left: 0px; top: 0px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText92" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Responsible Borrowing</font>
</div>
<div id="menuItemHilite92" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Responsible Borrowing</font>
</div>
</div>
<div id="menuItem93"
style="position: absolute; left: 0px; top: 21px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText93" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Agricultural Finance</font>
</div>
<div id="menuItemHilite93" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Agricultural Finance</font>
</div>
</div>
<div id="focusItem19" style="position: absolute; left: 0px; top: -30px;" onclick="onMenuItemAction(null,this);"> </div>
</div>
</div>
</div>
<div id="menuLayer20" style="position: absolute; z-index: 1; left: -300px; top: -300px; visibility: hidden; color: rgb(224, 194, 101); background-color: rgb(224, 194, 101); width: 364px; height: 45px;">
<div id="menuLite20" style="position: absolute; z-index: 1; left: 1px; top: 1px; height: 43px; width: 362px; background-color: rgb(224, 194, 101);" onmouseout="mouseoutMenu();">
<div id="menuFg20" style="position: absolute; left: 1px; top: 1px; height: 42px; width: 361px; background-color: rgb(141, 112, 22);">
<div id="menuItem94"
style="position: absolute; left: 0px; top: 0px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText94" style="position:absolute;left:4px;top:0px;color:#000000;">
<font face="mangal" size="2px">Version 1 (For trainers)</font>
</div>
<div id="menuItemHilite94" style="position:absolute;left:4px;top:0px;color:#000000;visibility:hidden;">
<font face="mangal" size="2px">Version 1 (For trainers)</font>
</div>
</div>
<div id="menuItem95"
style="position: absolute; left: 0px; top: 21px; font-family: AkrutiDevWebRbi, arial, verdana, helvetica; font-weight: normal; font-size: 18px; width: 360px; height: 20px; background-color: rgb(239, 223, 175); visibility: inherit; cursor: pointer;">
<div id="menuItemText95" style="position:absolute;left:4px;top:0px;color:#000000;">
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<td align="Right"><b> Date: </b> 29/05/2019</td>
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<tr class="tablecontent1">
<td class="textIndexHead" align="center"><b> Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on May 04, 2023)</b></td>
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<td>
<p class="head">RBI/DBR/2015-16/18<br> Master Direction DBR.AML.BC.No.81/14.01.001/2015-16</p>
<p align="right" class="head">February 25, 2016<br> (<span style="color: DeepSkyBlue">Updated as on May 04, 2023</span>)<br> (<span style="color: DarkOrange">Updated as on April 28,
2023</span>)<br> (<span style="color: DeepPink">Updated as on May 10, 2021</span>)<br> (<span style="color: OLIVE">Updated as on April 01, 2021</span>)<br> (<span
style="color: DarkRed">Updated as on March 23, 2021</span>)<br> (<span style="color: coral">Updated as on December 18, 2020</span>)<br> (<span style="color: BlueViolet">Updated as on April
20, 2020</span>)<br> (<span style="color: Purple">Updated as on April 01, 2020</span>)<br> (<span style="color: brown">Updated as on January 09, 2020</span>)<br> (<span
style="color: green">Updated as on August 09, 2019</span>)<br> (Updated as on May 29, 2019)</p>
<p align="center" class="head">Master Direction - Know Your Customer (KYC) Direction, 2016</p>
<table width="75%" border="0" align="center" cellpadding="0" cellspacing="1" class="tablebg">
<tbody>
<tr class="tablecontent1">
<td align="center" class="head">Contents</td>
</tr>
<tr class="tablecontent1">
<td><a href="#1" class="link1">INTRODUCTION</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#2" class="link1">CHAPTER – I</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#3" class="link1">PRELIMINARY</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#4" class="link1">CHAPTER – II</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#5" class="link1">General</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#6" class="link1">CHAPTER – III</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#7" class="link1">Customer Acceptance Policy</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#8" class="link1">CHAPTER – IV</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#9" class="link1">Risk Management</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#10" class="link1">Chapter V</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#11" class="link1">Customer Identification Procedure (CIP)</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#12" class="link1">Chapter VI</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#13" class="link1">Customer Due Diligence (CDD) Procedure</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#14" class="link1">Part I - Customer Due Diligence (CDD) Procedure in case of Individuals</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#15" class="link1">Part II - CDD Measures for Sole Proprietary firms</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#16" class="link1">Part III - CDD Measures for Legal Entities</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#17" class="link1">Part IV - Identification of Beneficial Owner</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#18" class="link1">Part V - On-going Due Diligence</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#19" class="link1">Part VI - Enhanced and Simplified Due Diligence Procedure</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#20" class="link1">Chapter VII</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#21" class="link1">Record Management</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#22" class="link1">Chapter VIII</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#23" class="link1">Reporting Requirements to Financial Intelligence Unit - India</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#24" class="link1">Chapter IX</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#25" class="link1">Requirements/obligations under International Agreements - Communications from International Agencies</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#26" class="link1">Chapter X</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#27" class="link1">Other Instructions</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#28" class="link1">Chapter XI</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#29" class="link1">Repeal Provisions</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#AN1" class="link1">Annex I</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#AN2" class="link1">Annex II</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#AN3" class="link1">Annex III</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#AN4" class="link1">Annex IV</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#APP1" class="link1">Appendix</a></td>
</tr>
<tr class="tablecontent1">
<td><a href="#APP2" class="link1">List of Circulars or part thereof repealed with the issuance of Master Direction</a></td>
</tr>
</tbody>
</table>
<span style="color: DarkOrange">
<p align="center"><a id="1"></a><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F1" class="link1">1</a></sup><span class="head">INTRODUCTION</span>
</p>
</span>
<p><span style="color: DarkOrange">In order to prevent banks and other financial institutions from being used as a channel for Money Laundering (ML)/ Terrorist Financing (TF) and to ensure the
integrity and stability of the financial system, efforts are continuously being made both internationally and nationally, by way of prescribing various rules and regulations.
Internationally, the Financial Action Task Force (FATF) which is an inter-governmental body established in 1989 by the Ministers of its member jurisdictions, sets standards and promotes
effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international
financial system. India, being a member of FATF, is committed to upholding measures to protect the integrity of international financial system.</span></p>
<p><span style="color: DarkOrange">In India, the Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, form the legal framework
on Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT).</span> In terms of the provisions of <span style="color: DarkOrange">the PML Act</span>, 2002 <span
style="color: brown">and</span> the <span style="color: DarkOrange">PML</span> Rules, 2005, as amended from time to time by the <span style="color: brown">Government of India</span>,
Regulated Entities (REs) are required to follow certain customer identification procedures while undertaking a transaction either by establishing an account-based relationship or otherwise
and monitor their transactions.</p>
<p>2. Accordingly, in exercise of the powers conferred by Sections 35A of the Banking Regulation Act, 1949, the Banking Regulation Act (AACS), 1949, read with Section 56 of the Act ibid, <span
style="color: DarkOrange">Sections 45JA, 45K and 45L of the Reserve Bank of India Act, 1934, Section 10 (2) read with Section 18 of Payment and Settlement Systems Act 2007 (Act 51 of
2007), Section 11(1) of the Foreign Exchange Management Act, 1999,</span> Rule 9(14) of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 and all other laws enabling the
Reserve Bank in this regard, the Reserve Bank of India being satisfied that it is necessary and expedient in the public interest to do so, hereby issues the Directions hereinafter specified.
</p>
<p align="center" class="head"><a id="2"></a>CHAPTER – I<br>
<a id="3"></a>PRELIMINARY
</p>
<p class="head">1. Short Title and Commencement.</p>
<ol type="a">
<li>
<p>These Directions shall be called the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016.</p>
</li>
<li>
<p>These directions shall come into effect on the day they are placed on the official website of the Reserve Bank of India.</p>
</li>
</ol>
<p class="head">2. Applicability</p>
<p>(a) The provisions of these Directions shall apply to every entity regulated by Reserve Bank of India, more specifically as defined in 3 (b) (xiii) below, except where specifically
mentioned otherwise.</p>
<p>(b) These directions shall also apply to those branches and majority owned subsidiaries of the REs which are located abroad, to the extent they are not contradictory to the local laws in
the host country, provided that:</p>
<ol type="i">
<li>
<p>where applicable laws and regulations prohibit implementation of these guidelines, the same shall be brought to the notice of the Reserve Bank of India.</p>
</li>
<li>
<p>in case there is a variance in KYC/AML standards prescribed by the Reserve Bank of India and the host country regulators, branches/ subsidiaries of REs are required to adopt the more
stringent regulation of the two.</p>
</li>
<li>
<p>branches/ subsidiaries of foreign incorporated banks may adopt the more stringent regulation of the two i.e., standards prescribed by the Reserve Bank of India and their home country
regulators.</p>
</li>
</ol>
<p>Provided that this rule shall not apply to ‘small accounts’ referred to in Section 23 of Chapter VI.</p>
<p class="head">3. Definitions</p>
<p>In these Directions, unless the context otherwise requires, the terms herein shall bear the meanings assigned to them below:</p>
<p>(a) Terms bearing meaning assigned in terms of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005:</p>
<span style="color: brown">
<p>i. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F2" class="link1">2</a></sup>“Aadhaar number” shall have the meaning assigned to it in clause
(a) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016);</p>
</span>
<p>ii. “Act” and “Rules” means the Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, respectively and amendments thereto.
</p>
<p>iii. <sup data-toggle="tooltip" title="Amended vide amendment dated May 29, 2019."><a href="#F3" class="link1">3</a></sup>“Authentication”, in the context of Aadhaar authentication, means
the process as defined under sub-section (c) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.</p>
<p>iv. Beneficial Owner (BO)</p>
<p>a. Where the <span class="head">customer is a company</span>, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical persons,
has/have a controlling ownership interest or who exercise control through other means.</p>
<p>Explanation- For the purpose of this sub-clause-</p>
<ol type="1">
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F4" class="link1">4</a></sup>“Controlling ownership interest” means ownership of/entitlement to
more than <span style="color: DarkOrange">10 percent</span> of the shares or capital or profits of the company.</p>
</li>
<li>
<p>“Control” shall include the right to appoint majority of the directors or to control the management or policy decisions including by virtue of their shareholding or management rights or
shareholders agreements or voting agreements.</p>
</li>
</ol>
<p>b. Where the <span class="head">customer is a partnership firm</span>, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical
person, has/have ownership of/entitlement to more than 15 percent of capital or profits of the partnership.</p>
<p>c. Where the <span class="head">customer is an unincorporated association or body of individuals</span>, the beneficial owner is the natural person(s), who, whether acting alone or
together, or through one or more juridical person, has/have ownership of/entitlement to more than 15 percent of the property or capital or profits of the unincorporated association or body
of individuals.</p>
<p>Explanation: Term ‘body of individuals’ includes societies. Where no natural person is identified under (a), (b) or (c) above, the beneficial owner is the relevant natural person who holds
the position of senior managing official.</p>
<p>d. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F5" class="link1">5</a></sup>Where the customer is a <span class="head">trust</span>, the
identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with <span style="color: DarkOrange">10 percent</span> or more
interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership.</p>
<span style="color: brown">
<p>v. <sup data-toggle="tooltip" title=" Amended vide amendment dated January 9, 2020."><a href="#F6" class="link1">6</a></sup>“Certified Copy” - Obtaining a certified copy by the RE shall
mean comparing the copy of the proof of possession of Aadhaar number where offline verification cannot be carried out or officially valid document so produced by the customer with the
original and recording the same on the copy by the authorised officer of the RE as per the provisions contained in the Act.</p>
</span>
<p>Provided that in case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), as defined in Foreign Exchange Management (Deposit) Regulations, 2016 {FEMA 5(R)}, alternatively,
<span style="color: brown">the original certified copy</span>, certified by any one of the following, may be obtained:</p>
<ul>
<li>
<p>authorised officials of overseas branches of Scheduled Commercial Banks registered in India,</p>
</li>
<li>
<p>branches of overseas banks with whom Indian banks have relationships,</p>
</li>
<li>
<p>Notary Public abroad,</p>
</li>
<li>
<p>Court Magistrate,</p>
</li>
<li>
<p>Judge,</p>
</li>
<li>
<p>Indian Embassy/Consulate General in the country where the non-resident customer resides.</p>
</li>
</ul>
<p>vi. “Central KYC Records Registry” (CKYCR) means an entity defined under <span style="color: brown">Rule 2(1)</span> of the Rules, to receive, store, safeguard and retrieve the KYC records
in digital form of a customer.</p>
<p>vii. “Designated Director" means a person designated by the RE to ensure overall compliance with the obligations imposed under chapter IV of the PML Act and the Rules and shall include:</p>
<ol type="a">
<li>
<p>the Managing Director or a whole-time Director, duly authorized by the Board of Directors, if the RE is a company,</p>
</li>
<li>
<p>the Managing Partner, if the RE is a partnership firm,</p>
</li>
<li>
<p>the Proprietor, if the RE is a proprietorship concern,</p>
</li>
<li>
<p>the Managing Trustee, if the RE is a trust,</p>
</li>
<li>
<p>a person or individual, as the case may be, who controls and manages the affairs of the RE, if the RE is an unincorporated association or a body of individuals, and</p>
</li>
<li>
<p>a person who holds the position of senior management or equivalent designated as a 'Designated Director’ in respect of Cooperative Banks and Regional Rural Banks.</p>
</li>
</ol>
<p>Explanation - For the purpose of this clause, the terms "Managing Director" and "Whole-time Director" shall have the meaning assigned to them in the Companies Act, 2013.</p>
<span style="color: brown">
<p>viii. <sup data-toggle="tooltip" title="Inserted vide amendment dated January 9, 2020."><a href="#F7" class="link1">7</a></sup>“Digital KYC” means the capturing live photo of the customer
and officially valid document or the proof of possession of Aadhaar, where offline verification cannot be carried out, along with the latitude and longitude of the location where such live
photo is being taken by an authorised officer of the RE as per the provisions contained in the Act.</p>
</span>
<span style="color: brown">
<p>ix. <sup data-toggle="tooltip" title="Inserted vide amendment dated January 9, 2020."><a href="#F8" class="link1">8</a></sup>“Digital Signature” shall have the same meaning as assigned to
it in clause (p) of subsection (1) of section (2) of the Information Technology Act, 2000 (21 of 2000).</p>
</span>
<span style="color: brown">
<p>x. <sup data-toggle="tooltip" title="Inserted vide amendment dated January 9, 2020."><a href="#F9" class="link1">9</a></sup>“Equivalent e-document” means an electronic equivalent of a
document, issued by the issuing authority of such document with its valid digital signature including documents issued to the digital locker account of the customer as per rule 9 of the
Information Technology (Preservation and Retention of Information by Intermediaries Providing Digital Locker Facilities) Rules, 2016.</p>
</span>
<p><span style="color: DarkOrange">xi <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F10" class="link1">10</a></sup>“Group” – The term “group" shall
have the same meaning assigned to it in clause (e) of sub-section (9) of section 286 of the Income-tax Act,1961 (43 of 1961).</span></p>
<p><span style="color: brown">xii. <sup data-toggle="tooltip" title="Inserted vide amendment dated January 9, 2020."><a href="#F11" class="link1">11</a></sup>“Know Your Client (KYC)
Identifier” means the unique number or code assigned to a customer by the Central KYC Records Registry.</span></p>
<p>xiii. <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F12" class="link1">12</a></sup>“Non-profit organisations” (NPO) means any entity or
organisation<span style="color: DarkOrange">, constituted for religious or charitable purposes referred to in clause (15) of section 2 of the Income-tax Act, 1961 (43 of 1961),</span> that
is registered as a trust or a society under the Societies Registration Act, 1860 or any similar State legislation or a company registered under Section 8 of the Companies Act, 2013 <span
style="color: DarkOrange">(18 of 2013)</span>.</p>
<p>xiv. “Officially Valid Document” (OVD) means the passport, the driving licence,
<sup data-toggle="tooltip" title="Inserted vide amendment dated May 29, 2019."><a href="#F13" class="link1">13</a></sup>proof of possession of Aadhaar number, the Voter's Identity Card
issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government and letter issued by the National Population Register containing
details of name and address.</p>
<p>Provided that,</p>
<p>a. where the customer submits his proof of possession of Aadhaar number as an OVD, he may submit it in such form as are issued by the Unique Identification Authority of India.</p>
<p>b. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F14" class="link1">14</a></sup>where the OVD furnished by the customer does not have updated
address, the following documents <span style="color: brown">or the equivalent e-documents thereof</span> shall be deemed to be OVDs for the limited purpose of proof of address:-</p>
<ol type="i">
<li>
<p>utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);</p>
</li>
<li>
<p>property or Municipal tax receipt;</p>
</li>
<li>
<p>pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings, if they contain the address;</p>
</li>
<li>
<p>letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled
commercial banks, financial institutions and listed companies and leave and licence agreements with such employers allotting official accommodation;</p>
</li>
</ol>
<p>c. the customer shall submit OVD with current address within a period of three months of submitting the documents specified at ‘b’ above</p>
<p>d. where the OVD presented by a foreign national does not contain the details of address, in such case the documents issued by the Government departments of foreign jurisdictions and letter
issued by the Foreign Embassy or Mission in India shall be accepted as proof of address.</p>
<p>Explanation: For the purpose of this clause, a document shall be deemed to be an OVD even if there is a change in the name subsequent to its issuance provided it is supported by a marriage
certificate issued by the State Government or Gazette notification, indicating such a change of name.</p>
<span style="color: brown">
<p>xv. <sup data-toggle="tooltip" title="Amended vide amendment dated May 29, 2019."><a href="#F15" class="link1">15</a></sup>“Offline verification” shall have the same meaning as assigned
to it in clause (pa) of section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016).</p>
</span>
<p>xvi. “Person” has the same meaning assigned in the Act and includes:</p>
<ol type="a">
<li>
<p>an individual,</p>
</li>
<li>
<p>a Hindu undivided family,</p>
</li>
<li>
<p>a company,</p>
</li>
<li>
<p>a firm,</p>
</li>
<li>
<p>an association of persons or a body of individuals, whether incorporated or not,</p>
</li>
<li>
<p>every artificial juridical person, not falling within any one of the above persons (a to e), and</p>
</li>
<li>
<p>any agency, office or branch owned or controlled by any of the above persons (a to f).</p>
</li>
</ol>
<p><span style="color: DarkOrange">xvii. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F16" class="link1">16</a></sup>“Politically Exposed Persons”
(PEPs) are individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government
or judicial or military officers, senior executives of state-owned corporations and important political party officials.</span></p>
<p>xviii. “Principal Officer” means an officer nominated by the RE, responsible for furnishing information as per rule 8 of the Rules.</p>
<p>xix. “Suspicious transaction” means a “transaction” as defined below, including an attempted transaction, whether or not made in cash, which, to a person acting in good faith:</p>
<ol type="a">
<li>
<p>gives rise to a reasonable ground of suspicion that it may involve proceeds of an offence specified in the Schedule to the Act, regardless of the value involved; or</p>
</li>
<li>
<p>appears to be made in circumstances of unusual or unjustified complexity; or</p>
</li>
<li>
<p>appears to not have economic rationale or bona-fide purpose; or</p>
</li>
<li>
<p>gives rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism.</p>
</li>
</ol>
<p>Explanation: Transaction involving financing of the activities relating to terrorism includes transaction involving funds suspected to be linked or related to, or to be used for terrorism,
terrorist acts or by a terrorist, terrorist organization or those who finance or are attempting to finance terrorism.</p>
<p>xx. A ‘Small Account' means a savings account which is opened in terms of sub-rule (5) of the PML Rules, 2005. Details of the operation of a small account and controls to be exercised for
such account are specified in Section 23.</p>
<p>xxi. “Transaction” means a purchase, sale, loan, pledge, gift, transfer, delivery or the arrangement thereof and includes:</p>
<ol type="a">
<li>
<p>opening of an account;</p>
</li>
<li>
<p>deposit, withdrawal, exchange or transfer of funds in whatever currency, whether in cash or by cheque, payment order or other instruments or by electronic or other non-physical means;
</p>
</li>
<li>
<p>the use of a safety deposit box or any other form of safe deposit;</p>
</li>
<li>
<p>entering into any fiduciary relationship;</p>
</li>
<li>
<p>any payment made or received, in whole or in part, for any contractual or other legal obligation; or</p>
</li>
<li>
<p>establishing or creating a legal person or legal arrangement.</p>
</li>
</ol>
<span style="color: DeepPink">
<p>(b) Terms bearing meaning assigned in this Directions, unless the context otherwise requires, shall bear the meanings assigned to them below:</p>
</span>
<p>i. “Common Reporting Standards” (CRS) means reporting standards set for implementation of multilateral agreement signed to automatically exchange information based on Article 6 of the
Convention on Mutual Administrative Assistance in Tax Matters.</p>
<p><span style="color: DarkOrange">ii. <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F17" class="link1">17</a></sup>Correspondent Banking:
Correspondent banking is the provision of banking services by one bank (the “correspondent bank”) to another bank (the “respondent bank”). Respondent banks may be provided with a wide
range of services, including cash management (e.g., interest-bearing accounts in a variety of currencies), international wire transfers, cheque clearing, payable-through accounts and
foreign exchange services.</span></p>
<p>iii. “Customer” means a person who is engaged in a financial transaction or activity with a Regulated Entity (RE) and includes a person on whose behalf the person who is engaged in the
transaction or activity, is acting.</p>
<p>iv. “Walk-in Customer” means a person who does not have an account-based relationship with the RE, but undertakes transactions with the RE.</p>
<p>v.
<sup data-toggle="tooltip" title="Amended vide Gazette Notification G.S.R. 538(E) regarding PML Second amendment Rules dated June 1, 2017. Before amendment, it read as: “Customer Due Diligence (CDD)” means identifying and verifying the customer and the beneficial owner using ‘Officially Valid Documents’ as a ‘proof of identity’ and a ‘proof of address”."><a href="#F18" class="link1">18</a></sup>“Customer
Due Diligence (CDD)” means identifying and verifying the customer and the beneficial owner.</p>
<p>vi. “Customer identification” means undertaking the process of CDD.</p>
<p>vii. “FATCA” means Foreign Account Tax Compliance Act of the United States of America (USA) which, inter alia, requires foreign financial institutions to report about financial accounts
held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest.</p>
<p>viii. “IGA” means Inter Governmental Agreement between the Governments of India and the USA to improve international tax compliance and to implement FATCA of the USA.</p>
<p>ix. “KYC Templates” means templates prepared to facilitate collating and reporting the KYC data to the CKYCR, for individuals and legal entities.</p>
<p>x. “Non-face-to-face customers” means customers who open accounts without visiting the branch/offices of the REs or meeting the officials of REs.</p>
<p>xi. “On-going Due Diligence” means regular monitoring of transactions in accounts to ensure that they are consistent with the customers’ profile and source of funds.</p>
<p><span style="color: DarkOrange">xii. <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F19" class="link1">19</a></sup>Payable-through accounts: The
term payable-through accounts refers to correspondent accounts that are used directly by third parties to transact business on their own behalf.</span></p>
<p>xiii. “Periodic Updation” means steps taken to ensure that documents, data or information collected under the CDD process is kept up-to-date and relevant by undertaking reviews of existing
records at periodicity prescribed by the Reserve Bank.</p>
<p>xiv. “Regulated Entities” (REs) means</p>
<ol type="a">
<li>
<p>all Scheduled Commercial Banks (SCBs)/ Regional Rural Banks (RRBs)/ Local Area Banks (LABs)/ All Primary (Urban) Co-operative Banks (UCBs) /State and Central Co-operative Banks (StCBs /
CCBs) and any other entity which has been licenced under Section 22 of Banking Regulation Act, 1949, which as a group shall be referred as ‘banks’</p>
</li>
<li>
<p>All India Financial Institutions (AIFIs)</p>
</li>
<li>
<p>All Non-Banking Finance Companies (NBFCs), Miscellaneous Non-Banking Companies (MNBCs) and Residuary Non-Banking Companies (RNBCs).</p>
</li>
<li>
<p>All Payment System Providers (PSPs)/ System Participants (SPs) and Prepaid Payment Instrument Issuers (PPI Issuers)</p>
</li>
<li>
<p>All authorised persons (APs) including those who are agents of Money Transfer Service Scheme (MTSS), regulated by the Regulator.</p>
</li>
</ol>
<p><span style="color: DarkOrange">xv. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F20" class="link1">20</a></sup>Shell Bank” means a bank that
has no physical presence in the country in which it is incorporated and licensed, and which is unaffiliated with a regulated financial group that is subject to effective consolidated
supervision. Physical presence means meaningful mind and management located within a country. The existence simply of a local agent or low-level staff does not constitute physical
presence.</span></p>
<p><span style="color: DarkOrange">xvi. <sup data-toggle="tooltip" title="Amended vide amendment dated May 10, 2021"><a href="#F21" class="link1">21</a></sup>“Video based Customer
Identification Process (V-CIP)”: an alternate method of customer identification with facial recognition and customer due diligence by an authorised official of the RE by undertaking
seamless, secure, live, informed-consent based audio-visual interaction with the customer to obtain identification information required for CDD purpose, and to ascertain the veracity of
the information furnished by the customer through independent verification and maintaining audit trail of the process. Such processes complying with prescribed standards and procedures
shall be treated on par with face-to-face CIP for the purpose of this Master Direction.</span></p>
<span style="color: DeepSkyBlue">
<p>xvii. <sup data-toggle="tooltip" title="Amended vide amendment dated May 4, 2023"><a href="#F161" class="link1">22</a></sup>“Wire transfer” related definitions:</p>
<ol type="a">
<li>
<p>Batch transfer: Batch transfer is a transfer comprised of a number of individual wire transfers that are being sent to the same financial institutions but may/may not be ultimately
intended for different persons.</p>
</li>
<li>
<p>Beneficiary: Beneficiary refers to a natural or legal person or legal arrangement who / which is identified by the originator as the receiver of the requested wire transfer.</p>
</li>
<li>
<p>Beneficiary RE: It refers to a financial institution, regulated by the RBI, which receives the wire transfer from the ordering financial institution directly or through an
intermediary RE and makes the funds available to the beneficiary.</p>
</li>
<li>
<p>Cover Payment: Cover Payment refers to a wire transfer that combines a payment message sent directly by the ordering financial institution to the beneficiary financial institution
with the routing of the funding instruction (the cover) from the ordering financial institution to the beneficiary financial institution through one or more intermediary financial
institutions.</p>
</li>
<li>
<p>Cross-border wire transfer: Cross-border wire transfer refers to any wire transfer where the ordering financial institution and beneficiary financial institution are located in
different countries. This term also refers to any chain of wire transfer in which at least one of the financial institutions involved is located in a different country.</p>
</li>
<li>
<p>Domestic wire transfer: Domestic wire transfer refers to any wire transfer where the ordering financial institution and beneficiary financial institution are located in India. This
term, therefore, refers to any chain of wire transfer that takes place entirely within the borders of India, even though the system used to transfer the payment message may be located
in another country.</p>
</li>
<li>
<p>Financial Institution: In the context of wire-transfer instructions, the term ‘Financial Institution’ shall have the same meaning as has been ascribed to it in the FATF
Recommendations, as revised from time to time.</p>
</li>
<li>
<p>Intermediary RE: Intermediary RE refers to a financial institution or any other entity, regulated by the RBI which handles an intermediary element of the wire transfer, in a serial or
cover payment chain and that receives and transmits a wire transfer on behalf of the ordering financial institution and the beneficiary financial institution, or another intermediary
financial institution.</p>
</li>
<li>
<p>Ordering RE: Ordering RE refers to the financial institution, regulated by the RBI, which initiates the wire transfer and transfers the funds upon receiving the request for a wire
transfer on behalf of the originator.</p>
</li>
<li>
<p>Originator: Originator refers to the account holder who allows the wire transfer from that account, or where there is no account, the natural or legal person that places the order
with the ordering financial institution to perform the wire transfer.</p>
</li>
<li>
<p>Serial Payment: Serial Payment refers to a direct sequential chain of payment where the wire transfer and accompanying payment message travel together from the ordering financial
institution to the beneficiary financial institution directly or through one or more intermediary financial institutions (e.g., correspondent banks).</p>
</li>
<li>
<p>Straight-through Processing: Straight-through processing refers to payment transactions that are conducted electronically without the need for manual intervention.</p>
</li>
<li>
<p>Unique transaction reference number: Unique transaction reference number refers to a combination of letters, numbers or symbols, determined by the payment service provider, in
accordance with the protocols of the payment and settlement system or messaging system used for the wire transfer.</p>
</li>
<li>
<p>Wire transfer: Wire transfer refers to any transaction carried out on behalf of an originator through a financial institution by electronic means with a view to making an amount of
funds available to a beneficiary at a beneficiary financial institution, irrespective of whether the originator and the beneficiary are the same person.</p>
</li>
</ol>
</span>
<p>(c) All other expressions unless defined herein shall have the same meaning as have been assigned to them under the Banking Regulation Act, 1949, the Reserve Bank of India Act, 1935, the
Prevention of Money Laundering Act, 2002, the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, the
<sup data-toggle="tooltip" title="Inserted vide amendment dated May 29, 2019"><a href="#F22" class="link1">23</a></sup>Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits
and Services) Act, 2016 and <span style="color: brown">regulations made thereunder,</span> any statutory modification or re-enactment thereto or as used in commercial parlance, as the case
may be.</p>
<p align="center" class="head"><a id="4"></a>CHAPTER – II<br>
<a id="5"></a>General
</p>
<p>4. <span style="color: DarkOrange">(a)</span> There shall be a Know Your Customer (KYC) policy duly approved by the Board of Directors of REs or any committee of the Board to which power
has been delegated.</p>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F23" class="link1">24</a></sup>(b) REs shall ensure that a
group-wide policy is implemented for the purpose of discharging obligations under the provisions of Chapter IV of the Prevention of Money-laundering Act, 2002 (15 of 2003).</span></p>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F24" class="link1">25</a></sup>(c) REs' policy framework should
seek to ensure compliance with PML Act/Rules, including regulatory instructions in this regard and should provide a bulwark against threats arising from money laundering, terrorist
financing, proliferation financing and other related risks. While ensuring compliance of the legal/regulatory requirements as above, REs may also consider adoption of best international
practices taking into account the FATF standards and FATF guidance notes, for managing risks better.</span></p>
<p>5. The KYC policy shall include following four key elements:</p>
<ol type="a">
<li>
<p>Customer Acceptance Policy;</p>
</li>
<li>
<p>Risk Management;</p>
</li>
<li>
<p>Customer Identification Procedures (CIP); and</p>
</li>
<li>
<p>Monitoring of Transactions</p>
</li>
</ol>
<span style="color: BlueViolet">
<p class="head"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 20, 2020"><a href="#F25" class="link1">26</a></sup>5A. Money Laundering and Terrorist Financing Risk
Assessment by REs:</p>
<p>(a) REs shall carry out ‘Money Laundering (ML) and Terrorist Financing (TF) Risk Assessment’ exercise periodically to identify, assess and take effective measures to mitigate its money
laundering and terrorist financing risk for clients, countries or geographic areas, products, services, transactions or delivery channels, etc.</p>
<p>The assessment process should consider all the relevant risk factors before determining the level of overall risk and the appropriate level and type of mitigation to be applied. While
preparing the internal risk assessment, REs shall take cognizance of the overall sector-specific vulnerabilities, if any, that the regulator/supervisor may share with REs from time to
time.</p>
<p>(b) The risk assessment by the RE shall be properly documented and be proportionate to the nature, size, geographical presence, complexity of activities/structure, etc. of the RE.
Further, the periodicity of risk assessment exercise shall be determined by the Board of the RE, in alignment with the outcome of the risk assessment exercise. However, it should be
reviewed at least annually.</p>
<p>(c) The outcome of the exercise shall be put up to the Board or any committee of the Board to which power in this regard has been delegated, and should be available to competent
authorities and self-regulating bodies.</p>
<p>(d) REs shall apply a Risk Based Approach (RBA) for mitigation and management of the identified risk and should have Board approved policies, controls and procedures in this regard.
Further, REs shall monitor the implementation of the controls and enhance them if necessary.</p>
</span>
<p class="head">6. Designated Director:</p>
<p>(a) A “Designated Director” means a person designated by the RE to ensure overall compliance with the obligations imposed under Chapter IV of the PML Act and the Rules and shall be
nominated by the Board.</p>
<p>(b) The name, designation and address of the Designated Director shall be communicated to the FIU-IND.</p>
<p><span style="color: DarkOrange">(c) <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F26" class="link1">27</a></sup>Further, the name, designation,
address and contact details of the Designated Director shall also be communicated to the RBI.</span></p>
<p>(d) In no case, the Principal Officer shall be nominated as the 'Designated Director'.</p>
<p class="head">7. Principal Officer:</p>
<p>(a) The Principal Officer shall be responsible for ensuring compliance, monitoring transactions, and sharing and reporting information as required under the law/regulations.</p>
<p>(b) The name, designation and address of the Principal Officer shall be communicated to the FIU-IND.</p>
<p><span style="color: DarkOrange">(c) <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F27" class="link1">28</a></sup>Further, the name, designation,
address and contact details of the Principal Officer shall also be communicated to the RBI.</span></p>
<p class="head">8. Compliance of KYC policy</p>
<p>(a) REs shall ensure compliance with KYC Policy through:</p>
<ol type="i">
<li>
<p>Specifying as to who constitute ‘Senior Management’ for the purpose of KYC compliance.</p>
</li>
<li>
<p>Allocation of responsibility for effective implementation of policies and procedures.</p>
</li>
<li>
<p>Independent evaluation of the compliance functions of REs’ policies and procedures, including legal and regulatory requirements.</p>
</li>
<li>
<p>Concurrent/internal audit system to verify the compliance with KYC/AML policies and procedures.</p>
</li>
<li>
<p>Submission of quarterly audit notes and compliance to the Audit Committee.</p>
</li>
</ol>
<p>(b) REs shall ensure that decision-making functions of determining compliance with KYC norms are not outsourced.</p>
<p align="center" class="head"><a id="6"></a>CHAPTER – III<br>
<a id="7"></a>Customer Acceptance Policy
</p>
<p>9. REs shall frame a Customer Acceptance Policy.</p>
<p>10. Without prejudice to the generality of the aspect that Customer Acceptance Policy may contain, REs shall ensure that:</p>
<ol type="a">
<li>
<p>No account is opened in anonymous or fictitious/benami name.</p>
</li>
<li>
<p>No account is opened where the RE is unable to apply appropriate CDD measures, either due to non-cooperation of the customer or non-reliability of the documents/information furnished by
the customer.</p>
</li>
<li>
<p>No transaction or account-based relationship is undertaken without following the CDD procedure.</p>
</li>
<li>
<p>The mandatory information to be sought for KYC purpose while opening an account and during the periodic updation, is specified.</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F28" class="link1">29</a></sup>Additional information, <span style="color: DarkOrange">where
such information requirement has not been specified in the internal KYC Policy of the RE,</span> is obtained with the explicit consent of the customer.</p>
</li>
<li>
<p>REs shall apply the CDD procedure at the UCIC level. Thus, if an existing KYC compliant customer of a RE desires to open another account with the same RE, there shall be no need for a
fresh CDD exercise.</p>
</li>
<li>
<p>CDD Procedure is followed for all the joint account holders, while opening a joint account.</p>
</li>
<li>
<p>Circumstances in which, a customer is permitted to act on behalf of another person/entity, is clearly spelt out.</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F29" class="link1">30</a></sup>Suitable system is put in place to ensure that the identity of
the customer does not match with any person or entity, whose name appears in the sanctions lists <span style="color: DarkOrange">indicated in Chapter IX of this MD</span>.</p>
</li>
<li>
<p><span style="color: brown"><sup data-toggle="tooltip" title="Inserted vide amendment dated January 9, 2020."><a href="#F30" class="link1">31</a></sup>Where Permanent Account Number
(PAN) is obtained, the same shall be verified from the verification facility of the issuing authority.</span></p>
</li>
<li>
<p><span style="color: brown"><sup data-toggle="tooltip" title="Inserted vide amendment dated January 9, 2020."><a href="#F31" class="link1">32</a></sup>Where an equivalent e-document is
obtained from the customer, RE shall verify the digital signature as per the provisions of the Information Technology Act, 2000 (21 of 2000).</span></p>
</li>
<li><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F32" class="link1">33</a></sup>Where Goods and Services Tax
(GST) details are available, the GST number shall be verified from the search/verification facility of the issuing authority.</span></li>
</ol>
<p>11. Customer Acceptance Policy shall not result in denial of banking/financial facility to members of the general public, especially those, who are financially or socially disadvantaged.
</p>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F33" class="link1">34</a></sup>11A. Where RE forms a suspicion of
money laundering or terrorist financing, and it reasonably believes that performing the CDD process will tip-off the customer, it shall not pursue the CDD process, and instead file an STR
with FIU-IND.</span></p>
<p align="center" class="head"><a id="8"></a>CHAPTER – IV<br>
<a id="9"></a>Risk Management
</p>
<p>12. For Risk Management, REs shall have a risk-based approach which includes the following.</p>
<ol type="a">
<li>
<p>Customers shall be categorised as low, medium and high-risk category, based on the assessment and risk perception of the RE.</p>
</li>
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F34" class="link1">35</a></sup>Broad principles may be laid
down by the REs for risk-categorisation of customers.</span></p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F35" class="link1">36</a></sup>Risk categorisation shall be undertaken based on parameters such
as customer’s identity, social/financial status, nature of business activity, and information about the customer’s business and their location<span style="color: DarkOrange">,
geographical risk covering customers as well as transactions, type of products/services offered, delivery channel used for delivery of products/services, types of transaction
undertaken – cash, cheque/monetary instruments, wire transfers, forex transactions,</span> etc. While considering customer’s identity, the ability to confirm identity documents
through online or other services offered by issuing authorities may also be factored in.</p>
</li>
<li><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F36" class="link1">37</a></sup>The risk categorisation of a
customer and the specific reasons for such categorisation shall be kept confidential and shall not be revealed to the customer to avoid tipping off the customer.</span></li>
</ol>
<p>Provided that various other information collected from different categories of customers relating to the perceived risk, is non-intrusive and the same is specified in the KYC policy.</p>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F37" class="link1">38</a></sup>Explanation: FATF Public Statement, the reports and guidance notes
on KYC/AML issued by the Indian Banks Association (IBA), <span style="color: DarkOrange">and other agencies,</span> etc., may also be used in risk assessment.</p>
<p align="center" class="head"><a id="10"></a>Chapter V<br>
<a id="11"></a>Customer Identification Procedure (CIP)
</p>
<p>13. REs shall undertake identification of customers in the following cases:</p>
<ol type="a">
<li>
<p>Commencement of an account-based relationship with the customer.</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F38" class="link1">39</a></sup>Carrying out any international money transfer operations for a
person who is not an account holder of the <span style="color: DarkOrange">RE</span>.</p>
</li>
<li>
<p>When there is a doubt about the authenticity or adequacy of the customer identification data it has obtained.</p>
</li>
<li>
<p>Selling third party products as agents, selling their own products, payment of dues of credit cards/sale and reloading of prepaid/travel cards and any other product for more than rupees
fifty thousand.</p>
</li>
<li>
<p>Carrying out transactions for a non-account-based customer, that is a walk-in customer, where the amount involved is equal to or exceeds rupees fifty thousand, whether conducted as a
single transaction or several transactions that appear to be connected.</p>
</li>
<li>
<p>When a RE has reason to believe that a customer (account- based or walk-in) is intentionally structuring a transaction into a series of transactions below the threshold of rupees fifty
thousand.</p>
</li>
<li>
<p>REs shall ensure that introduction is not to be sought while opening accounts.</p>
</li>
</ol>
<p>14. For the purpose of verifying the identity of customers at the time of commencement of an account-based relationship, REs, may rely on customer due diligence done by a third party,
subject to the following conditions:</p>
<ol type="a">
<li>
<p>
<sup data-toggle="tooltip" title="Amended vide Gazette Notification G.S.R. 544(E) regarding PML Second amendment Rules 2015 dated July 7, 2015. Before amendment, it read as: “Necessary information of such customers’ due diligence carried out by the third party is immediately obtained by REs”."><a href="#F39" class="link1">40</a></sup>Records
or the information of the customer due diligence carried out by the third party is obtained within two days from the third party or from the Central KYC Records Registry.</p>
</li>
<li>
<p> Adequate steps are taken by REs to satisfy themselves that copies of identification data and other relevant documentation relating to the customer due diligence requirements shall be
made available from the third party upon request without delay.</p>
</li>
<li>
<p>The third party is regulated, supervised or monitored for, and has measures in place for, compliance with customer due diligence and record-keeping requirements in line with the
requirements and obligations under the PML Act.</p>
</li>
<li>
<p>The third party shall not be based in a country or jurisdiction assessed as high risk.</p>
</li>
<li>
<p>The ultimate responsibility for customer due diligence and undertaking enhanced due diligence measures, as applicable, will be with the RE.</p>
</li>
</ol>
<p align="center" class="head"><a id="12"></a>Chapter VI<br>
<a id="13"></a>Customer Due Diligence (CDD) Procedure
</p>
<p align="center" class="head"><a id="14"></a>Part I - Customer Due Diligence (CDD) Procedure in case of Individuals</p>
<p>15. <sup data-toggle="tooltip" title="Deleted vide amendment dated May 29, 2019."><a href="#F40" class="link1">41</a></sup>Deleted</p>
<p>16. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020"><a href="#F41" class="link1">42</a></sup>For undertaking CDD, REs shall obtain the following from an
individual while establishing an account-based relationship or while dealing with the individual who is a beneficial owner, authorised signatory or the power of attorney holder related to
any legal entity:</p>
<span style="color: brown">
<p>(a) the Aadhaar number where,</p>
<ol type="i">
<li>
<p> he is desirous of receiving any benefit or subsidy under any scheme notified under section 7 of the Aadhaar (Targeted Delivery of Financial and Other subsidies, Benefits and
Services) Act, 2016 (18 of 2016); or</p>
</li>
<li>
<p> he decides to submit his Aadhaar number voluntarily to a bank or any RE notified under first proviso to sub-section (1) of section 11A of the PML Act; or</p>
</li>
</ol>
<p> (aa) the proof of possession of Aadhaar number where offline verification can be carried out; or</p>
<p> (ab) the proof of possession of Aadhaar number where offline verification cannot be carried out or any OVD or the equivalent e-document thereof containing the details of his identity and
address; or</p>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F42" class="link1">43</a></sup>(ac) the KYC Identifier with an
explicit consent to download records from CKYCR; and</span></p>
</span><span style="color: brown">
<p> (b) the Permanent Account Number or the equivalent e-document thereof or Form No. 60 as defined in Income-tax Rules, 1962; and</p>
<p>(c) such other documents including in respect of the nature of business and financial status of the customer, or the equivalent e-documents thereof as may be required by the RE:</p>
</span>
<p>Provided that <span style="color: brown">where the customer has submitted, </span></p>
<span style="color: brown">
<p>i) Aadhaar number under clause (a) above to a bank or to a RE notified under first proviso to sub-section (1) of section 11A of the PML Act, such bank or RE shall carry out authentication
of the customer’s Aadhaar number using e-KYC authentication facility provided by the Unique Identification Authority of India. Further, in such a case, if customer wants to provide a
current address, different from the address as per the identity information available in the Central Identities Data Repository, he may give a self-declaration to that effect to the RE.
</p>
<p>ii) proof of possession of Aadhaar under clause (aa) above where offline verification can be carried out, the RE shall carry out offline verification.</p>
<p>iii) an equivalent e-document of any OVD, the RE shall verify the digital signature as per the provisions of the Information Technology Act, 2000 (21 of 2000) and any rules issues
thereunder and take a live photo as specified under <a href="#AN1" class="link1">Annex I</a>.</p>
<p>iv) any OVD or proof of possession of Aadhaar number under clause (ab) above where offline verification cannot be carried out, the RE shall carry out verification through digital KYC as
specified under <a href="#AN1" class="link1">Annex I</a>.</p>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F43" class="link1">44</a></sup>v) KYC Identifier under clause
(ac) above, the RE shall retrieve the KYC records online from the CKYCR in accordance with Section 56.</span></p>
</span>
<span style="color: brown">
<p>Provided that for a period not beyond such date as may be notified by the Government for a class of REs, instead of carrying out digital KYC, the RE pertaining to such class may obtain a
certified copy of the proof of possession of Aadhaar number or the OVD and a recent photograph where an equivalent e-document is not submitted.</p>
</span>
<p><span style="color: brown">Provided further that in case e-KYC authentication</span> cannot be performed for an individual desirous of receiving any benefit or subsidy under any scheme
notified under section 7 of the Aadhaar (Targeted Delivery of Financial and Other subsidies, Benefits and Services) Act, 2016 owing to injury, illness or infirmity on account of old age or
otherwise, and similar causes, REs shall, apart from obtaining the Aadhaar number, perform identification preferably by carrying out offline verification or alternatively by obtaining the
certified copy of any other OVD <span style="color: brown">or the equivalent e-document thereof</span> from the customer. CDD done in this manner shall invariably be carried out by an
official of the RE and such exception handling shall also be a part of the concurrent audit as mandated in Section 8. REs shall ensure to duly record the cases of exception handling in a
centralised exception database. The database shall contain the details of grounds of granting exception, customer details, name of the designated official authorising the exception and
additional details, if any. The database shall be subjected to periodic internal audit/inspection by the RE and shall be available for supervisory review.</p>
<p>Explanation 1: RE shall, where its customer <span style="color: brown">submits a proof of possession of Aadhaar Number containing Aadhaar Number, ensure that such customer redacts or blacks
out </span> his Aadhaar number through appropriate means where the authentication of Aadhaar number is not required <span style="color: brown">as per proviso (i) above</span>.</p>
<p>Explanation 2: Biometric based e-KYC authentication can be done by bank official/business correspondents/business facilitators.</p>
<p>Explanation 3: The use of Aadhaar, proof of possession of Aadhaar etc., shall be in accordance with the Aadhaar (Targeted Delivery of Financial and Other Subsidies Benefits and Services)
Act, <span style="color: brown">2016 </span> and the regulations made thereunder.</p>
<p>17. Accounts opened using <span style="color: DarkOrange">Aadhaar</span> OTP based e-KYC, in non-face-to-face mode, are subject to the following conditions:</p>
<ol type="i">
<li>
<p>There must be a specific consent from the customer for authentication through OTP.</p>
</li>
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F44" class="link1">45</a></sup>As a risk-mitigating measure
for such accounts, REs shall ensure that transaction alerts, OTP, etc., are sent only to the mobile number of the customer registered with Aadhaar. REs shall have a board approved
policy delineating a robust process of due diligence for dealing with requests for change of mobile number in such accounts.</span></p>
</li>
<li>
<p>The aggregate balance of all the deposit accounts of the customer shall not exceed rupees one lakh. In case, the balance exceeds the threshold, the account shall cease to be
operational, till CDD as mentioned at (v) below is complete.</p>
</li>
<li>
<p>The aggregate of all credits in a financial year, in all the deposit accounts taken together, shall not exceed rupees two lakh.</p>
</li>
<li>
<p>As regards borrowal accounts, only term loans shall be sanctioned. The aggregate amount of term loans sanctioned shall not exceed rupees sixty thousand in a year.</p>
</li>
<li>
<p style="color: DeepPink"><sup data-toggle="tooltip" title="Amended vide amendment dated May 10, 2021"><a href="#F45" class="link1">46</a></sup>Accounts, both deposit and borrowal, opened
using OTP based e-KYC shall not be allowed for more than one year unless identification as per Section 16 or as per Section 18 (V-CIP) is carried out. If Aadhaar details are used under
Section 18, the process shall be followed in its entirety including fresh Aadhaar OTP authentication.</p>
</li>
<li>
<p>If the CDD procedure as mentioned above is not completed within a year, in respect of deposit accounts, the same shall be closed immediately. In respect of borrowal accounts no further
debits shall be allowed.</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated May 29, 2019."><a href="#F46" class="link1">47</a></sup>A declaration shall be obtained from the customer to the effect
that no other account has been opened nor will be opened using OTP based KYC in non-face-to-face mode with any other RE. Further, while uploading KYC information to CKYCR, REs shall
clearly indicate that such accounts are opened using OTP based e-KYC and other REs shall not open accounts based on the KYC information of accounts opened with OTP based e-KYC procedure
in non-face-to-face mode.</p>
</li>
<li>
<p>REs shall have strict monitoring procedures including systems to generate alerts in case of any non-compliance/violation, to ensure compliance with the above mentioned conditions.</p>
</li>
</ol>
<p><span style="color: DeepPink"><a id="S18"></a>18. <sup data-toggle="tooltip" title="Amended vide amendment dated May 10, 2021"><a href="#F47" class="link1">48</a></sup>REs may undertake
V-CIP to carry out:</span></p>
<p><span style="color: DeepPink">i) CDD in case of new customer on-boarding for individual customers, proprietor in case of proprietorship firm, authorised signatories and Beneficial Owners
(BOs) in case of Legal Entity (LE) customers.</span></p>
<p><span style="color: DeepPink"><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F48" class="link1">49</a></sup>Provided that in case of CDD of a
proprietorship firm, REs shall also obtain the equivalent e-document of the activity proofs with respect to the proprietorship firm, as mentioned in Section 28</span> <span
style="color: DarkOrange">and Section 29</span><span style="color: DeepPink">, apart from undertaking CDD of the proprietor.</span></p>
<p><span style="color: DeepPink">ii) Conversion of existing accounts opened in non-face to face mode using Aadhaar OTP based e-KYC authentication as per Section 17.</span></p>
<p><span style="color: DeepPink">iii) Updation/Periodic updation of KYC for eligible customers.</span></p>
<p><span style="color: DeepPink">REs opting to undertake V-CIP, shall adhere to the following minimum standards:</span></p>
<p class="head"><span style="color: DeepPink">(a) V-CIP Infrastructure</span></p>
<p><span style="color: DeepPink">i) The RE should have complied with the RBI guidelines on minimum baseline cyber security and resilience framework for banks, as updated from time to time as
well as other general guidelines on IT risks. The technology infrastructure should be housed in own premises of the RE and the V-CIP connection and interaction shall necessarily originate
from its own secured network domain. Any technology related outsourcing for the process should be compliant with relevant RBI guidelines.</span> <span
style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F49" class="link1">50</a></sup>Where cloud deployment model is used, it
shall be ensured that the ownership of data in such model rests with the RE only and all the data including video recording is transferred to the RE’s exclusively owned / leased server(s)
including cloud server, if any, immediately after the V-CIP process is completed and no data shall be retained by the cloud service provider or third-party technology provider assisting
the V-CIP of the RE.</span></p>
<p><span style="color: DeepPink">ii) The RE shall ensure end-to-end encryption of data between customer device and the hosting point of the V-CIP application, as per appropriate encryption
standards. The customer consent should be recorded in an auditable and alteration proof manner.</span></p>
<p><span style="color: DeepPink">iii) The V-CIP infrastructure / application should be capable of preventing connection from IP addresses outside India or from spoofed IP addresses.</span></p>
<p><span style="color: DeepPink">iv) The video recordings should contain the live GPS co-ordinates (geo-tagging) of the customer undertaking the V-CIP and date-time stamp. The quality of the
live video in the V-CIP shall be adequate to allow identification of the customer beyond doubt.</span></p>
<p><span style="color: DeepPink">v) The application shall have components with face liveness / spoof detection as well as face matching technology with high degree of accuracy, even though the
ultimate responsibility of any customer identification rests with the RE. Appropriate artificial intelligence (AI) technology can be used to ensure that the V-CIP is robust.</span></p>
<p><span style="color: DeepPink">vi) Based on experience of detected / attempted / ‘near-miss’ cases of forged identity, the technology infrastructure including application software as well as
work flows shall be regularly upgraded. Any detected case of forged identity through V-CIP shall be reported as a cyber event under extant regulatory guidelines.</span></p>
<p><span style="color: DeepPink">vii) <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F50" class="link1">51</a></sup>The V-CIP infrastructure shall
undergo necessary tests such as Vulnerability Assessment, Penetration testing and a Security Audit to ensure its robustness and end-to-end encryption capabilities. Any critical gap
reported under this process shall be mitigated before rolling out its implementation. Such tests should be conducted by</span> <span style="color: DarkOrange">the empanelled auditors of
Indian Computer Emergency Response Team (CERT-In).</span> <span style="color: DeepPink">Such tests should also be carried out periodically in conformance to internal / regulatory
guidelines.</span></p>
<p><span style="color: DeepPink">viii) The V-CIP application software and relevant APIs / webservices shall also undergo appropriate testing of functional, performance, maintenance strength
before being used in live environment. Only after closure of any critical gap found during such tests, the application should be rolled out. Such tests shall also be carried out
periodically in conformity with internal/ regulatory guidelines.</span></p>
<p class="head"><span style="color: DeepPink">(b) V-CIP Procedure</span></p>
<p><span style="color: DeepPink">i) Each RE shall formulate a clear work flow and standard operating procedure for V-CIP and ensure adherence to it. The V-CIP process shall be operated only by
officials of the RE specially trained for this purpose. The official should be capable to carry out liveness check and detect any other fraudulent manipulation or suspicious conduct of the
customer and act upon it.</span></p>
<p><span style="color: DarkOrange">ii) <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F51" class="link1">52</a></sup>Disruption of any sort including
pausing of video, reconnecting calls, etc., should not result in creation of multiple video files. If pause or disruption is not leading to the creation of multiple files, then there is no
need to initiate a fresh session by the RE. However, in case of call drop / disconnection, fresh session shall be initiated.</span></p>
<p><span style="color: DeepPink">iii) The sequence and/or type of questions, including those indicating the liveness of the interaction, during video interactions shall be varied in order to
establish that the interactions are real-time and not pre-recorded.</span></p>
<p><span style="color: DeepPink">iv) Any prompting observed at end of customer shall lead to rejection of the account opening process.</span></p>
<p><span style="color: DeepPink">v) The fact of the V-CIP customer being an existing or new customer, or if it relates to a case rejected earlier or if the name appearing in some negative list
should be factored in at appropriate stage of work-flow.</span></p>
<p><span style="color: DeepPink">vi) The authorised official of the RE performing the V-CIP shall record audio-video as well as capture photograph of the customer present for identification
and obtain the identification information using any one of the following:</span></p>
<ol type="a">
<li>
<p><span style="color: DeepPink"> OTP based Aadhaar e-KYC authentication</span></p>
</li>
<li>
<p><span style="color: DeepPink"> Offline Verification of Aadhaar for identification</span></p>
</li>
<li>
<p><span style="color: DeepPink"> KYC records downloaded from CKYCR, in accordance with Section 56, using the KYC identifier provided by the customer</span></p>
</li>
<li>
<p><span style="color: DeepPink"> Equivalent e-document of Officially Valid Documents (OVDs) including documents issued through DigiLocker</span></p>
</li>
</ol>
<p><span style="color: DeepPink">RE shall ensure to redact or blackout the Aadhaar number in terms of Section 16.</span></p>
<p><span style="color: DeepPink"><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F52" class="link1">53</a></sup>In case of offline verification of
Aadhaar using XML file or Aadhaar Secure QR Code, it shall be ensured that the XML file or QR code generation date is not older than</span> <span style="color: DarkOrange">three
working</span> <span style="color: DeepPink">days from the date of carrying out V-CIP.</span></p>
<p><span style="color: DeepPink"><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F53" class="link1">54</a></sup>Further, in line with the prescribed
period of three days for usage of Aadhaar XML file / Aadhaar QR code, REs shall ensure that the video process of the V-CIP is undertaken within three</span> <span
style="color: DarkOrange">working</span> <span style="color: DeepPink">days of downloading / obtaining the identification information through CKYCR / Aadhaar authentication / equivalent
e-document, if in the rare cases, the entire process cannot be completed at one go or seamlessly. However, REs shall ensure that no incremental risk is added due to this.</span></p>
<p><span style="color: DeepPink">vii) If the address of the customer is different from that indicated in the OVD, suitable records of the current address shall be captured, as per the existing
requirement. It shall be ensured that the economic and financial profile/information submitted by the customer is also confirmed from the customer undertaking the V-CIP in a suitable
manner.</span></p>
<p><span style="color: DeepPink">viii) RE shall capture a clear image of PAN card to be displayed by the customer during the process, except in cases where e-PAN is provided by the customer.
The PAN details shall be verified from the database of the issuing authority including through DigiLocker.</span></p>
<p><span style="color: DeepPink">ix) Use of printed copy of equivalent e-document including e-PAN is not valid for the V-CIP.</span></p>
<p><span style="color: DeepPink">x) The authorised official of the RE shall ensure that photograph of the customer in the Aadhaar/OVD and PAN/e-PAN matches with the customer undertaking the
V-CIP and the identification details in Aadhaar/OVD and PAN/e-PAN shall match with the details provided by the customer.</span></p>
<p><span style="color: DeepPink">xi) Assisted V-CIP shall be permissible when banks take help of Business Correspondents (BCs) facilitating the process only at the customer end. Banks shall
maintain the details of the BC assisting the customer, where services of BCs are utilized. The ultimate responsibility for customer due diligence will be with the bank.</span></p>
<p><span style="color: DeepPink">xii) All accounts opened through V-CIP shall be made operational only after being subject to concurrent audit, to ensure the integrity of process and its
acceptability of the outcome.</span></p>
<p><span style="color: DeepPink">xiii) All matters not specified under the paragraph but required under other statutes such as the Information Technology (IT) Act shall be appropriately
complied with by the RE.</span></p>
<span style="color: DeepPink">
<p class="head">(c) V-CIP Records and Data Management</p>
<p>i) The entire data and recordings of V-CIP shall be stored in a system / systems located in India. REs shall ensure that the video recording is stored in a safe and secure manner and
bears the date and time stamp that affords easy historical data search. The extant instructions on record management, as stipulated in this MD, shall also be applicable for V-CIP.</p>
<p>ii) The activity log along with the credentials of the official performing the V-CIP shall be preserved.</p>
</span>
<p>19.
<sup data-toggle="tooltip" title="Deleted vide amendment dated April 20, 2018. Deleted portion to read as: In case the person who proposes to open an account does not have an OVD as ‘proof of address’, such person shall provide OVD of the relative as provided at sub-section 77 of Section 2 of the Companies Act, 2013, read with Rule 4 of Companies (Specification of definitions details) Rules, 2014, with whom the person is staying, as the ‘proof of address’ Explanation: A declaration from the relative that the said person is a relative and is staying with him/her shall be obtained."><a href="#F54" class="link1">55</a></sup>Deleted
</p>
<p>20.
<sup data-toggle="tooltip" title="Deleted vide amendment dated April 20, 2018. Deleted portion to read as: “In cases where a customer categorised as ‘low risk’, expresses inability to complete the documentation requirements on account of any reason that the REs consider to be genuine, and where it is essential not to interrupt the normal conduct of business, REs shall, at their option, complete the verification of identity of the customer within a period of six months from the date of establishment of the relationship.”"><a href="#F55" class="link1">56</a></sup>Deleted
</p>
<p>21.
<sup data-toggle="tooltip" title="Deleted vide amendment dated April 20, 2018. Deleted portion to read as: In respect of customers who are categorised as ‘low risk’ and are not able to produce any of the OVDs mentioned at Section 3(a)(vi) of Chapter I and where ‘simplified procedure’ is applied, REs shall, accept any one document from each of the two additional sets of documents listed under the two provisos of sub-Rule 2(1)(d). Explanation: During the periodic review, if the ‘low risk’ category customer for whom simplified procedure is applied, is re-categorised as ‘moderate or ‘’high’ risk category, then REs shall obtain one of the six OVDs listed at Section 3(a)(vi) of these Directions for proof of identity and proof of address immediately. In the event such a customer fails to submit such an OVD, REs shall initiate action as envisaged in Section 39 of these Directions."><a href="#F56" class="link1">57</a></sup>Deleted
</p>
<p>22. Deleted</p>
<p>23. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F57" class="link1">58</a></sup><span style="color: brown">Notwithstanding anything contained
in Section 16 and as an alternative thereto, in case an individual who </span> desires to open a bank account, banks shall open a ‘Small Account’, which entails the following limitations:
</p>
<ol type="i">
<li>
<p>the aggregate of all credits in a financial year does not exceed rupees one lakh;</p>
</li>
<li>
<p>the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and</p>
</li>
<li>
<p>the balance at any point of time does not exceed rupees fifty thousand.</p>
</li>
</ol>
<p>
<sup data-toggle="tooltip" title="Inserted vide Gazette Notification G.S.R. 1038(E) regarding PML Third amendment Rules dated August 21, 2017."><a href="#F58" class="link1">59</a></sup>Provided,
that this limit on balance shall not be considered while making deposits through Government grants, welfare benefits and payment against procurements.</p>
<p>Further, small accounts are subject to the following conditions:</p>
<ol type="a">
<li>
<p>The bank shall obtain a self-attested photograph from the customer.</p>
</li>
<li>
<p>The designated officer of the bank certifies under his signature that the person opening the account has affixed his signature or thumb impression in his presence.<br><br>
<sup data-toggle="tooltip" title="Inserted vide Gazette Notification G.S.R. 381(E) dated May 28, 2019."><a href="#F59" class="link1">60</a></sup><span style="color: green">Provided that
where the individual is a prisoner in a jail, the signature or thumb print shall be affixed in presence of the officer in-charge of the jail and the said officer shall certify the same
under his signature and the account shall remain operational on annual submission of certificate of proof of address issued by the officer in-charge of the jail. </span>
</p>
</li>
<li>
<p>Such accounts are opened only at Core Banking Solution (CBS) linked branches or in a branch where it is possible to manually monitor and ensure that foreign remittances are not credited
to the account.</p>
</li>
<li>
<p>Banks shall ensure that the stipulated monthly and annual limits on aggregate of transactions and balance requirements in such accounts are not breached, before a transaction is allowed
to take place.</p>
</li>
<li>
<p>The account shall remain operational initially for a period of twelve months which can be extended for a further period of twelve months, provided the account holder applies and
furnishes evidence of having applied for any of the OVDs during the first twelve months of the opening of the said account.</p>
</li>
<li>
<p>The entire relaxation provisions shall be reviewed after twenty-four months.</p>
</li>
<li>
<p><span style="color: Purple"><sup data-toggle="tooltip" title="Inserted vide amendment dated March 31, 2020."><a href="#F60" class="link1">61</a></sup>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.</span></p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F61" class="link1">62</a></sup>The account shall be monitored and when there is suspicion of
money laundering or financing of terrorism activities or other high-risk scenarios, the identity of the customer shall be established <span style="color: brown">as per Section 16</span>
<span style="color: DarkOrange">or Section 18</span>.</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F62" class="link1">63</a></sup>Foreign remittance shall not be allowed to be credited into the
account unless the identity of the customer is fully established <span style="color: brown">as per Section 16</span> <span style="color: DarkOrange">or Section 18</span>.</p>
</li>
</ol>
<p><span class="head">24. <sup data-toggle="tooltip" title="Amended vide amendment dated May 29, 2019."><a href="#F63" class="link1">64</a></sup>Simplified procedure for opening accounts by
Non-Banking Finance Companies (NBFCs):</span> In case a person who desires to open an account is not able to produce <span style="color: brown">documents, as specified in Section
16</span>, NBFCs may at their discretion open accounts subject to the following conditions:</p>
<ol type="a">
<li>
<p>The NBFC shall obtain a self-attested photograph from the customer.</p>
</li>
<li>
<p>The designated officer of the NBFC certifies under his signature that the person opening the account has affixed his signature or thumb impression in his presence.</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F64" class="link1">65</a></sup>The account shall remain operational initially for a period of
twelve months, within which CDD as per Section 16 <span style="color: DarkOrange">or Section 18</span> shall be carried out.</p>
</li>
<li>
<p>Balances in all their accounts taken together shall not exceed rupees fifty thousand at any point of time.</p>
</li>
<li>
<p>The total credit in all the accounts taken together shall not exceed rupees one lakh in a year.</p>
</li>
<li>
<p>The customer shall be made aware that no further transactions will be permitted until the full KYC procedure is completed in case Directions (d) and (e) above are breached by him.</p>
</li>
<li>
<p>The customer shall be notified when the balance reaches rupees forty thousand or the total credit in a year reaches rupees eighty thousand that appropriate documents for conducting the
KYC must be submitted otherwise the operations in the account shall be stopped when the total balance in all the accounts taken together exceeds the limits prescribed in direction (d)
and (e) above.</p>
</li>
</ol>
<p>25.
<sup data-toggle="tooltip" title="Deleted vide amendment dated April 20, 2018 and shifted to Section 10. Deleted/shifted portion to read as: “If an existing KYC compliant customer of a RE desires to open another account with the same RE, there shall be no need for a fresh CDD exercise.”"><a href="#F65" class="link1">66</a></sup>Deleted.
</p>
<p>26.
<sup data-toggle="tooltip" title="Amended vide Gazette Notification G.S.R. 538(E) regarding PML Second amendment Rules dated June 1, 2017. Deleted portion of Section 26 is as follows: “and a self-declaration from the account holder about his/her current address is obtained in such cases."><a href="#F66" class="link1">67</a></sup>KYC
verification once done by one branch/office of the RE shall be valid for transfer of the account to any other branch/office of the same RE, provided full KYC verification has already been
done for the concerned account and the same is not due for periodic updation.</p>
<p align="center" class="head"><a id="15"></a>Part II - CDD Measures for Sole Proprietary firms</p>
<p>27. <sup data-toggle="tooltip" title="Amended vide amendment dated May 29, 2019."><a href="#F67" class="link1">68</a></sup>For opening an account in the name of a sole proprietary firm, CDD
of the individual (proprietor) shall be carried out.</p>
<p>28. <sup data-toggle="tooltip" title="Amended vide amendment dated May 29, 2019."><a href="#F68" class="link1">69</a></sup>In addition to the above, any two of the following documents <span
style="color: brown">or the equivalent e-documents there of</span> as a proof of business/ activity in the name of the proprietary firm shall also be obtained:</p>
<ol type="a">
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F69" class="link1">70</a></sup>Registration certificate <span
style="color: DarkOrange">including Udyam Registration Certificate (URC) issued by the Government</span></p>
</li>
<li>
<p>Certificate/licence issued by the municipal authorities under Shop and Establishment Act</p>
</li>
<li>
<p>Sales and income tax returns</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023."><a href="#F70" class="link1">71</a></sup>CST/VAT/ GST certificate</p>
</li>
<li>
<p>Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities</p>
</li>
<li>
<p>IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT or Licence/certificate of practice issued in the name of the proprietary concern by any professional
body incorporated under a statute</p>
</li>
<li>
<p>Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/acknowledged by the Income Tax
authorities</p>
</li>
<li>
<p>Utility bills such as electricity, water, landline telephone bills, etc.</p>
</li>
</ol>
<p>29. In cases where the REs are satisfied that it is not possible to furnish two such documents, REs may, at their discretion, accept only one of those documents as proof of
business/activity.</p>
<p>Provided REs undertake contact point verification and collect such other information and clarification as would be required to establish the existence of such firm, and shall confirm and
satisfy itself that the business activity has been verified from the address of the proprietary concern.</p>
<p align="center" class="head"><a id="16"></a>Part III- CDD Measures for Legal Entities</p>
<p>30. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F71" class="link1">72</a></sup>For opening an account of a company, certified copies of each
of the following documents <span style="color: brown">or the equivalent e-documents thereof</span> shall be obtained:</p>
<ol type="a">
<li>
<p>Certificate of incorporation</p>
</li>
<li>
<p>Memorandum and Articles of Association</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Inserted vide amendment dated May 29, 2019."><a href="#F72" class="link1">73</a></sup>Permanent Account Number of the company</p>
</li>
<li>
<p>A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F73" class="link1">74</a></sup>Documents, as specified in Section 16, <span
style="color: brown">relating to beneficial owner,</span> the managers, officers or employees, as the case may be, holding an attorney to transact on the company’s behalf</p>
</li>
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F74" class="link1">75</a></sup>the names of the relevant
persons holding senior management position; and</span></p>
</li>
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023."><a href="#F75" class="link1">76</a></sup>the registered office and the
principal place of its business, if it is different.</span></p>
</li>
</ol>
<p>31. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F76" class="link1">77</a></sup>For opening an account of a partnership firm, the certified
copies of each of the following documents <span style="color: brown">or the equivalent e-documents thereof</span> shall be obtained:</p>
<ol type="a">
<li>
<p>Registration certificate</p>
</li>
<li>
<p>Partnership deed</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Inserted vide amendment dated May 29, 2019."><a href="#F77" class="link1">78</a></sup>Permanent Account Number of the partnership firm</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F78" class="link1">79</a></sup>Documents, as specified in Section 16, <span
style="color: brown">relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf</span></p>
</li>
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F79" class="link1">80</a></sup>the names of all the partners
and</span></p>
</li>
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F80" class="link1">81</a></sup>address of the registered
office, and the principal place of its business, if it is different.</span></p>
</li>
</ol>
<p>32. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F81" class="link1">82</a></sup>For opening an account of a trust, certified copies of each of
the following documents <span style="color: brown">or the equivalent e-documents thereof</span> shall be obtained:</p>
<ol type="a">
<li>
<p>Registration certificate</p>
</li>
<li>
<p>Trust deed</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Inserted vide amendment dated May 29, 2019."><a href="#F82" class="link1">83</a></sup>Permanent Account Number or Form No.60 of the trust</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F83" class="link1">84</a></sup>Documents, as specified in Section 16, <span
style="color: brown">relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf</span></p>
</li>
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F84" class="link1">85</a></sup>the names of the beneficiaries,
trustees, settlor and authors of the trust</span></p>
</li>
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F85" class="link1">86</a></sup>the address of the registered
office of the trust; and</span></p>
</li>
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F86" class="link1">87</a></sup>list of trustees and documents,
as specified in Section 16, for those discharging the role as trustee and authorised to transact on behalf of the trust.</span></p>
</li>
</ol>
<p>33A. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F87" class="link1">88</a></sup>For opening an account of an unincorporated association or a
body of individuals, certified copies of each of the following documents <span style="color: brown">or the equivalent e-documents thereof</span> shall be obtained:</p>
<ol type="a">
<li>
<p>Resolution of the managing body of such association or body of individuals</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Inserted vide amendment dated May 29, 2019."><a href="#F88" class="link1">89</a></sup>Permanent Account Number or Form No. 60 of the unincorporated
association or a body of individuals</p>
</li>
<li>
<p>Power of attorney granted to transact on its behalf</p>
</li>
<li>
<p><sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F89" class="link1">90</a></sup>Documents, as specified in Section 16, <span
style="color: brown">relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf and</span></p>
</li>
<li>
<p>Such information as may be required by the RE to collectively establish the legal existence of such an association or body of individuals.</p>
</li>
</ol>
<p>Explanation: Unregistered trusts/partnership firms shall be included under the term ‘unincorporated association’.</p>
<p>Explanation: Term ‘body of individuals’ includes societies.</p>
<p>33B. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F90" class="link1">91</a></sup>For opening account <span style="color: DarkOrange">of a
customer who is a juridical person (not specifically covered in the earlier part) such as societies, universities and local bodies like village panchayats, etc., or who purports to act on
behalf of such juridical person or individual or trust</span>, certified copies of the following documents <span style="color: brown">or the equivalent e-documents thereof</span> shall be
obtained <span style="color: DarkOrange">and verified</span>:</p>
<ol type="a">
<li>
<p>Document showing name of the person authorised to act on behalf of the entity</p>
</li>
<li>
<p>Documents, as specified in Section 16, of the person holding an attorney to transact on its behalf and</p>
</li>
<li>
<p>Such documents as may be required by the RE to establish the legal existence of such an entity/juridical person.</p>
</li>
</ol>
<p align="center" class="head"><a id="17"></a>Part IV - Identification of Beneficial Owner</p>
<p>34. For opening an account of a Legal Person who is not a natural person, the beneficial owner(s) shall be identified and all reasonable steps in terms of sub-rule (3) of Rule 9 of the
Rules to verify his/her identity shall be undertaken keeping in view the following:</p>
<ol type="a">
<li>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F91" class="link1">92</a></sup>Where the customer or the owner
of the controlling interest is (i) an entity listed on a stock exchange in India, or (ii) it is an entity resident in jurisdictions notified by the Central Government and listed on
stock exchanges in such jurisdictions, or (iii) it is a subsidiary of such listed entities; it is not necessary to identify and verify the identity of any shareholder or beneficial
owner of such entities.</span></p>
</li>
<li>
<p>In cases of trust/nominee or fiduciary accounts whether the customer is acting on behalf of another person as trustee/nominee or any other intermediary is determined. In such cases,
satisfactory evidence of the identity of the intermediaries and of the persons on whose behalf they are acting, as also details of the nature of the trust or other arrangements in place
shall be obtained.</p>
</li>
</ol>
<p align="center" class="head"><a id="18"></a>Part V - On-going Due Diligence</p>
<p>35. REs shall undertake on-going due diligence of customers to ensure that their transactions are consistent with their knowledge about the customers, customers’ business and risk profile;
and the source of funds.</p>
<p>36. Without prejudice to the generality of factors that call for close monitoring following types of transactions shall necessarily be monitored:</p>
<ol type="a">
<li>
<p>Large and complex transactions including RTGS transactions, and those with unusual patterns, inconsistent with the normal and expected activity of the customer, which have no apparent
economic rationale or legitimate purpose.</p>
</li>
<li>
<p>Transactions which exceed the thresholds prescribed for specific categories of accounts.</p>
</li>
<li>
<p>High account turnover inconsistent with the size of the balance maintained.</p>
</li>
<li>
<p>Deposit of third-party cheques, drafts, etc. in the existing and newly opened accounts followed by cash withdrawals for large amounts.</p>
</li>
</ol>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F92" class="link1">93</a></sup>For ongoing due diligence, REs may
consider adopting appropriate innovations including artificial intelligence and machine learning (AI & ML) technologies to support effective monitoring.</span></p>
<p>37. The extent of monitoring shall be aligned with the risk category of the customer.</p>
<p>Explanation: High risk accounts have to be subjected to more intensified monitoring.</p>
<ol type="a">
<li>
<p>A system of periodic review of risk categorisation of accounts, with such periodicity being at least once in six months, and the need for applying enhanced due diligence measures shall
be put in place.</p>
</li>
<li>
<p>The transactions in accounts of marketing firms, especially accounts of Multi-level Marketing (MLM) Companies shall be closely monitored.</p>
</li>
</ol>
<p>Explanation: Cases where a large number of cheque books are sought by the company and/or multiple small deposits (generally in cash) across the country in one bank account and/or where a
large number of cheques are issued bearing similar amounts/dates, shall be immediately reported to Reserve Bank of India and other appropriate authorities such as FIU-IND.</p>
<span style="color: DeepPink">
<p class="head"><a id="S38"></a>38. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F93" class="link1">94</a></sup><span
style="color: DarkOrange">Updation</span> / Periodic Updation <span style="color: DarkOrange">of KYC</span></p>
</span>
<p><span style="color: DeepPink">REs shall adopt a risk-based approach for periodic updation of KYC. However, periodic updation shall be carried out at least once in every two years for
high-risk customers, once in every eight years for medium risk customers and once in every ten years for low-risk customers from the date of opening of the account / last KYC updation.
Policy in this regard shall be documented as part of REs’ internal KYC policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been
delegated.</span></p>
<span style="color: DeepPink">
<p class="head">a) Individuals:</p>
<ol type="i">
<li>
<p><span class="head">No change in KYC information:</span> In case of no change in the KYC information, a self-declaration from the customer in this regard shall be obtained through
customer’s email-id registered with the RE, customer’s mobile number registered with the RE, ATMs, digital channels (such as online banking / internet banking, mobile application of
RE), letter, etc.</p>
</li>
<li>
<p><span class="head">Change in address:</span> In case of a change only in the address details of the customer, a self-declaration of the new address shall be obtained from the customer
through customer’s email-id registered with the RE, customer’s mobile number registered with the RE, ATMs, digital channels (such as online banking / internet banking, mobile
application of RE), letter, etc., and the declared address shall be verified through positive confirmation within two months, by means such as address verification letter, contact
point verification, deliverables, etc.<br><br> Further, REs, at their option, may obtain a copy of OVD or deemed OVD or the equivalent e-documents thereof, as defined in Section
3(a)(xiii), for the purpose of proof of address, declared by the customer at the time of periodic updation. Such requirement, however, shall be clearly specified by the REs in their
internal KYC policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated.</p>
</li>
<li>
<p><span class="head">Accounts of customers, who were minor at the time of opening account, on their becoming major:</span> In case of customers for whom account was opened when they
were minor, fresh photographs shall be obtained on their becoming a major and at that time it shall be ensured that CDD documents as per the current CDD standards are available with
the REs. Wherever required, REs may carry out fresh KYC of such customers i.e., customers for whom account was opened when they were minor, on their becoming a major.</p>
</li>
<li><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F94" class="link1">95</a></sup>Aadhaar OTP based e-KYC in
non-face to face mode may be used for periodic updation. To clarify, conditions stipulated in Section 17 are not applicable in case of updation / periodic updation of KYC through
Aadhaar OTP based e-KYC in non-face to face mode.<br><br> Declaration of current address, if the current address is different from the address in Aadhaar, shall not require positive
confirmation in this case. REs shall ensure that the mobile number for Aadhaar authentication is same as the one available with them in the customer’s profile, in order to prevent any
fraud.</span></li>
</ol>
<p class="head">b) Customers other than individuals:</p>
<ol type="i">
<li>
<p><span class="head">No change in KYC information:</span> In case of no change in the KYC information of the LE customer, a self-declaration in this regard shall be obtained from the LE
customer through its email id registered with the RE, ATMs, digital channels (such as online banking / internet banking, mobile application of RE), letter from an official authorized
by the LE in this regard, board resolution, etc. Further, REs shall ensure during this process that Beneficial Ownership (BO) information available with them is accurate and shall
update the same, if required, to keep it as up-to-date as possible.</p>
</li>
<li>
<p><span class="head">Change in KYC information:</span> In case of change in KYC information, RE shall undertake the KYC process equivalent to that applicable for on-boarding a new LE
customer.</p>
</li>
</ol>
<p><span class="head">c) <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F95" class="link1">96</a></sup>Additional measures:</span> In addition to
the above, REs shall ensure that,</p>
</span>
<ol type="i">
<li>
<p><span style="color: DeepPink"> The KYC documents of the customer as per the current CDD standards are available with them. This is applicable even if there is no change in customer
information but the documents available with the RE are not as per the current CDD standards. Further, in case the validity of the CDD documents available with the RE has expired at
the time of periodic updation of KYC, RE shall undertake the KYC process equivalent to that applicable for on-boarding a new customer.</span></p>
</li>
<li>
<p><span style="color: DeepPink"> Customer’s PAN details, if available with the RE, is verified from the database of the issuing authority at the time of periodic updation of KYC.</span>
</p>
</li>
<li>
<p><span style="color: DeepPink"> Acknowledgment is provided to the customer mentioning the date of receipt of the relevant document(s), including self-declaration from the customer, for
carrying out periodic updation. Further, it shall be ensured that the information / documents obtained from the customers at the time of periodic updation of KYC are promptly updated
in the records / database of the REs and an intimation, mentioning the date of updation of KYC details, is provided to the customer.</span></p>
</li>
<li>
<p><span style="color: DeepPink"> In order to ensure customer convenience, REs may consider making available the facility of periodic updation of KYC at any branch, in terms of their
internal KYC policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated.</span></p>
</li>
<li>
<p><span style="color: DeepPink"> REs shall adopt a risk-based approach with respect to periodic updation of KYC. Any additional and exceptional measures, which otherwise are not mandated
under the above instructions, adopted by the REs such as requirement of obtaining recent photograph, requirement of physical presence of the customer, requirement of periodic updation
of KYC only in the branch of the RE where account is maintained, a more frequent periodicity of KYC updation than the minimum specified periodicity etc., shall be clearly specified in
the internal KYC policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated.</span></p>
</li>
</ol>
<p><span style="color: DarkOrange">d) <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F96" class="link1">97</a></sup>REs shall advise the customers
that in order to comply with the PML Rules, in case of any update in the documents submitted by the customer at the time of establishment of business relationship / account-based
relationship and thereafter, as necessary; customers shall submit to the REs the update of such documents. This shall be done within 30 days of the update to the documents for the purpose
of updating the records at REs’ end.</span></p>
<p>39. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F97" class="link1">98</a></sup>In case of existing customers, RE shall obtain the Permanent
Account Number <span style="color: brown">or equivalent e-document thereof</span> or Form No. 60, by such date as may be notified by the Central Government, failing which RE shall
temporarily cease operations in the account till the time the Permanent Account Number <span style="color: brown">or equivalent e-documents thereof</span> or Form No. 60 is submitted by the
customer.</p>
<p>Provided that before temporarily ceasing operations for an account, the RE shall give the customer an accessible notice and a reasonable opportunity to be heard. Further, RE shall include,
in its internal policy, appropriate relaxation(s) for continued operation of accounts for customers who are unable to provide Permanent Account Number <span style="color: brown">or
equivalent e-document thereof</span> or Form No. 60 owing to injury, illness or infirmity on account of old age or otherwise, and such like causes. Such accounts shall, however, be subject
to enhanced monitoring.</p>
<p>Provided further that if a customer having an existing account-based relationship with a RE gives in writing to the RE that he does not want to submit his Permanent Account Number <span
style="color: brown">or equivalent e-document thereof</span> or Form No.60, RE shall close the account and all obligations due in relation to the account shall be appropriately settled
after establishing the identity of the customer by obtaining the identification documents as applicable to the customer.</p>
<p>Explanation – For the purpose of this Section, “temporary ceasing of operations” in relation an account shall mean the temporary suspension of all transactions or activities in relation to
that account by the RE till such time the customer complies with the provisions of this Section. In case of asset accounts such as loan accounts, for the purpose of ceasing the operation in
the account, only credits shall be allowed.</p>
<p align="center" class="head"><a id="19"></a>Part VI - Enhanced and Simplified Due Diligence Procedure</p>
<p class="head">A. Enhanced Due Diligence</p>
<p><span style="color: DarkOrange"><span class="head">40. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F98" class="link1">99</a></sup>Enhanced Due
Diligence (EDD) for non-face-to-face customer onboarding (other than customer onboarding in terms of Section 17):</span> Non-face-to-face onboarding facilitates the REs to establish
relationship with the customer without meeting the customer physically or through V-CIP. Such non-face-to-face modes for the purpose of this Section includes use of digital channels such
as CKYCR, DigiLocker, equivalent e-document, etc., and non-digital modes such as obtaining copy of OVD certified by additional certifying authorities as allowed for NRIs and PIOs.
Following EDD measures shall be undertaken by REs for non-face-to-face customer onboarding (other than customer onboarding in terms of Section 17):</span></p>
<p><span style="color: DarkOrange">a) In case RE has introduced the process of V-CIP, the same shall be provided as the first option to the customer for remote onboarding. It is reiterated
that processes complying with prescribed standards and procedures for V-CIP shall be treated on par with face-to-face CIP for the purpose of this Master Direction.</span></p>
<p><span style="color: DarkOrange">b) In order to prevent frauds, alternate mobile numbers shall not be linked post CDD with such accounts for transaction OTP, transaction updates, etc.
Transactions shall be permitted only from the mobile number used for account opening. RE shall have a Board approved policy delineating a robust process of due diligence for dealing with
requests for change of registered mobile number.</span></p>
<p><span style="color: DarkOrange">c) Apart from obtaining the current address proof, RE shall verify the current address through positive confirmation before allowing operations in the
account. Positive confirmation may be carried out by means such as address verification letter, contact point verification, deliverables, etc.</span></p>
<p><span style="color: DarkOrange">d) RE shall obtain PAN from the customer and the PAN shall be verified from the verification facility of the issuing authority.</span></p>
<p><span style="color: DarkOrange">e) First transaction in such accounts shall be a credit from existing KYC-complied bank account of the customer.</span></p>
<p><span style="color: DarkOrange">f) Such customers shall be categorized as high-risk customers and accounts opened in non-face to face mode shall be subjected to enhanced monitoring until
the identity of the customer is verified in face-to-face manner or through V-CIP.</span></p>
<p class="head">41. Accounts of Politically Exposed Persons (PEPs)</p>
<p>A. REs shall have the option of establishing a relationship with PEPs provided that:</p>
<ol type="a">
<li>
<p>sufficient information including information about the sources of funds accounts of family members and close relatives is gathered on the PEP;</p>
</li>
<li>
<p>the identity of the person shall have been verified before accepting the PEP as a customer;</p>
</li>
<li>
<p>the decision to open an account for a PEP is taken at a senior level in accordance with the REs’ Customer Acceptance Policy;</p>
</li>
<li>
<p>all such accounts are subjected to enhanced monitoring on an on-going basis;</p>
</li>
<li>
<p>in the event of an existing customer or the beneficial owner of an existing account subsequently becoming a PEP, senior management’s approval is obtained to continue the business
relationship;</p>
</li>
<li>
<p>the CDD measures as applicable to PEPs including enhanced monitoring on an on-going basis are applicable.</p>
</li>
</ol>
<p>B. These instructions shall also be applicable to accounts where a PEP is the beneficial owner</p>
<p class="head">42. Client accounts opened by professional intermediaries:</p>
<p>REs shall ensure while opening client accounts through professional intermediaries, that:</p>
<ol type="a">
<li>
<p>Clients shall be identified when client account is opened by a professional intermediary on behalf of a single client.</p>
</li>
<li>
<p>REs shall have option to hold 'pooled' accounts managed by professional intermediaries on behalf of entities like mutual funds, pension funds or other types of funds.</p>
</li>
<li>
<p>REs shall not open accounts of such professional intermediaries who are bound by any client confidentiality that prohibits disclosure of the client details to the RE.</p>
</li>
<li>
<p>All the beneficial owners shall be identified where funds held by the intermediaries are not co-mingled at the level of RE, and there are 'sub-accounts', each of them attributable to a
beneficial owner, or where such funds are co-mingled at the level of RE, the RE shall look for the beneficial owners.</p>
</li>
<li>
<p>REs shall, at their discretion, rely on the 'customer due diligence' (CDD) done by an intermediary, provided that the intermediary is a regulated and supervised entity and has adequate
systems in place to comply with the KYC requirements of the customers.</p>
</li>
<li>
<p>The ultimate responsibility for knowing the customer lies with the RE.</p>
</li>
</ol>
<p class="head">B. Simplified Due Diligence</p>
<p class="head">43. <sup data-toggle="tooltip" title="Amended vide amendment dated May 29, 2019"><a href="#F99" class="link1">100</a></sup>Simplified norms for Self Help Groups (SHGs)</p>
<ol type="a">
<li>
<p>CDD of all the members of SHG shall not be required while opening the savings bank account of the SHG.</p>
</li>
<li>
<p>CDD of all the office bearers shall suffice.</p>
</li>
<li>
<p><span style="color: OLIVE"><sup data-toggle="tooltip" title="Amended vide amendment dated April 1, 2021"><a href="#F100" class="link1">101</a></sup>CDD of all the members of SHG may be
undertaken at the time of credit linking of SHGs. </span></p>
</li>
</ol>
<p class="head">44. Procedure to be followed by banks while opening accounts of foreign students</p>
<p>(a) Banks shall, at their option, open a Non-Resident Ordinary (NRO) bank account of a foreign student on the basis of his/her passport (with visa & immigration endorsement) bearing the
proof of identity and address in the home country together with a photograph and a letter offering admission from the educational institution in India.</p>
<ol>
<li type="i">
<p>Provided that a declaration about the local address shall be obtained within a period of 30 days of opening the account and the said local address is verified.</p>
</li>
<li type="i">
<p> Provided further that pending the verification of address, the account shall be operated with a condition of allowing foreign remittances not exceeding USD 1,000 or equivalent into the
account and a cap of rupees fifty thousand on aggregate in the same, during the 30-day period.</p>
</li>
</ol>
<p>(b) The account shall be treated as a normal NRO account, and shall be operated in terms of Reserve Bank of India’s instructions on Non-Resident Ordinary Rupee (NRO) Account, and the
provisions of FEMA 1999.</p>
<p>(c) Students with Pakistani nationality shall require prior approval of the Reserve Bank for opening the account.</p>
<p class="head">45. Simplified KYC norms for Foreign Portfolio Investors (FPIs)</p>
<p>Accounts of FPIs which are eligible/ registered as per SEBI guidelines, for the purpose of investment under Portfolio Investment Scheme (PIS), shall be opened by accepting KYC documents as
detailed in <a href="#AN4" class="link1">Annex IV</a>, subject to Income Tax (FATCA/CRS) Rules.</p>
<p>Provided that banks shall obtain undertaking from FPIs or the Global Custodian acting on behalf of the FPI that as and when required, the exempted documents as detailed in
<a href="#AN4" class="link1">Annex IV</a> will be submitted.</p>
<p align="center" class="head"><a id="20"></a>Chapter VII<br>
<a id="21"></a>Record Management
</p>
<p>46. The following steps shall be taken regarding maintenance, preservation and reporting of customer account information, with reference to provisions of PML Act and Rules. REs shall,</p>
<p>(a) maintain all necessary records of transactions between the RE and the customer, both domestic and international, for at least five years from the date of transaction;</p>
<p>(b) preserve the records pertaining to the identification of the customers and their addresses obtained while opening the account and during the course of business relationship, for at
least five years after the business relationship is ended;</p>
<p>(c) <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F101" class="link1">102</a></sup>make available <span style="color: DarkOrange">swiftly,</span>
the identification records and transaction data to the competent authorities upon request;</p>
<p>(d) introduce a system of maintaining proper record of transactions prescribed under Rule 3 of Prevention of Money Laundering (Maintenance of Records) Rules, 2005 (PML Rules, 2005);</p>
<p>(e) maintain all necessary information in respect of transactions prescribed under PML Rule 3 so as to permit reconstruction of individual transaction, including the following:</p>
<ol>
<li type="i">
<p>the nature of the transactions;</p>
</li>
<li type="i">
<p>the amount of the transaction and the currency in which it was denominated;</p>
</li>
<li type="i">
<p>the date on which the transaction was conducted; and</p>
</li>
<li type="i">
<p>the parties to the transaction.</p>
</li>
</ol>
<p>(f) evolve a system for proper maintenance and preservation of account information in a manner that allows data to be retrieved easily and quickly whenever required or when requested by the
competent authorities;</p>
<p>(g) maintain records of the identity and address of their customer, and records in respect of transactions referred to in Rule 3 in hard or soft format.</p>
<p><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F102" class="link1">103</a></sup>Explanation. – For the purpose of
this Section, the expressions "records pertaining to the identification", “identification records”, etc., shall include updated records of the identification data, account files, business
correspondence and results of any analysis undertaken.</span></p>
<p><span style="color: DarkOrange"><span class="head">46A.</span> REs shall ensure that in case of customers who are non-profit organisations, the details of such customers are registered on
the DARPAN Portal of NITI Aayog. If the same are not registered, RE shall register the details on the DARPAN Portal. REs shall also maintain such registration records for a period of five
years after the business relationship between the customer and the RE has ended or the account has been closed, whichever is later.</span></p>
<p align="center" class="head"><a id="22"></a>Chapter VIII<br>
<a id="23"></a>Reporting Requirements to Financial Intelligence Unit - India
</p>
<p>47. REs shall furnish to the Director, Financial Intelligence Unit-India (FIU-IND), information referred to in Rule 3 of the PML (Maintenance of Records) Rules, 2005 in terms of Rule 7
thereof.</p>
<p>Explanation: In terms of Third Amendment Rules notified September 22, 2015 regarding amendment to sub rule 3 and 4 of rule 7, Director, FIU-IND shall have powers to issue guidelines to the
REs for detecting transactions referred to in various clauses of sub-rule (1) of rule 3, to direct them about the form of furnishing information and to specify the procedure and the manner
of furnishing information.</p>
<p>48. The reporting formats and comprehensive reporting format guide, prescribed/ released by FIU-IND and Report Generation Utility and Report Validation Utility developed to assist reporting
entities in the preparation of prescribed reports shall be taken note of. The editable electronic utilities to file electronic Cash Transaction Reports (CTR) / Suspicious Transaction Reports
(STR) which FIU-IND has placed on its website shall be made use of by REs which are yet to install/adopt suitable technological tools for extracting CTR/STR from their live transaction data.
The Principal Officers of those REs, whose all branches are not fully computerized, shall have suitable arrangement to cull out the transaction details from branches which are not yet
computerized and to feed the data into an electronic file with the help of the editable electronic utilities of CTR/STR as have been made available by FIU-IND on its website
<a href="http://fiuindia.gov.in" target="_blank" class="link1">http://fiuindia.gov.in</a>.</p>
<p>49. While furnishing information to the Director, FIU-IND, delay of each day in not reporting a transaction or delay of each day in rectifying a mis-represented transaction beyond the time
limit as specified in the Rule shall be constituted as a separate violation. REs shall not put any restriction on operations in the accounts where an STR has been filed. REs shall keep the
fact of furnishing of STR strictly confidential. It shall be ensured that there is no tipping off to the customer at any level.</p>
<p>50. Robust software, throwing alerts when the transactions are inconsistent with risk categorization and updated profile of the customers shall be put in to use as a part of effective
identification and reporting of suspicious transactions.</p>
<p align="center" class="head"><a id="24"></a>Chapter IX<br>
<a id="25"></a>Requirements/obligations under International Agreements -<br> Communications from International Agencies
</p>
<p class="head"><span style="color: DarkOrange">51.
<sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023. Further, earlier Sections 51, 52 and 53 have been consolidated in Section 51 vide this amendment."><a href="#F103" class="link1">104</a></sup>Obligations
under the Unlawful Activities (Prevention) (UAPA) Act, 1967:</span></p>
<p>(a) REs shall ensure that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967 <span style="color: brown">and amendments thereto</span>, they do not have any
account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and periodically circulated by the
United Nations Security Council (UNSC). The details of the two lists are as under:</p>
<ol type="i">
<li>
<p>The <span class="head">“ISIL (Da’esh) &Al-Qaida Sanctions List”</span>, established and maintained pursuant to Security Council resolutions 1267/1989/2253, which includes names of
individuals and entities associated with the Al-Qaida is available at
<a href="https://scsanctions.un.org/ohz5jen-al-qaida.html" target="_blank" class="link1">https://scsanctions.un.org/ohz5jen-al-qaida.html</a></p>
</li>
<li>
<p>The <span class="head">“Taliban Sanctions List”</span>, established and maintained pursuant to Security Council resolution 1988 (2011), which includes names of individuals and entities
associated with the Taliban is available at <a href="https://scsanctions.un.org/3ppp1en-taliban.htm" target="_blank" class="link1">https://scsanctions.un.org/3ppp1en-taliban.htm</a></p>
</li>
</ol>
<p><span style="color: DarkOrange">REs shall also ensure to refer to the lists as available in the Schedules to the Prevention and Suppression of Terrorism (Implementation of Security Council
Resolutions) Order, 2007, as amended from time to time. The aforementioned lists, i.e., UNSC Sanctions Lists and lists as available in the Schedules to the Prevention and Suppression of
Terrorism (Implementation of Security Council Resolutions) Order, 2007, as amended from time to time, shall be verified on daily basis and any modifications to the lists in terms of
additions, deletions or other changes shall be taken into account by the REs for meticulous compliance.</span></p>
<p>(b) Details of accounts resembling any of the individuals/entities in the lists shall be reported to FIU-IND apart from advising Ministry of Home Affairs <span
style="color: DarkOrange">(MHA)</span> as required under UAPA notification dated <span
style="color: DarkRed"><sup data-toggle="tooltip" title="Amended vide amendment dated March 23, 2021"><a href="#F104" class="link1">105</a></sup>February 2, 2021
(<a href="#AN2" class="link1">Annex II</a> of this Master Direction).</span></p>
<p> (c) Freezing of Assets under Section 51A of <span style="color: DarkOrange">UAPA</span>, 1967: The procedure laid down in the UAPA Order dated <span
style="color: DarkRed"><sup data-toggle="tooltip" title="Amended vide amendment dated March 23, 2021"><a href="#F105" class="link1">106</a></sup>February 2, 2021 </span>
(<a href="#AN2" class="link1">Annex II</a> of this Master Direction) shall be strictly followed and meticulous compliance with the Order issued by the Government shall be ensured. <span
style="color: DarkRed">The list of Nodal Officers for UAPA is available on the website of</span> <span style="color: DarkOrange">MHA</span>.</p>
<span style="color: DarkOrange">
<p class="head">52. <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F106" class="link1">107</a></sup>Obligations under Weapons of Mass Destruction
(WMD) and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 (WMD Act, 2005):</p>
<p>(a) REs shall ensure meticulous compliance with the “Procedure for Implementation of Section 12A of the Weapons of Mass Destruction (WMD) and their Delivery Systems (Prohibition of
Unlawful Activities) Act, 2005” laid down in terms of Section 12A of the WMD Act, 2005 vide Order dated January 30, 2023, by the Ministry of Finance, Government of India
(<a href="#AN3" class="link1">Annex III</a> of this Master Direction).</p>
<p>(b) In accordance with paragraph 3 of the aforementioned Order, REs shall ensure not to carry out transactions in case the particulars of the individual / entity match with the
particulars in the designated list.</p>
<p>(c) Further, REs shall run a check, on the given parameters, at the time of establishing a relation with a customer and on a periodic basis to verify whether individuals and entities in
the designated list are holding any funds, financial asset, etc., in the form of bank account, etc.</p>
<p>(d) In case of match in the above cases, REs shall immediately inform the transaction details with full particulars of the funds, financial assets or economic resources involved to the
Central Nodal Officer (CNO), designated as the authority to exercise powers under Section 12A of the WMD Act, 2005. A copy of the communication shall be sent to State Nodal Officer, where
the account / transaction is held and to the RBI. REs shall file an STR with FIU-IND covering all transactions in the accounts, covered above, carried through or attempted.</p>
<p>It may be noted that in terms of Paragraph 1 of the Order, Director, FIU-India has been designated as the CNO.</p>
<p>(e) REs may refer to the designated list, as amended from time to time, available on the portal of FIU-India.</p>
<p>(f) In case there are reasons to believe beyond doubt that funds or assets held by a customer would fall under the purview of clause (a) or (b) of sub-section (2) of Section 12A of the
WMD Act, 2005, REs shall prevent such individual/entity from conducting financial transactions, under intimation to the CNO by email, FAX and by post, without delay.</p>
<p>(g) In case an order to freeze assets under Section 12A is received by the REs from the CNO, REs shall, without delay, take necessary action to comply with the Order.</p>
<p>(h) The process of unfreezing of funds, etc., shall be observed as per paragraph 7 of the Order. Accordingly, copy of application received from an individual/entity regarding unfreezing
shall be forwarded by RE along with full details of the asset frozen, as given by the applicant, to the CNO by email, FAX and by post, within two working days.</p>
<p><span class="head">53.</span> REs shall verify every day, the ‘UNSCR 1718 Sanctions List of Designated Individuals and Entities‘, as available at
<a href="https://www.mea.gov.in/Implementation-of-UNSC-Sanctions-DPRK.htm" target="_blank" class="link1">https://www.mea.gov.in/Implementation-of-UNSC-Sanctions-DPRK.htm</a>, to take into
account any modifications to the list in terms of additions, deletions or other changes and also ensure compliance with the ‘Implementation of Security Council Resolution on Democratic
People’s Republic of Korea Order, 2017’, as amended from time to time by the Central Government.</p>
<p><span class="head">53A.</span> <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F107" class="link1">108</a></sup>In addition to the above, REs
shall take into account – (a) other UNSCRs and (b) lists in the first schedule and the fourth schedule of UAPA, 1967 and any amendments to the same for compliance with the Government
orders on implementation of Section 51A of the UAPA and Section 12A of the WMD Act.</p>
</span>
<p class="head">54. Jurisdictions that do not or insufficiently apply the FATF Recommendations</p>
<p>(a) FATF Statements circulated by Reserve Bank of India from time to time, and publicly available information, for identifying countries, which do not or insufficiently apply the FATF
Recommendations, shall be considered. Risks arising from the deficiencies in AML/CFT regime of the jurisdictions included in the FATF Statement shall be taken into account.</p>
<p>(b) Special attention shall be given to business relationships and transactions with persons (including legal persons and other financial institutions) from or in countries that do not or
insufficiently apply the FATF Recommendations and jurisdictions included in FATF Statements.</p>
<p>Explanation: The <span style="color: DarkOrange">processes</span> referred to in <span style="color: DarkOrange">(a) & (b) above</span> do not preclude REs from having legitimate trade
and business transactions with the countries and jurisdictions mentioned in the FATF statement.</p>
<p>(c) The background and purpose of transactions with persons (including legal persons and other financial institutions) from jurisdictions included in FATF Statements and countries that do
not or insufficiently apply the FATF Recommendations shall be examined, and written findings together with all documents shall be retained and shall be made available to Reserve Bank/other
relevant authorities, on request.</p>
<p><span class="head">54A.</span> <sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F108" class="link1">109</a></sup>REs are encouraged to leverage
latest technological innovations and tools for effective implementation of name screening to meet the sanctions requirements.</p>
<p align="center" class="head"><a id="26"></a>Chapter X<br>
<a id="27"></a>Other Instructions
</p>
<p class="head">55. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F109" class="link1">110</a></sup>Secrecy Obligations and Sharing of Information:
</p>
<p>(a) <span style="color: DarkOrange">REs</span> shall maintain secrecy regarding the customer information which arises out of the contractual relationship between the <span
style="color: DarkOrange">RE</span> and customer.</p>
<p>(b) Information collected from customers for the purpose of opening of account shall be treated as confidential and details thereof shall not be divulged for the purpose of cross selling,
or for any other purpose without the express permission of the customer.</p>
<p>(c) While considering the requests for data/information from Government and other agencies, <span style="color: DarkOrange">REs</span> shall satisfy themselves that the information being
sought is not of such a nature as will violate the provisions of the laws relating to secrecy in the transactions.</p>
<p>(d) The exceptions to the said rule shall be as under:</p>
<ol type="i">
<li>
<p>Where disclosure is under compulsion of law</p>
</li>
<li>
<p>Where there is a duty to the public to disclose,</p>
</li>
<li>
<p>the interest of <span style="color: DarkOrange">RE</span> requires disclosure and</p>
</li>
<li>
<p>Where the disclosure is made with the express or implied consent of the customer.</p>
</li>
</ol>
<p class="head">56. <sup data-toggle="tooltip" title="Amended vide amendment dated December 18, 2020"><a href="#F110" class="link1">111</a></sup>CDD Procedure and sharing KYC information with
Central KYC Records Registry (CKYCR)</p>
<span style="color: coral">
<p>(a) Government of India has authorised the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), to act as, and to perform the functions of the
CKYCR vide Gazette Notification No. S.O. 3183(E) dated November 26, 2015.</p>
</span>
<p><span style="color: coral">(b) In terms of provision of Rule 9(1A) of <span style="color: DarkOrange">the</span> PML Rules, the REs shall capture customer’s KYC records and upload onto
CKYCR within 10 days of commencement of an account-based relationship with the customer.</span></p>
<span style="color: coral">
<p>(c) Operational Guidelines for uploading the KYC data have been released by CERSAI.</p>
<p>(d) REs shall capture the KYC information for sharing with the CKYCR in the manner mentioned in the Rules, as per the KYC templates prepared for ‘Individuals’ and ‘Legal Entities’ (LEs),
as the case may be. The templates may be revised from time to time, as may be required and released by CERSAI.</p>
<p>(e) The ‘live run’ of the CKYCR started from July 15, 2016 in phased manner beginning with new ‘individual accounts’. Accordingly, Scheduled Commercial Banks (SCBs) are required to
invariably upload the KYC data pertaining to all new individual accounts opened on or after January 1, 2017, with CKYCR. SCBs were initially allowed time up-to February 1, 2017, for
uploading data in respect of accounts opened during January 2017.</p>
<p>REs other than SCBs were required to start uploading the KYC data pertaining to all new individual accounts opened on or after from April 1, 2017, with CKYCR in terms of the provisions of
the Rules ibid.</p>
<p>(f) REs shall upload KYC records pertaining to accounts of LEs opened on or after April 1, 2021, with CKYCR in terms of the provisions of the Rules ibid. The KYC records have to be
uploaded as per the LE Template released by CERSAI.</p>
<p>(g) Once KYC Identifier is generated by CKYCR, REs shall ensure that the same is communicated to the individual/LE as the case may be.</p>
</span>
<p><span style="color: coral">(h) In order to ensure that all KYC records are incrementally uploaded on to CKYCR, REs shall upload/update the KYC data pertaining to accounts of individual
customers and LEs opened prior to the above-mentioned dates as per (e) and (f) respectively at the time of periodic updation as specified in Section 38 of this Master Direction, or
earlier, when the updated KYC information is obtained/received from the customer.</span></p><span style="color: coral">
<p>(i) REs shall ensure that during periodic updation, the customers are migrated to the current CDD standard.</p>
</span>
<p><span style="color: coral">(j) Where a customer, for the purposes of establishing an account-based relationship, submits a KYC Identifier to a RE, with an explicit consent to download
records from CKYCR, then such RE shall retrieve the KYC records online from the CKYCR using the KYC Identifier and the customer shall not be required to submit the same KYC records or
information or any other additional identification documents or details, unless –</span></p><span style="color: coral">
<ol type="i">
<li>
<p> there is a change in the information of the customer as existing in the records of CKYCR;</p>
</li>
<li>
<p> the current address of the customer is required to be verified;</p>
</li>
<li>
<p> the RE considers it necessary in order to verify the identity or address of the customer, or to perform enhanced due diligence or to build an appropriate risk profile of the client.
</p>
</li>
<li><span style="color: DarkOrange"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F111" class="link1">112</a></sup>the validity period of
documents downloaded from CKYCR has lapsed.</span></li>
</ol>
</span>
<p class="head">57. Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)</p>
<p>Under FATCA and CRS, REs shall adhere to the provisions of Income Tax Rules
<a href="http://www.incometaxindia.gov.in/Rules/Income-Tax Rules/ITR114F.htm" target="_blank" class="link1">114F</a>,
<a href="http://www.incometaxindia.gov.in/Rules/Income-Tax Rules/ITR114g.htm" target="_blank" class="link1">114G</a> and
<a href="http://www.incometaxindia.gov.in/Rules/Income-Tax Rules/ITR114h.htm" target="_blank" class="link1">114H</a> and determine whether they are a Reporting Financial Institution as
defined in Income Tax Rule 114F and if so, shall take following steps for complying with the reporting requirements:</p>
<p>(a) Register on the related e-filling portal of Income Tax Department as Reporting Financial Institutions at the link
<a href="https://incometaxindiaefiling.gov.in/" target="_blank" class="link1">https://incometaxindiaefiling.gov.in/</a> post login --> My Account --> Register as Reporting Financial
Institution,</p>
<p>(b) Submit online reports by using the digital signature of the ‘Designated Director’ by either uploading the Form 61B or ‘NIL’ report, for which, the schema prepared by Central Board of
Direct Taxes (CBDT) shall be referred to.</p>
<p>Explanation: REs shall refer to the spot reference rates published by Foreign Exchange Dealers’ Association of India (FEDAI) on their website at
<a href="https://www.fedai.org.in/RevaluationRates.aspx" target="_blank" class="link1">http://www.fedai.org.in/RevaluationRates.aspx</a> for carrying out the due diligence procedure for the
purposes of identifying reportable accounts in terms of Rule 114H.</p>
<p>(c) Develop Information Technology (IT) framework for carrying out due diligence procedure and for recording and maintaining the same, as provided in Rule 114H.</p>
<p>(d) Develop a system of audit for the IT framework and compliance with Rules 114F, 114G and 114H of Income Tax Rules.</p>
<p>(e) Constitute a “High Level Monitoring Committee” under the Designated Director or any other equivalent functionary to ensure compliance.</p>
<p>(f) Ensure compliance with updated instructions/ rules/ guidance notes/ Press releases/ issued on the subject by Central Board of Direct Taxes (CBDT) from time to time and available on the
web site <a href="https://www.incometaxindia.gov.in/Pages/default.aspx" target="_blank" class="link1">http://www.incometaxindia.gov.in/Pages/default.aspx</a>. REs may take note of the
following:</p>
<ol type="i">
<li>
<p>updated <a href="http://www.incometaxindia.gov.in/News/Guidance-Note-on-FATCA-and-CRS-May-2016.pdf" target="_blank" class="link1">Guidance Note</a> on FATCA and CRS</p>
</li>
<li>
<p>a <a href="http://www.incometaxindia.gov.in/Lists/Press Releases/Attachments/516/31-08-2016Press Release-ClosureofAccounts114H.pdf" target="_blank" class="link1">press release</a> on
‘Closure of Financial Accounts’ under Rule 114H (8).</p>
</li>
</ol>
<p class="head">58. Period for presenting payment instruments</p>
<p>Payment of cheques/drafts/pay orders/banker’s cheques, if they are presented beyond the period of three months from the date of such instruments, shall not be made.</p>
<p class="head">59. Operation of Bank Accounts & Money Mules</p>
<p>The instructions on opening of accounts and monitoring of transactions shall be strictly adhered to, in order to minimise the operations of “Money Mules” which are used to launder the
proceeds of fraud schemes (e.g., phishing and identity theft) by criminals who gain illegal access to deposit accounts by recruiting third parties which act as “money mules.” If it is
established that an account opened and operated is that of a Money Mule, it shall be deemed that the bank has not complied with these directions.</p>
<p class="head">60. Collection of Account Payee Cheques</p>
<p>Account payee cheques for any person other than the payee constituent shall not be collected. Banks shall, at their option, collect account payee cheques drawn for an amount not exceeding
rupees fifty thousand to the account of their customers who are co-operative credit societies, provided the payees of such cheques are the constituents of such co-operative credit societies.
</p>
<p>61. (a) <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F112" class="link1">113</a></sup>A Unique Customer Identification Code (UCIC) shall be
allotted while entering into new relationships with individual customers as also the existing <span style="color: DarkOrange">individual</span> customers by <span
style="color: DarkOrange">REs</span>.</p>
<p>(b) <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F113" class="link1">114</a></sup>The <span style="color: DarkOrange">REs</span> shall, at their
option, not issue UCIC to all walk-in/occasional customers provided it is ensured that there is adequate mechanism to identify such walk-in customers who have frequent transactions with them
and ensure that they are allotted UCIC.</p>
<p class="head">62. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F114" class="link1">115</a></sup>Introduction of New Technologies</p>
<span style="color: DarkOrange">
<p>REs shall identify and assess the ML/TF risks that may arise in relation to the development of new products and new business practices, including new delivery mechanisms, and the use of
new or developing technologies for both new and pre-existing products.</p>
<p>Further, REs shall ensure:</p>
<p>(a) to undertake the ML/TF risk assessments prior to the launch or use of such products, practices, services, technologies; and</p>
<p>(b) adoption of a risk-based approach to manage and mitigate the risks through appropriate EDD measures and transaction monitoring, etc.</p>
</span>
<p class="head">63. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F115" class="link1">116</a></sup>Correspondent <span
style="color: DarkOrange">Banking</span></p>
<p>Banks shall have a policy approved by their Boards, or by a committee headed by the Chairman/CEO/MD to lay down parameters for approving <span style="color: DarkOrange">cross-border</span>
correspondent banking <span style="color: DarkOrange">and other similar</span> relationships. <span style="color: DarkOrange">In addition to performing normal CDD measures, such
relationships shall be</span> subject to the following conditions:</p>
<ol type="a">
<li>
<p>Sufficient information in relation to the nature of business of the <span style="color: DarkOrange">respondent</span> including information on management, major business activities,
level of AML/CFT <span style="color: DarkOrange">controls</span>, purpose of opening the account, identity of any third party entities that will use the correspondent banking services,
regulatory/supervisory framework in the <span style="color: DarkOrange">respondent</span> bank’s home country, <span style="color: DarkOrange">and publicly available information
regarding the reputation of the institution and the quality of supervision, including whether it has been subjected to a ML/TF investigation or regulatory action,</span> shall be
gathered.</p>
</li>
<li>
<p><span style="color: DarkOrange">Prior approval from senior management shall be obtained for establishing new correspondent banking relationships. However,</span> post facto approval of
the Board <span style="color: DarkOrange">or the Committee empowered for this purpose shall also be taken</span>.</p>
</li>
<li>
<p>The responsibilities of each bank with whom correspondent banking relationship is established shall be clearly documented <span style="color: DarkOrange">and understood</span>.</p>
</li>
<li>
<p>In the case of payable-through-accounts, the correspondent bank shall be satisfied that the respondent bank has <span style="color: DarkOrange">conducted CDD on</span> the customers
having direct access to the accounts and is undertaking on-going 'due diligence' on them.</p>
</li>
<li>
<p>The correspondent bank shall ensure that the respondent bank is able to provide the relevant <span style="color: DarkOrange">CDD information</span> immediately on request.</p>
</li>
<li>
<p>Correspondent relationship shall not be entered into with a shell bank.</p>
</li>
<li>
<p>It shall be ensured that the correspondent banks do not permit their accounts to be used by shell banks.</p>
</li>
<li>
<p>Banks shall be cautious with correspondent banks located in jurisdictions which have strategic deficiencies or have not made sufficient progress in implementation of FATF
Recommendations.</p>
</li>
<li>
<p>Banks shall ensure that respondent banks have KYC/AML policies and procedures in place and apply enhanced 'due diligence' procedures for transactions carried out through the
correspondent accounts.</p>
</li>
</ol>
<span style="color: DeepSkyBlue">
<p class="head">64. <sup data-toggle="tooltip" title="Amended vide amendment dated May 4, 2023"><a href="#F162" class="link1">117</a></sup>Wire Transfer</p>
<p class="head">A. Information requirements for wire transfers for the purpose of this Master Direction:</p>
<p>i. All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information as mentioned below:</p>
<ol type="a">
<li>
<p>name of the originator;</p>
</li>
<li>
<p>the originator account number where such an account is used to process the transaction;</p>
</li>
<li>
<p>the originator’s address, or national identity number, or customer identification number, or date and place of birth;</p>
</li>
<li>
<p>name of the beneficiary; and</p>
</li>
<li>
<p> the beneficiary account number where such an account is used to process the transaction.</p>
</li>
</ol>
<p>In the absence of an account, a unique transaction reference number should be included which permits traceability of the transaction.</p>
<p>ii. In case of batch transfer, where several individual cross-border wire transfers from a single originator are bundled in a batch file for transmission to beneficiaries, they (i.e.,
individual transfers) are exempted from the requirements of clause (i) above in respect of originator information, provided that they include the originator’s account number or unique
transaction reference number, as mentioned above, and the batch file contains required and accurate originator information, and full beneficiary information, that is fully traceable within
the beneficiary country.</p>
<p>iii. Domestic wire transfer, where the originator is an account holder of the ordering RE, shall be accompanied by originator and beneficiary information, as indicated for cross-border
wire transfers in (i) and (ii) above.</p>
<p>iv. Domestic wire transfers of rupees fifty thousand and above, where the originator is not an account holder of the ordering RE, shall also be accompanied by originator and beneficiary
information as indicated for cross-border wire transfers.</p>
<p>v. REs shall ensure that all the information on the wire transfers shall be immediately made available to appropriate law enforcement and/or prosecutorial authorities as well as FIU-IND
on receiving such requests with appropriate legal provisions.</p>
<p>vi. The wire transfer instructions are not intended to cover the following types of payments:</p>
<ol type="a">
<li>
<p>Any transfer that flows from a transaction carried out using a credit card / debit card / Prepaid Payment Instrument (PPI), including through a token or any other similar reference
string associated with the card / PPI, for the purchase of goods or services, so long as the credit or debit card number or PPI id or reference number accompanies all transfers flowing
from the transaction. However, when a credit or debit card or PPI is used as a payment system to effect a person-to-person wire transfer, the wire transfer instructions shall apply to
such transactions and the necessary information should be included in the message.</p>
</li>
<li>
<p> Financial institution-to-financial institution transfers and settlements, where both the originator person and the beneficiary person are regulated financial institutions acting on
their own behalf.</p>
</li>
</ol>
<p>It is, however, clarified that nothing within these instructions will impact the obligation of an RE to comply with applicable reporting requirements under PML Act, 2002, and the Rules
made thereunder, or any other statutory requirement in force.</p>
<p class="head">B. Responsibilities of ordering RE, intermediary RE and beneficiary RE, effecting wire transfer, are as under:</p>
<p class="head">i. Ordering RE:</p>
<ol type="a">
<li>
<p>The ordering RE shall ensure that all cross-border and qualifying domestic wire transfers {viz., transactions as per clauses (iii) and (iv) of paragraph ‘A’ above}, contain required
and accurate originator information and required beneficiary information, as indicated above.</p>
</li>
<li>
<p>Customer Identification shall be made if a customer, who is not an account holder of the ordering RE,is intentionally structuring domestic wire transfers below rupees fifty thousand
to avoid reporting or monitoring. In case of non-cooperation from the customer, efforts shall be made to establish identity and if the same transaction is found to be suspicious, STR
may be filed with FIU-IND in accordance with the PML Rules.</p>
</li>
<li>
<p> Ordering RE shall not execute the wire transfer if it is not able to comply with the requirements stipulated in this section.</p>
</li>
</ol>
<p class="head">ii. Intermediary RE:</p>
<ol type="a">
<li>
<p>RE processing an intermediary element of a chain of wire transfers shall ensure that all originator and beneficiary information accompanying a wire transfer is retained with the
transfer.</p>
</li>
<li>
<p>Where technical limitations prevent the required originator or beneficiary information accompanying a cross-border wire transfer from remaining with a related domestic wire transfer,
the intermediary RE shall keep a record, for at least five years, of all the information received from the ordering financial institution or another intermediary RE.</p>
</li>
<li>
<p>Intermediary RE shall take reasonable measures to identify cross-border wire transfers that lack required originator information or required beneficiary information. Such measures
should be consistent with straight-through processing.</p>
</li>
<li>
<p> Intermediary RE shall have effective risk-based policies and procedures for determining: (a) when to execute, reject, or suspend a wire transfer lacking required originator or
required beneficiary information; and (b) the appropriate follow-up action including seeking further information and if the transaction is found to be suspicious, reporting to FIU-IND
in accordance with the PML Rules.</p>
</li>
</ol>
<p class="head">iii. Beneficiary RE:</p>
<ol type="a">
<li>
<p>Beneficiary RE shall take reasonable measures, including post-event monitoring or real-time monitoring where feasible, to identify cross-border wire transfers and qualifying domestic
wire transfers {viz., transactions as per clauses (iii) and (iv) of paragraph ‘A’ above}, that lack required originator information or required beneficiary information.</p>
</li>
<li>
<p> Beneficiary RE shall have effective risk-based policies and procedures for determining: (a) when to execute, reject, or suspend a wire transfer lacking required originator or
required beneficiary information; and (b) the appropriate follow-up action follow-up action including seeking further information and if the transaction is found to be suspicious,
reporting to FIU-IND in accordance with the PML Rules.</p>
</li>
</ol>
<p><span class="head">iv. Money Transfer Service Scheme (MTSS)</span> providers are required to comply with all of the relevant requirements of this Section, whether they are providing
services directly or through their agents. In the case of a MTSS provider that controls both the ordering and the beneficiary side of a wire transfer, the MTSS provider:</p>
<ol type="a">
<li>
<p>shall take into account all the information from both the ordering and beneficiary sides in order to determine whether an STR has to be filed; and</p>
</li>
<li>
<p> shall file an STR with FIU, in accordance with the PML Rules, if a transaction is found to be suspicious.</p>
</li>
</ol>
<p class="head">C. Other Obligations</p>
<p class="head">i. Obligations in respect of REs’ engagement or involvement with unregulated entities in the process of wire transfer</p>
<p>REs shall be cognizant of their obligations under these instructions and ensure strict compliance, in respect of engagement or involvement of any unregulated entities in the process of
wire transfer. More specifically, whenever there is involvement of any unregulated entities in the process of wire transfers, the concerned REs shall be fully responsible for information,
reporting and other requirements and therefore shall ensure, inter alia, that,</p>
<ol type="i">
<li>
<p> there is unhindered flow of complete wire transfer information, as mandated under these directions, from and through the unregulated entities involved;</p>
</li>
<li>
<p>the agreement / arrangement, if any, with such unregulated entities by REs clearly stipulates the obligations under wire transfer instructions; and</p>
</li>
<li>
<p>a termination clause is available in their agreement / arrangement, if any, with such entities so that in case the unregulated entities are unable to support the wire information
requirements, the agreement / arrangement can be terminated. Existing agreements / arrangements, if any, with such entities shall be reviewed within three months to ensure
aforementioned requirements.</p>
</li>
</ol>
<p class="head">ii. REs’ responsibility while undertaking cross-border wire transfer with respect to name screening (such that they do not process cross-border transactions of designated
persons and entities)</p>
<p>REs are prohibited from conducting transactions with designated persons and entities and accordingly, in addition to compliance with Chapter IX of the Master Direction, REs shall ensure
that they do not process cross-border transactions of designated persons and entities.</p>
<p class="head">iii. REs’ responsibility to fulfil record management requirements</p>
<p>Complete originator and beneficiary information relating to wire transfers shall be preserved by the REs involved in the wire transfer, in accordance with Section 46 of the Master
Direction.</p>
</span>
<p class="head">65. Issue and Payment of Demand Drafts, etc.,</p>
<p>Any remittance of funds by way of demand draft, mail/telegraphic transfer/NEFT/IMPS or any other mode and issue of travelers’ cheques for value of rupees fifty thousand and above shall be
effected by debit to the customer’s account or against cheques and not against cash payment.</p>
<p>Further, the name of the purchaser shall be incorporated on the face of the demand draft, pay order, banker’s cheque, etc., by the issuing bank. These instructions shall take effect for
such instruments issued on or after September 15, 2018.</p>
<p class="head">66. <sup data-toggle="tooltip" title="Amended vide amendment dated January 9, 2020."><a href="#F116" class="link1">118</a></sup>Quoting of PAN</p>
<p>Permanent account number (PAN) <span style="color: brown">or equivalent e-document thereof</span> of customers shall be obtained and verified while undertaking transactions as per the
provisions of Income Tax Rule
<a href="http://www.incometaxindia.gov.in/_layouts/15/dit/Pages/viewer.aspx?grp=Rule&cname=CMSID&cval=103120000000007541&searchFilter=%5b%7b%22CrawledPropertyKey%22:0,%22Value%22:%22Income-tax%20Rules%22,%22SearchOperand%22:2%7d,%7b%22CrawledPropertyKey%22:1,%22Value%22:%22Rule%22,%22SearchOperand%22:2%7d%5d&k=&IsDlg=0" target="_blank" class="link1">114B</a>
applicable to banks, as amended from time to time. Form 60 shall be obtained from persons who do not have PAN <span style="color: brown">or equivalent e-document thereof</span>.</p>
<p class="head">67. Selling Third party products</p>
<p>REs acting as agents while selling third party products as per regulations in force from time to time shall comply with the following aspects for the purpose of these directions:</p>
<p>(a) the identity and address of the walk-in customer shall be verified for transactions above rupees fifty thousand as required under Section 13(e) of this Directions.</p>
<p>(b) transaction details of sale of third-party products and related records shall be maintained as prescribed in Chapter VII Section 46.</p>
<p>(c) AML software capable of capturing, generating and analysing alerts for the purpose of filing CTR/STR in respect of transactions relating to third party products with customers including
walk-in customers shall be available.</p>
<p>(d) transactions involving rupees fifty thousand and above shall be undertaken only by:</p>
<ul>
<li>
<p>debit to customers’ account or against cheques; and</p>
</li>
<li>
<p>obtaining and verifying the PAN given by the account-based as well as walk-in customers.</p>
</li>
</ul>
<p>(e) Instruction at ‘d’ above shall also apply to sale of REs’ own products, payment of dues of credit cards/sale and reloading of prepaid/travel cards and any other product for rupees fifty
thousand and above.</p>
<p class="head">68. At-par cheque facility availed by co-operative banks</p>
<p>(a) The ‘at par’ cheque facility offered by commercial banks to co-operative banks shall be monitored and such arrangements be reviewed to assess the risks including credit risk and
reputational risk arising therefrom.</p>
<p>(b) The right to verify the records maintained by the customer cooperative banks/ societies for compliance with the extant instructions on KYC and AML under such arrangements shall be
retained by banks.</p>
<p>(c) Cooperative Banks shall:</p>
<p>i. ensure that the ‘at par’ cheque facility is utilised only:</p>
<ol type="a">
<li>
<p>for their own use,</p>
</li>
<li>
<p>for their account-holders who are KYC complaint, provided that all transactions of rupees fifty thousand or more are strictly by debit to the customers’ accounts,</p>
</li>
<li>
<p>for walk-in customers against cash for less than rupees fifty thousand per individual.</p>
</li>
</ol>
<p>ii. maintain the following:</p>
<ol type="a">
<li>
<p>records pertaining to issuance of ‘at par’ cheques covering, inter alia, applicant’s name and account number, beneficiary’s details and date of issuance of the ‘at par’ cheque,</p>
</li>
<li>
<p>sufficient balances/drawing arrangements with the commercial bank extending such facility for purpose of honouring such instruments.</p>
</li>
</ol>
<p>iii. ensure that ‘At par’ cheques issued are crossed ‘account payee’ irrespective of the amount involved.</p>
<p class="head">69. Issuance of Prepaid Payment Instruments (PPIs):</p>
<p>PPI issuers shall ensure that the instructions issued by Department of Payment and Settlement System of Reserve Bank of India through their Master Direction are strictly adhered to.</p>
<p class="head">70. <sup data-toggle="tooltip" title="Amended vide amendment dated April 28, 2023"><a href="#F117" class="link1">119</a></sup>Hiring of Employees and Employee training</p>
<ol type="a">
<li>
<p>Adequate screening mechanism, <span style="color: DarkOrange">including Know Your Employee / Staff policy,</span> as an integral part of their personnel recruitment/hiring process shall
be put in place.</p>
</li>
<li>
<p><span style="color: DarkOrange">REs shall endeavour to ensure that the staff dealing with / being deployed for KYC/AML/CFT matters have: high integrity and ethical standards, good
understanding of extant KYC/AML/CFT standards, effective communication skills and ability to keep up with the changing KYC/AML/CFT landscape, nationally and internationally. REs shall
also strive to develop an environment which fosters open communication and high integrity amongst the staff.</span></p>
</li>
<li>
<p>On-going employee training programme shall be put in place so that the members of staff are adequately trained in <span style="color: DarkOrange">KYC/</span>AML/CFT policy. The focus of
the training shall be different for frontline staff, compliance staff and staff dealing with new customers. The front desk staff shall be specially trained to handle issues arising from
lack of customer education. Proper staffing of the audit function with persons adequately trained and well-versed in <span style="color: DarkOrange">KYC/</span>AML/CFT policies of the
RE, regulation and related issues shall be ensured.</p>
</li>
</ol>
<p class="head">71. <sup data-toggle="tooltip" title="Deleted vide amendment dated April 28, 2023"><a href="#F118" class="link1">120</a></sup><span style="color: DarkOrange">Deleted</span></p>
<p align="center" class="head"><a id="28"></a>Chapter XI<br>
<a id="29"></a>Repeal Provisions
</p>
<p>72. With the issue of these directions, the instructions / guidelines contained in the circulars mentioned in the <a href="#APP1" class="link1">Appendix</a>, issued by the Reserve Bank
stand repealed.</p>
<p>73. All approvals / acknowledgements given under the above circulars shall be deemed as given under these directions.</p>
<p>74. All the repealed circulars are deemed to have been in force prior to the coming into effect of these directions.</p>
<hr>
<p align="center" class="head"><span style="color: brown"><a id="AN1"></a>Annex I<br> Digital KYC Process</span></p><span style="color: brown">
<p>A. The RE shall develop an application for digital KYC process which shall be made available at customer touch points for undertaking KYC of their customers and the KYC process shall be
undertaken only through this authenticated application of the REs.</p>
<p>B. The access of the Application shall be controlled by the REs and it should be ensured that the same is not used by unauthorized persons. The Application shall be accessed only through
login-id and password or Live OTP or Time OTP controlled mechanism given by REs to its authorized officials.</p>
<p>C. The customer, for the purpose of KYC, shall visit the location of the authorized official of the RE or vice-versa. The original OVD shall be in possession of the customer.</p>
<p> D. The RE must ensure that the Live photograph of the customer is taken by the authorized officer and the same photograph is embedded in the Customer Application Form (CAF). Further, the
system Application of the RE shall put a water-mark in readable form having CAF number, GPS coordinates, authorized official’s name, unique employee Code (assigned by REs) and Date
(DD:MM:YYYY) and time stamp (HH:MM:SS) on the captured live photograph of the customer.</p>
<p> E. The Application of the RE shall have the feature that only live photograph of the customer is captured and no printed or video-graphed photograph of the customer is captured. The
background behind the customer while capturing live photograph should be of white colour and no other person shall come into the frame while capturing the live photograph of the customer.
</p>
<p> F. Similarly, the live photograph of the original OVD or proof of possession of Aadhaar where offline verification cannot be carried out (placed horizontally), shall be captured
vertically from above and water-marking in readable form as mentioned above shall be done. No skew or tilt in the mobile device shall be there while capturing the live photograph of the
original documents.</p>
<p> G. The live photograph of the customer and his original documents shall be captured in proper light so that they are clearly readable and identifiable.</p>
<p> H. Thereafter, all the entries in the CAF shall be filled as per the documents and information furnished by the customer. In those documents where Quick Response (QR) code is available,
such details can be auto-populated by scanning the QR code instead of manual filing the details. For example, in case of physical Aadhaar/e-Aadhaar downloaded from UIDAI where QR code is
available, the details like name, gender, date of birth and address can be auto-populated by scanning the QR available on Aadhaar/e-Aadhaar.</p>
<p> I. Once the above mentioned process is completed, a One Time Password (OTP) message containing the text that ‘Please verify the details filled in form before sharing OTP’ shall be sent
to customer’s own mobile number. Upon successful validation of the OTP, it will be treated as customer signature on CAF. However, if the customer does not have his/her own mobile number,
then mobile number of his/her family/relatives/known persons may be used for this purpose and be clearly mentioned in CAF. In any case, the mobile number of authorized officer registered
with the RE shall not be used for customer signature. The RE must check that the mobile number used in customer signature shall not be the mobile number of the authorized officer.</p>
<p> J. The authorized officer shall provide a declaration about the capturing of the live photograph of customer and the original document. For this purpose, the authorized official shall be
verified with One Time Password (OTP) which will be sent to his mobile number registered with the RE. Upon successful OTP validation, it shall be treated as authorized officer’s signature
on the declaration. The live photograph of the authorized official shall also be captured in this authorized officer’s declaration.</p>
<p> K. Subsequent to all these activities, the Application shall give information about the completion of the process and submission of activation request to activation officer of the RE,
and also generate the transaction-id/reference-id number of the process. The authorized officer shall intimate the details regarding transaction-id/reference-id number to customer for
future reference.</p>
<p> L. The authorized officer of the RE shall check and verify that:- (i) information available in the picture of document is matching with the information entered by authorized officer in
CAF. (ii) live photograph of the customer matches with the photo available in the document.; and (iii) all of the necessary details in CAF including mandatory field are filled properly.;
</p>
<p> M. On Successful verification, the CAF shall be digitally signed by authorized officer of the RE who will take a print of CAF, get signatures/thumb-impression of customer at appropriate
place, then scan and upload the same in system. Original hard copy may be returned to the customer.</p>
<p> Banks may use the services of Business Correspondent (BC) for this process.</p>
</span>
<hr><span style="color: DarkRed">
<p align="center" class="head"><a id="AN2"></a>Annex II</p>
<p align="center" class="head">File No. 14014/01/2019/CFT<br> Government of India<br> Ministry of Home Affairs<br> CTCR Division</p>
<p align="right">North Block, New Delhi.<br> Dated: the 2nd February, 2021<br>
<span
style="color: DarkOrange">(<a href="https://rbidocs.rbi.org.in/rdocs/content/pdfs/UAPAC15032023_AN.pdf" target="_blank" class="link1">Amended vide corrigendum dated March 15, 2023</a>)</span>
</p>
<p align="center" class="head"><u>ORDER</u></p>
<p class="head">Subject: - Procedure for implementation of Section 51A of the Unlawful Activities (Prevention) Act, 1967.</p>
<p>Section 51A of the Unlawful Activities (Prevention) Act, 1967 (UAPA) reads as under:-</p>
<p>"51A. For the prevention of, and for coping with terrorist activities, the Central Government shall have power to —</p>
<ol type="a">
<li>
<p> freeze, seize or attach funds and other financial assets or economic resources held by, on behalf of or at the direction of the individuals or entities listed in the Schedule to the
Order, or any other person engaged in or suspected to be engaged in terrorism;</p>
</li>
<li>
<p>prohibit any individual or entity from making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities listed in
the Schedule to the Order or any other person engaged in or suspected to be engaged in terrorism;</p>
</li>
<li>
<p>prevent the entry into or the transit through India of individuals listed in the Schedule to the Order or any other person engaged in or suspected to be engaged in terrorism".</p>
</li>
</ol>
<p>The Unlawful Activities (Prevention) Act, 1967 defines "Order" as under: -</p>
<p>"Order" means the Prevention and Suppression of Terrorism (Implementation of Security Council Resolutions) Order, 2007, as may be amended from time to time.</p>
<p>2. In order to ensure expeditious and effective implementation of the provisions of Section 51A, a revised procedure is outlined below in supersession of earlier orders and guidelines on
the subject:</p>
<p class="head">3. Appointment and communication details of the UAPA Nodal Officers:</p>
</span>
<p>3.1 The Additional Secretary (CTCR), Ministry of Home Affairs would be the Central [designated] Nodal Officer for the UAPA <span class="head">[Telephone Number: <span
style="color: DarkOrange">011-23092456, 011-230923465</span> (Fax), email address: <a href="mailto:jsctcr-mha@gov.in" class="link1">jsctcr-mha@gov.in</a>].</span></p>
<span style="color: DarkRed">
<p>3.2 The Ministry of External Affairs, Department of Economic Affairs, Ministry of Corporate Affairs, Foreigners Division of MHA, FIU-IND, Central Board of Indirect Taxes and Customs
(CBIC) and Financial Regulators (RBI, SEBI and IRDA) shall appoint a UAPA Nodal Officer and communicate the name and contact details to the Central [designated] Nodal Officer for the UAPA.
</p>
<p>3.4 All the States and UTs shall appoint a UAPA Nodal Officer preferably of the rank of the Principal Secretary/Secretary, Home Department and communicate the name and contact details to
the Central [designated] Nodal Officer for the UAPA.</p>
<p>3.5 The Central [designated] Nodal Officer for the UAPA shall maintain the consolidated list of all UAPA Nodal Officers and forward the list to all other UAPA Nodal Officers, in July
every year or as and when the list is updated and shall cause the amended list of UAPA Nodal Officers circulated to all the Nodal Officers.</p>
<p>3.6 The Financial Regulators shall forward the consolidated list of UAPA Nodal Officers to the banks, stock exchanges/depositories, intermediaries regulated by SEBI and insurance
companies.</p>
<p>3.7 The Regulators of the real estate agents, dealers in precious metals & stones (DPMS) and DNFBPs shall forward the consolidated list of UAPA Nodal Officers to the real estate
agents, dealers in precious metals & stones (DPMS) and DNFBPs.</p>
<p class="head">4. Communication of the list of designated individuals/entities:</p>
<p>4.1 The Ministry of External Affairs shall update the list of individuals and entities subject to the UN sanction measures whenever changes are made in the lists by the UNSC 1267
Committee pertaining to Al Qaida and Da’esh and the UNSC 1988 Committee pertaining to Taliban. On such revisions, the Ministry of External Affairs would electronically forward the changes
without delay to the designated Nodal Officers in the Ministry of Corporate Affairs, CBIC, Financial Regulators, FIU–IND, CTCR Division and Foreigners Division in MHA.</p>
<p>4.2 The Financial Regulators shall forward the list of designated persons as mentioned in Para 4(i) above, without delay to the banks, stock exchanges/ depositories, intermediaries
regulated by SEBI and insurance companies.</p>
<p>4.3 The Central [designated] Nodal Officer for the UAPA shall forward the designated list as mentioned in Para 4(i) above, to all the UAPA Nodal Officers of States/UTs without delay.</p>
<p>4.4 The UAPA Nodal Officer in Foreigners Division of MHA shall forward the designated list as mentioned in Para 4(i) above, to the immigration authorities and security agencies without
delay.</p>
<p>4.5 The Regulators of the real estate agents, dealers in precious metals & stones (DPMS) and DNFBPs shall forward the list of designated persons as mentioned in Para 4(i) above, to
the real estate agents, dealers in precious metals & stones (DPMS) and DNFBPs without delay.</p>
<p class="head">5. Regarding funds, financial assets or economic resources or related services held in the form of bank accounts, stocks or Insurance policies etc.</p>
<p>5.1 The Financial Regulators will issue necessary guidelines to banks, stock exchanges/depositories, intermediaries regulated by the SEBI and insurance companies requiring them -</p>
<p>(i) To maintain updated designated lists in electronic form and run a check on the given parameters on a daily basis to verify whether individuals or entities listed in the Schedule to
the Order, hereinafter, referred to as designated individuals/entities are holding any funds, financial assets or economic resources or related services held in the form of bank accounts,
stocks, Insurance policies etc., with them.</p>
<p>(ii) In case, the particulars of any of their customers match with the particulars of designated individuals/entities, the banks, stock exchanges/depositories, intermediaries regulated by
SEBI, insurance companies shall immediately inform full particulars of the funds, financial assets or economic resources or related services held in the form of bank accounts, stocks or
Insurance policies etc., held by such customer on their books to the Central [designated] Nodal Officer for the UAPA, at Fax No.011-23092551 and also convey over telephone No.
011-23092548. The particulars apart from being sent by post shall necessarily be conveyed on email id: <a href="mailto:jsctcr-mha@gov.in" class="link1">jsctcr-mha@gov.in</a>.</p>
<p>(iii) The banks, stock exchanges/depositories, intermediaries regulated by SEBI and insurance companies shall also send a copy of the communication mentioned in 5.1 (ii) above to the UAPA
Nodal Officer of the State/UT where the account is held and to Regulators and FIU-IND, as the case may be, without delay.</p>
<p>(iv) In case, the match of any of the customers with the particulars of designated individuals/entities is beyond doubt, the banks, stock exchanges/depositories, intermediaries regulated
by SEBI and insurance companies shall prevent such designated persons from conducting financial transactions, under intimation to the Central [designated] Nodal Officer for the UAPA at Fax
No.011-23092551 and also convey over telephone No.011-23092548. The particulars apart from being sent by post should necessarily be conveyed on e-mail id:
<a href="mailto:jsctcr-mha@gov.in" class="link1">jsctcr-mha@gov.in</a>, without delay.</p>
<p>(v) The banks, stock exchanges/depositories, intermediaries regulated by SEBI, and insurance companies shall file a Suspicious Transaction Report (STR) with FIU-IND covering all
transactions in the accounts, covered under Paragraph 5.1(ii) above, carried through or attempted as per the prescribed format.</p>
<p>5.2 On receipt of the particulars, as referred to in Paragraph 5 (i) above, the Central [designated] Nodal Officer for the UAPA would cause a verification to be conducted by the State
Police and/or the Central Agencies so as to ensure that the individuals/ entities identified by the banks, stock exchanges/depositories, intermediaries and insurance companies are the ones
listed as designated individuals/ entities and the funds, financial assets or economic resources or related services, reported by banks, stock exchanges/depositories, intermediaries
regulated by SEBI and insurance companies are held by the designated individuals/entities. This verification would be completed expeditiously from the date of receipt of such particulars.
</p>
<p>5.3 In case, the results of the verification indicate that the properties are owned by or are held for the benefit of the designated individuals/entities, an orders to freeze these assets
under Section 51A of the UAPA would be issued by the Central [designated] nodal officer for the UAPA without delay and conveyed electronically to the concerned bank branch, depository and
insurance company under intimation to respective Regulators and FIU-IND. The Central [designated] nodal officer for the UAPA shall also forward a copy thereof to all the Principal
Secretaries/Secretaries, Home Department of the States/UTs and all UAPA nodal officers in the country, so that any individual or entity may be prohibited from making any funds, financial
assets or economic resources or related services available for the benefit of the designated individuals/ entities or any other person engaged in or suspected to be engaged in terrorism.
The Central [designated] Nodal Officer for the UAPA shall also forward a copy of the order to all Directors General of Police/ Commissioners of Police of all States/UTs for initiating
action under the provisions of the Unlawful Activities (Prevention) Act, 1967.</p>
<p>The order shall be issued without prior notice to the designated individual/entity.</p>
<p class="head">6. Regarding financial assets or economic resources of the nature of immovable properties:</p>
<p>6.1 The Central [designated] Nodal Officer for the UAPA shall electronically forward the designated list to the UAPA Nodal Officers of all States and UTs with request to have the names of
the designated individuals/entities, on the given parameters, verified from the records of the office of the Registrar performing the work of registration of immovable properties in their
respective jurisdiction, without delay.</p>
<p>6.2 In case, the designated individuals/entities are holding financial assets or economic resources of the nature of immovable property and if any match with the designated
individuals/entities is found, the UAPA Nodal Officer of the State/UT would cause communication of the complete particulars of such individual/entity along with complete details of the
financial assets or economic resources of the nature of immovable property to the Central [designated] Nodal Officer for the UAPA without delay at Fax No. 011-23092551 and also convey over
telephone No. 011-23092548. The particulars apart from being sent by post would necessarily be conveyed on email id: <a href="mailto:jsctcr-mha@gov.in" class="link1">jsctcr-mha@gov.in</a>.
</p>
<p>6.3 The UAPA Nodal Officer of the State/UT may cause such inquiry to be conducted by the State Police so as to ensure that the particulars sent by the Registrar performing the work of
registering immovable properties are indeed of these designated individuals/entities. This verification shall be completed without delay and shall be conveyed within 24 hours of the
verification, if it matches with the particulars of the designated individual/entity to the Central [designated] Nodal Officer for the UAPA at the given Fax, telephone numbers and also on
the email id.</p>
<p>6.4 The Central [designated] Nodal Officer for the UAPA may also have the verification conducted by the Central Agencies. This verification would be completed expeditiously.</p>
<p>6.5 In case, the results of the verification indicates that the particulars match with those of designated individuals/entities, an order under Section 51A of the UAPA shall be issued by
the Central [designated] Nodal Officer for the UAPA without delay and conveyed to the concerned Registrar performing the work of registering immovable properties and to FIU-IND under
intimation to the concerned UAPA Nodal Officer of the State/UT.</p>
<p>The order shall be issued without prior notice to the designated individual/entity.</p>
<p>6.6 Further, the UAPA Nodal Officer of the State/UT shall cause to monitor the transactions/ accounts of the designated individual/entity so as to prohibit any individual or entity from
making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities listed in the Schedule to the Order or any other
person engaged in or suspected to be engaged in terrorism. The UAPA Nodal Officer of the State/UT shall, upon becoming aware of any transactions and attempts by third party immediately
bring to the notice of the DGP/Commissioner of Police of the State/UT for initiating action under the provisions of the Unlawful Activities (Prevention) Act, 1967.</p>
<p class="head">7. Regarding the real-estate agents, dealers of precious metals/stones (DPMS) and other Designated Non-Financial Businesses and Professions (DNFBPs):</p>
<p>(i) The Designated Non-Financial Businesses and Professions (DNFBPs), inter alia, include casinos, real estate agents, dealers in precious metals/stones (DPMS), lawyers/notaries,
accountants, company service providers and societies/ firms and non-profit organizations. The list of designated entities/individuals should be circulated to all DNFBPs by the concerned
Regulators without delay.</p>
<p>(ii) The CBIC shall advise the dealers of precious metals/stones (DPMS) that if any designated individual/entity approaches them for sale/purchase of precious metals/stones or attempts to
undertake such transactions the dealer should not carry out such transaction and without delay inform the CBIC, who in turn follow the similar procedure as laid down in the paragraphs 6.2
to 6.5 above.</p>
<p>(iii) The UAPA Nodal Officer of the State/UT shall advise the Registrar of Societies/ Firms/ non-profit organizations that if any designated individual/ entity is a shareholder/ member/
partner/ director/ settler/ trustee/ beneficiary/ beneficial owner of any society/ partnership firm/ trust/ non-profit organization, then the Registrar should inform the UAPA Nodal Officer
of the State/UT without delay, who will, in turn, follow the procedure as laid down in the paragraphs 6.2 to 6.5 above. The Registrar should also be advised that no societies/ firms/
non-profit organizations should be allowed to be registered, if any of the designated individual/ entity is a director/ partner/ office bearer/ trustee/ settler/ beneficiary or beneficial
owner of such juridical person and in case such request is received, then the Registrar shall inform the UAPA Nodal Officer of the concerned State/UT without delay, who will, in turn,
follow the procedure laid down in the paragraphs 6.2 to 6.5 above.</p>
<p>(iv) The UAPA Nodal Officer of the State/UT shall also advise appropriate department of the State/UT, administering the operations relating to Casinos, to ensure that the designated
individuals/ entities should not be allowed to own or have beneficial ownership in any Casino operation. Further, if any designated individual/ entity visits or participates in any game in
the Casino and/ or if any assets of such designated individual/ entity is with the Casino operator, and of the particulars of any client matches with the particulars of designated
individuals/ entities, the Casino owner shall inform the UAPA Nodal Officer of the State/UT without delay, who shall in turn follow the procedure laid down in paragraph 6.2 to 6.5 above.
</p>
<p>(v) The Ministry of Corporate Affairs shall issue an appropriate order to the Institute of Chartered Accountants of India, Institute of Cost and Works Accountants of India and Institute
of Company Secretaries of India (ICSI) requesting them to sensitize their respective members to the provisions of Section 51A of UAPA, so that if any designated individual/entity
approaches them, for entering/ investing in the financial sector and/or immovable property, or they are holding or managing any assets/ resources of Designated individual/ entities, then
the member shall convey the complete details of such designated individual/ entity to UAPA Nodal Officer in the Ministry of Corporate Affairs who shall in turn follow the similar procedure
as laid down in paragraph 6.2 to 6.5 above.</p>
<p>(vi) The members of these institutes should also be sensitized that if they have arranged for or have been approached for incorporation/ formation/ registration of any company, limited
liability firm, partnership firm, society, trust, association where any of designated individual/ entity is a director/ shareholder/ member of a company/ society/ association or partner in
a firm or settler/ trustee or beneficiary of a trust or a beneficial owner of a juridical person, then the member of the institute should not incorporate/ form/ register such juridical
person and should convey the complete details of such designated individual/ entity to UAPA Nodal Officer in the Ministry of Corporate Affairs who shall in turn follow the similar
procedure as laid down in paragraph 6.2 to 6.5 above.</p>
<p>(vii) In addition, the member of the ICSI be sensitized that if he/she is Company Secretary or is holding any managerial position where any of designated individual/ entity is a Director
and/or Shareholder or having beneficial ownership of any such juridical person then the member should convey the complete details of such designated individual/ entity to UAPA Nodal
Officer in the Ministry of Corporate Affairs who shall in turn follow the similar procedure as laid down in paragraph 6.2 to 6.5 above.</p>
<p>(viii) The Registrar of Companies (ROC) may be advised that in case any designated individual/ entity is a shareholder/ director/ whole time director in any company registered with ROC or
beneficial owner of such company, then the ROC should convey the complete details of such designated individual/ entity, as per the procedure mentioned in paragraph 8 to 10 above. This
procedure shall also be followed in case of any designated individual/ entity being a partner of Limited Liabilities Partnership Firms registered with ROC or beneficial owner of such
firms. Further the ROC may be advised that no company or limited liability Partnership firm shall be allowed to be registered if any of the designated individual/ entity is the Director/
Promoter/ Partner or beneficial owner of such company or firm and in case such a request received the ROC should inform the UAPA Nodal Officer in the Ministry of Corporate Affairs who in
turn shall follow the similar procedure as laid down in paragraph 6.2 to 6.5 above.</p>
<p class="head">8. Regarding implementation of requests received from foreign countries under U.N. Security Council Resolution 1373 of 2001:</p>
<p>8.1 The U.N. Security Council Resolution No.1373 of 2001 obligates countries to freeze without delay the funds or other assets of persons who commit, or attempt to commit, terrorist acts
or participate in or facilitate the commission of terrorist acts; of entities owned or controlled directly or indirectly by such persons; and of persons and entities acting on behalf of,
or at the direction of such persons and entities, including funds or other assets derived or generated from property owned or controlled, directly or indirectly, by such persons and
associated persons and entities. Each individual country has the authority to designate the persons and entities that should have their funds or other assets frozen. Additionally, to
ensure that effective cooperation is developed among countries, countries should examine and give effect to, if appropriate, the actions initiated under the freezing mechanisms of other
countries.</p>
<p>8.2 To give effect to the requests of foreign countries under the U.N. Security Council Resolution 1373, the Ministry of External Affairs shall examine the requests made by the foreign
countries and forward it electronically, with their comments, to the Central [designated] Nodal Officer for the UAPA for freezing of funds or other assets.</p>
<p>8.3 The Central [designated] Nodal Officer for the UAPA shall cause the request to be examined without delay, so as to satisfy itself that on the basis of applicable legal principles, the
requested designation is supported by reasonable grounds, or a reasonable basis, to suspect or believe that the proposed designee is a terrorist, one who finances terrorism or a terrorist
organization, and upon his satisfaction, request would be electronically forwarded to the Nodal Officers in Regulators, FIU-IND and to the Nodal Officers of the States/UTs. The proposed
designee, as mentioned above would be treated as designated individuals/entities.</p>
<p>9. Upon receipt of the requests by these Nodal Officers from the Central [designated] Nodal Officer for the UAPA, the similar procedure as enumerated at paragraphs 5 and 6 above shall be
followed.</p>
<p>The freezing orders shall be issued without prior notice to the designated persons involved.</p>
<p class="head">10. Regarding exemption, to be granted to the above orders in accordance with UNSCR 1452.</p>
<p>10.1 The above provisions shall not apply to funds and other financial assets or economic resources that have been determined by the Central [designated] nodal officer of the UAPA to be:-
</p>
<p>(a) necessary for basic expenses, including payments for foodstuff, rent or mortgage, medicines and medical treatment, taxes, insurance premiums and public utility charges, or exclusively
for payment of reasonable professional fees and reimbursement of incurred expenses associated with the provision of legal services or fees or service charges for routine holding or
maintenance of frozen funds or other financial assets or economic resources, after notification by the MEA of the intention to authorize, where appropriate, access to such funds, assets or
resources and in the absence of a negative decision within 48 hours of such notification;</p>
<p>(b) necessary for extraordinary expenses, provided that such determination has been notified by the MEA;</p>
<p>10.2. The addition may be allowed to accounts of the designated individuals/ entities subject to the provisions of paragraph 10 of:</p>
<p>(a) interest or other earnings due on those accounts, or</p>
<p>(b) payments due under contracts, agreements or obligations that arose prior to the date on which those accounts became subject to the provisions of resolutions 1267 (1999), 1333 (2000),
or 1390 (2002),</p>
<p>Provided that any such interest, other earnings and payments continue to be subject to those provisions;</p>
<p><span style="color: DarkOrange">10.3 (a): The designated individual or organization may submit a request to the Central [Designated] Nodal Officer for UAPA under the provisions of Para
10.1 above. The Central [Designated] Nodal Officer for UAPA may be approached by post at “Additional Secretary (CTCR), North Block, New Delhi – 110001” or through email to
<a href="mailto:jsctcr-mha@gov.in" class="link1">jsctcr-mha@gov.in</a>”</span></p>
<p><span style="color: DarkOrange">(b): The Central [Designated] Nodal Officer for UAPA shall examine such requests, in consultation with the Law Enforcement Agencies and other Security
Agencies and Intelligence Agencies and, if accepted, communicate the same, if applicable, to the Ministry of External Affairs, Government of India for notifying the committee established
pursuant to UNSC Resolution 1267 (1999) of the intention to authorize, access to such funds, assets or resources in terms of Para 10.1 above.</span></p>
<p class="head">11. Regarding procedure for unfreezing of funds, financial assets or economic resources or related services of individuals/entities inadvertently affected by the freezing
mechanism upon verification that the person or entity is not a designated person:</p>
<p>11.1 Any individual or entity, if it has evidence to prove that the freezing of funds, financial assets or economic resources or related services, owned/held by them has been
inadvertently frozen, they shall move an application giving the requisite evidence, in writing, to the concerned bank, stock exchanges/ depositories, intermediaries regulated by SEBI,
insurance companies, Registrar of Immovable Properties, ROC, Regulators of DNFBPs and the UAPA Nodal Officers of State/UT.</p>
<p>11.2 The banks, stock exchanges/depositories, intermediaries regulated by SEBI, insurance companies, Registrar of Immovable Properties, ROC, Regulators of DNFBPs and the State/ UT Nodal
Officers shall inform and forward a copy of the application together with full details of the asset frozen given by any individual or entity informing of the funds, financial assets or
economic resources or related services have been frozen inadvertently, to the Central [designated] Nodal Officer for the UAPA as per the contact details given in Paragraph 3.1 above,
within two working days.</p>
<p>11.3 The Central [designated] Nodal Officer for the UAPA shall cause such verification, as may be required on the basis of the evidence furnished by the individual/entity, and, if
satisfied, he/she shall pass an order, without delay, unfreezing the funds, financial assets or economic resources or related services, owned/held by such applicant, under intimation to
the concerned bank, stock exchanges/depositories, intermediaries regulated by SEBI, insurance company, Registrar of Immovable Properties, ROC, Regulators of DNFBPs and the UAPA Nodal
Officer of State/UT. However, if it is not possible for any reason to pass an Order unfreezing the assets within 5 working days, the Central [designated] Nodal Officer for the UAPA shall
inform the applicant expeditiously.</p>
<p class="head"><span style="color: DarkOrange">11A. Regarding procedure for unfreezing of funds, financial assets or economic resources or related services of individuals/organisations in
the event of delisting by the UNSCR 1267 (1999), 1988 (2011) and 1989 (2011) Committee</span></p>
<p><span style="color: DarkOrange">Upon making an application in writing by the concerned individual/organisation, to the concerned bank, stock exchanges/depositories, intermediaries
regulated by SEBI, insurance companies, Registrar of Immovable Properties, RoC, Regulators of DNFBPs, Department of Posts and the UAPA Nodal Officers of all States/UTs., who in turn
shall forward the application along with the full details of the assets frozen to the Central [Designated] Nodal Officer for UAPA within two working days. The Central [Designated] Nodal
Officer for UAPA shall examine the request in consultation with the Law Enforcement Agencies and other Security Agencies and Intelligence Agencies and cause such verification as may be
required and if satisfied, shall pass an order, without delay, unfreezing the funds, financial assets or economic resources or related services owned or held by the applicant under
intimation to concerned bank, stock exchanges/ depositories, intermediaries regulated by SEBI, insurance companies, Registrar of Immovable Properties, RoC, Regulators of DNFBPs,
Department of Posts and the UAPA Nodal Officers of all States/UTs.</span></p>
<p class="head">12. Regarding prevention of entry into or transit through India:</p>
<p>12.1 As regards prevention of entry into or transit through India of the designated individuals, the UAPA Nodal Officer in the Foreigners Division of MHA, shall forward the designated
lists to the immigration authorities and security agencies with a request to prevent the entry into or the transit through India. The order shall take place without prior notice to the
designated individuals/entities.</p>
<p>12.2 The immigration authorities shall ensure strict compliance of the order and also communicate the details of entry or transit through India of the designated individuals as prevented
by them to the UAPA Nodal Officer in Foreigners Division of MHA.</p>
<p><span class="head">13. Procedure for communication of compliance of action taken under Section 51A:</span> The Central [designated] Nodal Officer for the UAPA and the Nodal Officer in the
Foreigners Division, MHA shall furnish the details of funds, financial assets or economic resources or related services of designated individuals/entities frozen by an order, and details
of the individuals whose entry into India or transit through India was prevented, respectively, to the Ministry of External Affairs for onward communication to the United Nations.</p>
<p><span class="head">14. Communication of the Order issued under Section 51A of Unlawful Activities (Prevention) Act, 1967:</span> The order issued under Section 51A of the Unlawful
Activities (Prevention) Act, 1967 by the Central [designated] Nodal Officer for the UAPA relating to funds, financial assets or economic resources or related services, shall be
communicated to all the UAPA nodal officers in the country, the Regulators of Financial Services, FIU-IND and DNFBPs, banks, depositories/stock exchanges, intermediaries regulated by SEBI,
Registrars performing the work of registering immovable properties through the UAPA Nodal Officer of the State/UT.</p>
<p>15. All concerned are requested to ensure strict compliance of this order.</p>
<p align="right">(Ashutosh Agnihotri)<br> Joint Secretary to the Government of India</p>
<p>To,</p>
<p>1) Governor, Reserve Bank of India, Mumbai</p>
<p> 2) Chairman, Securities & Exchange Board of India, Mumbai</p>
<p> 3) Chairman, Insurance Regulatory and Development Authority, Hyderabad.</p>
<p> 4) Foreign Secretary, Ministry of External Affairs, New Delhi.</p>
<p> 5) Finance Secretary, Ministry of Finance, New Delhi.</p>
<p> 6) Revenue Secretary, Department of Revenue, Ministry of Finance, New Delhi.</p>
<p> 7) Secretary, Ministry of Corporate Affairs, New Delhi</p>
<p> 8) Chairman, Central Board of Indirect Taxes & Customs, New Delhi.</p>
<p> 9) Director, Intelligence Bureau, New Delhi.</p>
<p> 10) Additional Secretary, Department of Financial Services, Ministry of Finance, New Delhi.</p>
<p> 11) Chief Secretaries of all States/Union Territories</p>
<p> 12) Principal Secretary (Home)/Secretary (Home) of all States/ Union Territories</p>
<p>13) Directors General of Police of all States & Union Territories</p>
<p> 14) Director General of Police, National Investigation Agency, New Delhi.</p>
<p> 15) Commissioner of Police, Delhi.</p>
<p> 16) Joint Secretary (Foreigners), Ministry of Home Affairs, New Delhi.</p>
<p> 17) Joint Secretary (Capital Markets), Department of Economic Affairs, Ministry of Finance, New Delhi.</p>
<p> 18) Joint Secretary (Revenue), Department of Revenue, Ministry of Finance, New Delhi.</p>
<p> 19) Director (FIU-IND), New Delhi.</p>
<p>Copy for information to: -</p>
<p>1. Sr. PPS to HS</p>
<p> 2. PS to SS (IS)</p>
</span>
<hr>
<span style="color: DarkOrange">
<p align="center"><sup data-toggle="tooltip" title="Inserted vide amendment dated April 28, 2023"><a href="#F119" class="link1">121</a></sup><span class="head"><a id="AN3"></a>Annex III<br>
F.No.P - 12011/2022-ES Cell-DOR<br> Government of India<br> Ministry of Finance<br> Department of Revenue<br> ***</span></p>
<p align="right" class="head">New Delhi, dated the 30th January, 2023.</p>
<p align="center" class="head"><u>ORDER</u></p>
<p class="head">Subject: - Procedure for implementation of Section 12A of “The Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005”</p>
<p>I Section 12A of The Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 [hereinafter referred to as ‘the Act’] reads as under: -</p>
<p>"12A. (1) No person shall finance any activity which is prohibited under this Act, or under the United Nations (Security Council) Act, 1947 or any other relevant Act for the time being in
force, or by an order issued under any such Act, in relation to weapons of mass destruction and their delivery systems.</p>
<p>(2) For prevention of financing by any person of any activity which is prohibited under this Act, or under the United Nations (Security Council) Act, 1947 or any other relevant Act for
the time being in force, or by an order issued under any such Act, in relation to weapons of mass destruction and their delivery systems, the Central Government shall have power to—</p>
<p>a) freeze, seize or attach funds or other financial assets or economic resources—</p>
<ol type="i">
<li>
<p>owned or controlled, wholly or jointly, directly or indirectly, by such person; or</p>
</li>
<li>
<p>held by or on behalf of, or at the direction of, such person; or</p>
</li>
<li>
<p>derived or generated from the funds or other assets owned or controlled, directly or indirectly, by such person;</p>
</li>
</ol>
<p>b) prohibit any person from making funds, financial assets or economic resources or related services available for the benefit of persons related to any activity which is prohibited under
this Act, or under the United Nations (Security Council) Act, 1947 or any other relevant Act for the time being in force, or by an order issued under any such Act, in relation to weapons
of mass destruction and their delivery systems.</p>
<p>(3) The Central Government may exercise its powers under this section through any authority who has been assigned the power under sub-section (1) of section 7.”</p>
<p>II In order to ensure expeditious and effective implementation of the provisions of Section 12A of the Act, the procedure is outlined below.</p>
<p class="head">1. Appointment and communication details of Section 12A Nodal Officers:</p>
<p>1.1 In exercise of the powers conferred under Section 7(1) of the Act, the Central Government assigns Director, FIU-India, Department of Revenue, Ministry of Finance, as the authority to
exercise powers under Section 12A of the Act. The Director, FIU-India shall be hereby referred to as the Central Nodal Officer (CNO) for the purpose of this order. <span
class="head">[Telephone Number: 011-23314458, 011-23314435, 011-23314459 (FAX), email address: <a href="mailto:dir@fiuindia.gov.in" class="link1">dir@fiuindia.gov.in</a>]</span>.</p>
<p>1.2 <span class="head">Regulator</span> under this order shall have the same meaning as defined in Rule 2(fa) of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. <span
class="head">Reporting Entity (RE)</span> shall have the same meaning as defined in Section 2 (1) (wa) of Prevention of Money-Laundering Act, 2002. DNFPBs is as defined in section 2(1)
(sa) of Prevention of Money-Laundering Act, 2002.</p>
<p>1.3 The Regulators and Foreigners Division of MHA shall notify a Nodal Officer for implementation of provisions of Section 12A of the Act. The Regulator may notify the Nodal Officer
appointed for implementation of provisions of Section 51A of UAPA, also, as the Nodal Officer for implementation of Section 12A of the Act. All the States and UTs shall notify a State
Nodal officer for implementation of Section 12A of the Act. A State/UT may notify the State Nodal Officer appointed for implementation of provisions of Section 51A of UAPA, also, as the
Nodal Officer for implementation of Section 12A of the Act.</p>
<p>1.4 The CNO shall maintain an updated list of all Nodal Officers, and share the updated list with all Nodal Officers periodically. The CNO shall forward the updated list of all Nodal
Officers to all REs.</p>
<p class="head">2. Communication of the lists of designated individuals/entities:</p>
<p>2.1 The Ministry of External Affairs will electronically communicate, without delay, the changes made in the list of designated individuals and entities (hereinafter referred to as
‘designated list’) as specified under section 12A (1) to the CNO and Nodal officers.</p>
<p>2.1.1 Further, the CNO shall maintain the Designated list on the portal of FIU-India. The list would be updated by the CNO, as and when it is updated, as per para 2.1 above, without
delay. It shall make available for all Nodal officers, the State Nodal Officers, and to the Registrars performing the work of registration of immovable properties, either directly or
through State Nodal Officers, without delay.</p>
<p>2.1.2 The Ministry of External Affairs may also share other information relating to prohibition / prevention of financing of prohibited activity under Section 12A (after its initial
assessment of the relevant factors in the case) with the CNO and other organizations concerned, for initiating verification and suitable action.</p>
<p>2.1.3 The Regulators shall make available the updated designated list, without delay, to their REs. The REs will maintain the designated list and update it, without delay, whenever
changes are made as per para 2.1 above.</p>
<p>2.2 The Nodal Officer for Section 12A in Foreigners Division of MHA shall forward the updated designated list to the immigration authorities and security agencies, without delay.</p>
<p class="head">3. Regarding funds, financial assets or economic resources or related services held in the form of bank accounts, stocks or insurance policies, etc.</p>
<p>3.1 All Financial Institutions shall –</p>
<ol type="i">
<li>
<p>Verify if the particulars of the entities/individual, party to the financial transactions, match with the particulars of designated list and in case of match, REs shall not carry out
such transaction and shall immediately inform the transaction details with full particulars of the funds, financial assets or economic resources involved to the CNO by email, FAX and
by post, without delay.</p>
</li>
<li>
<p>Run a check, on the given parameters, at the time of establishing a relation with a customer and on a periodic basis to verify whether individuals and entities in the designated list
are holding any funds, financial assets or economic resources or related services, in the form of bank accounts, stocks, Insurance policies etc. In case, the particulars of any of
their customers match with the particulars of designated list, REs shall immediately inform full particulars of the funds, financial assets or economic resources or related services
held in the form of bank accounts, stocks or insurance policies etc., held on their books to the CNO by email, FAX and by post, without delay.</p>
</li>
<li>
<p>The REs shall also send a copy of the communication, mentioned in 3.1 (i) and (ii) above, to State Nodal Officer, where the account/transaction is held, and to their Regulator, as the
case may be, without delay.</p>
</li>
<li>
<p>In case there are reasons to believe beyond doubt that funds or assets held by a customer would fall under the purview of clause (a) or (b) of sub-section (2) of Section 12A, REs
shall prevent such individual/entity from conducting financial transactions, under intimation to the CNO by email, FAX and by post, without delay.</p>
</li>
<li>
<p> The REs shall file a Suspicious Transaction Report (STR) with FIU-IND covering all transactions in the accounts, covered under Paragraph 3.1 (i) and (ii) above, carried through or
attempted.</p>
</li>
</ol>
<p>3.2 On receipt of the particulars, as referred to in Paragraph 3.1 above, the CNO would cause a verification to be conducted by the State Police and/or the Central Agencies so as to
ensure that the individuals/entities identified by the REs are the ones in designated list and the funds, financial assets or economic resources or related services, reported by REs are in
respect of the designated individuals/entities. This verification would be completed expeditiously from the date of receipt of such particulars.</p>
<p>3.3 In case, the results of the verification indicate that the assets are owned by, or are held for the benefit of, the designated individuals/entities, an order to freeze these assets
under Section 12A would be issued by the CNO without delay and be conveyed electronically to the concerned RE under intimation to respective Regulators. The CNO shall also forward a copy
thereof to all the Principal Secretaries/Secretaries, Home Department of the States/UTs and All Nodal officers in the country, so that any individual or entity may be prohibited from
making any funds, financial assets or economic resources or related services available for the benefit of the designated individuals / entities. The CNO shall also forward a copy of the
order to all Directors General of Police/ Commissioners of Police of all States/UTs for initiating suitable action.</p>
<p>3.4 The order shall be issued without prior notice to the designated individual/entity.</p>
<p class="head">4. Regarding financial assets or economic resources of the nature of immovable properties:</p>
<p>4.1 The Registrars performing work of registration of immovable properties shall --</p>
<ol type="i">
<li>
<p>Verify if the particulars of the entities/individual, party to the transactions, match with the particulars of the designated list, and, in case of match, shall not carry out such
transaction and immediately inform the details with full particulars of the assets or economic resources involved to the State Nodal Officer, without delay.</p>
</li>
<li>
<p>Verify from the records in their respective jurisdiction, without delay, on given parameters, if the details match with the details of the individuals and entities in the designated
list. In case, the designated individuals/entities are holding financial assets or economic resources of the nature of immovable property, and if any match with the designated
individuals/entities is found, the Registrar shall immediately inform the details with full particulars of the assets or economic resources involved to the State Nodal Officer, without
delay.</p>
</li>
<li>
<p>In case there are reasons to believe beyond doubt that assets that are held by an individual/entity would fall under the purview of clause (a) or (b) of sub-section (2) of Section
12A, Registrar shall prevent such individual/entity from conducting transactions, under intimation to the State Nodal Officer by email, FAX and by post, without delay.</p>
</li>
</ol>
<p>4.2 the State Nodal Officer would cause communication of the complete particulars of such individual/entity along with complete details of the financial assets or economic resources to
the CNO without delay by email, FAX and by post.</p>
<p>4.3 The State Nodal Officer may cause such inquiry to be conducted by the State Police so as to ensure that the particulars sent are indeed of these designated individuals/entities. This
verification shall be completed without delay and shall be conveyed, within 24 hours of the verification, if it matches, with the particulars of the designated individual/entity, to the
CNO without delay by email, FAX and by post.</p>
<p>4.4 The CNO may also have the verification conducted by the Central Agencies. This verification would be completed expeditiously.</p>
<p>4.5 In case, the results of the verification indicate that the assets are owned by, or are held for the benefit of, the designated individuals/entities, an order to freeze these assets
under Section 12A would be issued by the CNO without delay and be conveyed electronically to the concerned Registrar performing the work of registering immovable properties, and to FIU
under intimation to the concerned State Nodal Officer. The CNO shall also forward a copy thereof to all the Principal Secretaries/Secretaries, Home Department of the States/UTs and All
Nodal officers in the country, so that any individual or entity may be prohibited from making any funds, financial assets or economic resources or related services available for the
benefit of the designated individuals / entities. The CNO shall also forward a copy of the order to all Directors General of Police/ Commissioners of Police of all States/UTs for
initiating suitable action.</p>
<p>4.6 The order shall be issued without prior notice to the designated individual/entity.</p>
<p class="head">5. Regarding the real-estate agents, dealers of precious metals/stones (DPMS) and other Designated Non-Financial Businesses and Professions (DNFBPs):</p>
<p>(i) The dealers of precious metals/stones (DPMS) as notified under PML (Maintenance of Records) Rules, 2005 and Real Estate Agents, as notified under clause (vi) of Section 2(1) (sa) of
Prevention of Money-Laundering Act, 2002, are required to ensure that if any designated individual/entity approaches them for sale/purchase of precious metals/stones/Real Estate Assets or
attempts to undertake such transactions, the dealer should not carry out such transaction and, without delay, inform the Section 12A Nodal officer in the Central Board of Indirect Taxes
and Customs (CBIC). Also, If the dealers hold any assets or funds of the designated individual/entity, they shall freeze the same without delay and inform the Section 12A Nodal officer in
the CBIC, who will, in turn, follow procedure similar to as laid down for State Nodal Officer in the paragraphs 4.2 to 4.6.</p>
<p>(ii) Registrar of Societies/ Firms/ non-profit organizations are required to ensure that if any designated individual/ entity is a shareholder/ member/ partner/ director/ settler/
trustee/ beneficiary/ beneficial owner of any society/ partnership firm/ trust/ non-profit organization, then the Registrar shall freeze any transaction for such designated individual/
entity and shall inform the State Nodal Officer, without delay, and, if such society/ partnership firm/ trust/ non-profit organization holds funds or assets of designated individual/
entity, follow the procedure as laid down for State Nodal Officer in the paragraphs 4.2 to 4.6 above. The Registrar should also ensure that no societies/ firms/ non-profit organizations
should be allowed to be registered if any of the designated individual/ entity is a director/ partner/ office bearer/ trustee/ settler/ beneficiary or beneficial owner of such juridical
person and, in case, such request is received, then the Registrar shall inform the State Nodal Officer, without delay.</p>
<p>(iii) The State Nodal Officer shall also advise appropriate department of the State/UT, administering the operations relating to Casinos, to ensure that the designated individuals/
entities should not be allowed to own or have beneficial ownership in any Casino operation. Further, if any designated individual/ entity visits or participates in any game in the Casino
or if any assets of such designated individual/ entity are with the Casino operator, or if the particulars of any client match with the particulars of designated individuals/ entities, the
Casino owner shall inform the State Nodal Officer, without delay, and shall freeze any such transaction.</p>
<p>(iv) The Ministry of Corporate Affairs shall issue an appropriate order to the Institute of Chartered Accountants of India, Institute of Cost and Works Accountants of India and Institute
of Company Secretaries of India (ICSI), requesting them to sensitize their respective members to the provisions of Section 12A, so that, if any designated individual/entity approaches
them, for entering/ investing in the financial sector and/or immovable property, or they are holding or managing any assets/ resources of designated individual/ entities, then the member
shall convey the complete details of such designated individual/ entity to Section 12A Nodal Officer in the Ministry of Corporate Affairs, who shall in turn follow the similar procedure as
laid down for State Nodal Officer in paragraph 4.2 to 4.6 above.</p>
<p>(v) The members of these institutes should also be sensitized that if they have arranged for or have been approached for incorporation/ formation/ registration of any company, limited
liability firm, partnership firm, society, trust, association where any designated individual/ entity is a director/ shareholder/ member of a company/ society/ association or partner in a
firm or settler/ trustee or beneficiary of a trust or a beneficial owner of a juridical person, then the member of the institute should not incorporate/ form/ register such juridical
person and should convey the complete details of such designated individual/ entity to Section 12A Nodal Officer in the Ministry of Corporate Affairs.</p>
<p>(vi) In addition, a member of the ICSI shall, if he/she is Company Secretary or is holding any managerial position where any of designated individual/ entity is a Director and/or
Shareholder or having beneficial ownership of any such juridical person, convey the complete details of such designated individual/ entity to Section 12A Nodal Officer in the Ministry of
Corporate Affairs, who shall follow the similar procedure as laid down in paragraph 4.2 to 4.6 above for State Nodal Officer, if such company, limited liability firm, partnership firm,
society, trust, or association holds funds or assets of the designated individual/entity.</p>
<p>(vii) In case any designated individual/ entity is a shareholder/ director/ whole time director in any company registered with the Registrar of Companies (ROC) or beneficial owner of such
company or partner in a Limited Liabilities Partnership Firm registered with ROC or beneficial owner of such firm, the ROC should convey the complete details of such designated individual/
entity to section 12A Nodal officer of Ministry of Corporate Affairs. If such company or LLP holds funds or assets of the designated individual/ entity, he shall follow the similar
procedure as laid down in paragraph 4.2 to 4.6 above for State Nodal Officer. Further the ROCs are required to ensure that no company or limited liability Partnership firm shall be allowed
to be registered if any of the designated individual/ entity is the Director/ Promoter/ Partner or beneficial owner of such company or firm, and in case such a request is received, the ROC
should inform the Section 12A Nodal Officer in the Ministry of Corporate Affairs.</p>
<p>(viii) All communications to Nodal officer as enunciated in subclauses (i) to (vii) above should, inter alia, include the details of funds and assets held and the details of transaction.
</p>
<p>5.1. All Natural and legal persons holding any funds or other assets of designated persons and entities, shall, without delay and without prior notice, freeze any transaction in relation
to such funds or assets and shall immediately inform the State Nodal officer along with details of the funds/assets held, who in turn would follow the same procedure as in para 4.2 to 4.6
above for State Nodal Officer. This obligation should extend to all funds or other assets that are owned or controlled by the designated person or entity, and not just those that can be
tied to a particular act, plot or threat of proliferation; those funds or other assets that are wholly or jointly owned or controlled, directly or indirectly, by designated persons or
entities; and the funds or other assets derived or generated from funds or other assets owned or controlled directly or indirectly by designated persons or entities, as well as funds or
other assets of persons and entities acting on behalf of, or at the direction of designated persons or entities.</p>
<p>5.2. Further, the State Nodal Officer shall cause to monitor the transactions / accounts of the designated individual/entity so as to prohibit any individual or entity from making any
funds, financial assets or economic resources or related services available for the benefit of the individuals or entities in the designated list. The State Nodal Officer shall, upon
becoming aware of any transactions and attempts by third party, without delay, bring the incidence to the notice of the CNO and the DGP/Commissioner of Police of the State/UT for
initiating suitable action.</p>
<p>5.3. Where the CNO has reasons to believe that any funds or assets are violative of Section 12A (1) or Section 12A (2)(b) of the Act, he shall, by order, freeze such funds or Assets,
without any delay, and make such order available to authorities, Financial Institutions, DNFBPs and other entities concerned.</p>
<p class="head">6. Regarding exemption, to be granted to the above orders</p>
<p>6.1. The above provisions shall not apply to funds and other financial assets or economic resources that have been determined by the CNO to be: -</p>
<p>(a) necessary for basic expenses, including payments for foodstuff, rent or mortgage, medicines and medical treatment, taxes, insurance premiums and public utility charges, or exclusively
for payment of reasonable professional fees and reimbursement of incurred expenses associated with the provision of legal services or fees or service charges for routine holding or
maintenance of frozen funds or other financial assets or economic resources, consequent to notification by the MEA authorizing access to such funds, assets or resources.</p>
<p>(b) necessary for extraordinary expenses, provided that such determination has been notified by the MEA;</p>
<p>6.2. The accounts of the designated individuals/ entities may be allowed to be credited with:</p>
<p>(a) interest or other earnings due on those accounts, or</p>
<p>(b) payments due under contracts, agreements or obligations that arose prior to the date on which those accounts became subject to the provisions of section 12A of the Act.</p>
<p>Provided that any such interest, other earnings and payments continue to be subject to those provisions under para 3.3;</p>
<p class="head">7. Regarding procedure for unfreezing of funds, financial assets or economic resources or related services of individuals/entities inadvertently affected by the freezing
mechanism upon verification that the individual or entity is not a designated person or no longer meet the criteria for designation:</p>
<p>7.1 Any individual/entity, if it has evidence to prove that the freezing of funds, financial assets or economic resources or related services, owned/held has been inadvertently frozen, an
application may be moved giving the requisite evidence, in writing, to the relevant RE/Registrar of Immovable Properties/ ROC/Regulators and the State.</p>
<p>7.2 The RE/Registrar of Immovable Properties/ROC/Regulator and the State Nodal Officer shall inform, and forward a copy of the application, together with full details of the asset frozen,
as given by applicant to the CNO by email, FAX and by Post, within two working days. Also, listed persons and entities may petition a request for delisting at the Focal Point Mechanism
established under UNSC Resolution.</p>
<p>7.3 The CNO shall cause such verification, as may be required on the basis of the evidence furnished by the individual/entity, and, if satisfied, it shall pass an order, without delay,
unfreezing the funds, financial assets or economic resources or related services, owned/held by such applicant, under intimation to all RE/Registrar of Immovable Properties/ROC/Regulators
and the State Nodal Officer. However, if it is not possible, for any reason, to pass an Order unfreezing the assets within 5 working days, the CNO shall inform the applicant expeditiously.
</p>
<p>7.4 The CNO shall, based on de-listing of individual and entity under UN Security Council Resolutions, shall pass an order, if not required to be designated in any other order, without
delay, unfreezing the funds, financial assets or economic resources or related services, owned/held by such applicant, under intimation to all RE/Registrar of Immovable
Properties/ROC/Regulators and the State Nodal Officer.</p>
<p><span class="head">8. Procedure for communication of compliance of action taken under Section 12A:</span> The CNO and the Nodal Officer in the Foreigners Division, MHA shall furnish the
details of funds, financial assets or economic resources or related services of designated individuals/entities, frozen by an order, and details of the individuals whose entry into India
or transit through India was prevented, respectively, to the Ministry of External Affairs, for onward communication to the United Nations.</p>
<p><span class="head">9. Communication of the Order issued under Section 12A:</span> The Order issued under Section 12A of the Act by the CNO relating to funds, financial assets or economic
resources or related services, shall be communicated to all nodal officers in the country.</p>
<p>10. All concerned are requested to ensure strict compliance of this order.</p>
<p align="right">(Ritvik Ranjanam Pandey)<br> Joint Secretary to the Government of India</p>
<p>To,<br> 1) Governor, Reserve Bank of India, Mumbai<br> 2) Chairman, Securities & Exchange Board of India, Mumbai<br> 3) Chairman, Insurance Regulatory and Development Authority,
Hyderabad.<br> 4) Foreign Secretary, Ministry of External Affairs, New Delhi.<br> 5) Finance Secretary, Ministry of Finance, New Delhi.<br> 6) Revenue Secretary, Department of Revenue,
Ministry of Finance, New Delhi.<br> 7) Secretary, Ministry of Corporate Affairs, New Delhi<br> 8) Chairman, Central Board of Indirect Taxes & Customs, New Delhi.<br> 9) Director,
Intelligence Bureau, New Delhi.<br> 10) Additional Secretary, Department of Financial Services, Ministry of Finance, New Delhi.<br> 11) Chief Secretaries of all States/Union
Territories<br> 12) Principal Secretary (Home)/Secretary (Home) of all States/ Union Territories<br> 13) Directors General of Police of all States & Union Territories<br> 14) Director
General of Police, National Investigation Agency, New Delhi.<br> 15) Commissioner of Police, Delhi.<br> 16) Joint Secretary (Foreigners), Ministry of Home Affairs, New Delhi.<br> 17) Joint
Secretary (Capital Markets), Department of Economic Affairs, Ministry of Finance, New Delhi.<br> 18) Joint Secretary (Revenue), Department of Revenue, Ministry of Finance, New Delhi.<br>
19) Director (FIU-IND), New Delhi.</p>
<p>Copy for information to: -<br> 1. Sr. PPS to HS<br> 2. PS to SS (IS)</p>
</span>
<hr>
<p align="center" class="head"><a id="AN4"></a>Annex IV<br> KYC documents for eligible FPIs under PIS</p>
<table width="95%" border="0" align="center" cellpadding="0" cellspacing="1" class="tablebg">
<tbody>
<tr class="tablecontent1">
<td colspan="2" align="center"> </td>
<td colspan="3" align="center"><span class="head">FPI Type</span></td>
</tr>
<tr class="tablecontent1">
<td colspan="2" align="center"><span class="head">Document Type</span></td>
<td width="18%" align="center"><span class="head">Category I</span></td>
<td width="18%" align="center"><span class="head">Category II</span></td>
<td width="18%" align="center"><span class="head">Category III</span></td>
</tr>
<tr class="tablecontent1">
<td width="18%" rowspan="6">Entity Level</td>
<td width="28%">Constitutive Documents (Memorandum and Articles of Association, Certificate of Incorporation etc.)</td>
<td align="center">Mandatory</td>
<td align="center">Mandatory</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td>Proof of Address</td>
<td align="center">Mandatory (Power of Attorney {PoA} mentioning the address is acceptable as address proof)</td>
<td align="center">Mandatory (Power of Attorney mentioning the address is acceptable as address proof)</td>
<td align="center">Mandatory other than Power of Attorney</td>
</tr>
<tr class="tablecontent1">
<td>PAN<sup data-toggle="tooltip" title="Amended vide amendment dated April 20, 2018. Deleted Portion of read as: ‘Card’"><a href="#F120" class="link1">122</a></sup></td>
<td align="center">Mandatory</td>
<td align="center">Mandatory</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td>Financial Data</td>
<td align="center">Exempted *</td>
<td align="center">Exempted *</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td>SEBI Registration Certificate</td>
<td align="center">Mandatory</td>
<td align="center">Mandatory</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td>Board Resolution @@</td>
<td align="center">Exempted *</td>
<td align="center">Mandatory</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td rowspan="4">Senior Management<br> (Whole Time Directors/ Partners/ Trustees/ etc.)</td>
<td>List</td>
<td align="center">Mandatory</td>
<td align="center">Mandatory</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td>Proof of Identity</td>
<td align="center">Exempted *</td>
<td align="center">Exempted *</td>
<td align="center">Entity declares* on letter head full name, nationality, date of birth or submits photo identity proof</td>
</tr>
<tr class="tablecontent1">
<td>Proof of Address</td>
<td align="center">Exempted *</td>
<td align="center">Exempted *</td>
<td align="center">Declaration on Letter Head *</td>
</tr>
<tr class="tablecontent1">
<td>Photographs</td>
<td align="center">Exempted</td>
<td align="center">Exempted</td>
<td align="center">Exempted *</td>
</tr>
<tr class="tablecontent1">
<td rowspan="4">Authorized Signatories</td>
<td>List and Signatures</td>
<td align="center">Mandatory – list of Global Custodian signatories can be given in case of PoA to Global Custodian</td>
<td align="center">Mandatory - list of Global Custodian signatories can be given in case of PoA to Global Custodian</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td>Proof of Identity</td>
<td align="center">Exempted *</td>
<td align="center">Exempted *</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td>Proof of Address</td>
<td align="center">Exempted *</td>
<td align="center">Exempted *</td>
<td align="center">Declaration on Letter Head *</td>
</tr>
<tr class="tablecontent1">
<td>Photographs</td>
<td align="center">Exempted</td>
<td align="center">Exempted</td>
<td align="center">Exempted *</td>
</tr>
<tr class="tablecontent1">
<td rowspan="4">Ultimate Beneficial Owner (UBO)</td>
<td>List</td>
<td align="center">Exempted *</td>
<td align="center">Mandatory<br> (can declare “no UBO over 25%”)</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td>Proof of Identity</td>
<td align="center">Exempted *</td>
<td align="center">Exempted *</td>
<td align="center">Mandatory</td>
</tr>
<tr class="tablecontent1">
<td>Proof of Address</td>
<td align="center">Exempted *</td>
<td align="center">Exempted *</td>
<td align="center">Declaration on Letter Head *</td>
</tr>
<tr class="tablecontent1">
<td>Photographs</td>
<td align="center">Exempted</td>
<td align="center">Exempted</td>
<td align="center">Exempted *</td>
</tr>
<tr class="tablecontent1">
<td colspan="5" align="justify">* Not required while opening the bank account. However, FPIs concerned may submit an undertaking that upon demand by Regulators/Law Enforcement Agencies
the relative document/s would be submitted to the bank.<br> @@ FPIs from certain jurisdictions where the practice of passing Board Resolution for the purpose of opening bank accounts
etc. is not in vogue, may submit ‘Power of Attorney granted to Global Custodian/Local Custodian in lieu of Board Resolution’</td>
</tr>
</tbody>
</table><br>
<table width="90%" border="0" align="center" cellpadding="0" cellspacing="1" class="tablebg">
<tbody>
<tr class="tablecontent1">
<td width="10%" align="center" class="head">Category</td>
<td width="90%" align="center" class="head">Eligible Foreign Investors</td>
</tr>
<tr class="tablecontent1">
<td align="center">I.</td>
<td align="justify">Government and Government related foreign investors such as Foreign Central Banks, Governmental Agencies, Sovereign Wealth Funds, International/ Multilateral
Organizations/ Agencies.</td>
</tr>
<tr class="tablecontent1">
<td align="center" valign="top">II.</td>
<td align="justify">a) Appropriately regulated broad based funds such as Mutual Funds, Investment Trusts, Insurance /Reinsurance Companies, Other Broad Based Funds etc.<br><br> b)
Appropriately regulated entities such as Banks, Asset Management Companies, Investment Managers/ Advisors, Portfolio Managers etc.<br><br> c) Broad based funds whose investment manager
is appropriately regulated.<br><br> d) University Funds and Pension Funds.<br><br> e) University related Endowments already registered with SEBI as FII/Sub Account.</td>
</tr>
<tr class="tablecontent1">
<td align="center">III.</td>
<td align="justify">All other eligible foreign investors investing in India under PIS route not eligible under Category I and II such as Endowments, Charitable Societies/Trust,
Foundations, Corporate Bodies, Trusts, Individuals, Family Offices, etc.</td>
</tr>
</tbody>
</table>
<hr>
<p align="center" class="head"><a id="APP1"></a>Appendix</p>
<p align="center" class="head">List of Circulars or part thereof repealed with the issuance of Master Direction</p>
<table width="75%" border="0" align="center" cellpadding="0" cellspacing="1" class="tablebg">
<tbody>
<tr class="tablecontent1">
<td width="9%" align="center" class="head">Sr.No.</td>
<td width="64%" align="center" class="head">Circular No.</td>
<td width="27%" align="center" class="head">Date</td>
</tr>
<tr class="tablecontent1">
<td align="center">1</td>
<td>DBOD.BP.BC.92/C.469-76</td>
<td>August 12, 1976</td>
</tr>
<tr class="tablecontent1">
<td align="center">2</td>
<td>DBOD.GC.BC.62/c.408(A)/87</td>
<td>November 11, 1987</td>
</tr>
<tr class="tablecontent1">
<td align="center">3</td>
<td>DBOD.BP.BC.114/C.469 (81)-91</td>
<td>April 19, 1991</td>
</tr>
<tr class="tablecontent1">
<td align="center">4</td>
<td>DBOD.FMC.No.153/27.01.003/93-94</td>
<td>September 1, 1993</td>
</tr>
<tr class="tablecontent1">
<td align="center">5</td>
<td>DBOD.GC.BC.193/17.04.001/93</td>
<td>November 18, 1993</td>
</tr>
<tr class="tablecontent1">
<td align="center">6</td>
<td>DBOD.GC.BC.202/17.04.001/93</td>
<td>December 6, 1993</td>
</tr>
<tr class="tablecontent1">
<td align="center">7</td>
<td>DBOD.No.GC.BC.46/17.04.001</td>
<td>April 22, 1994</td>
</tr>
<tr class="tablecontent1">
<td align="center">8</td>
<td>DBOD.BP.BC.106/21.01.001/94</td>
<td>September 23,1994</td>
</tr>
<tr class="tablecontent1">
<td align="center">9</td>
<td>DBOD.BP.BC.102/21.01.001/95</td>
<td>September 20, 1995</td>
</tr>
<tr class="tablecontent1">
<td align="center">10</td>
<td>DBOD.BP.BC.42/21.01.001/96</td>
<td>April 6, 1996</td>
</tr>
<tr class="tablecontent1">
<td align="center">11</td>
<td>DBOD.No.BP.BC.12/21.01.023/98</td>
<td>February 11, 1998</td>
</tr>
<tr class="tablecontent1">
<td align="center">12</td>
<td>DBOD.BP.52/21.01.001/2001-02</td>
<td>December 5, 2001</td>
</tr>
<tr class="tablecontent1">
<td align="center">13</td>
<td>DBOD.AML.BC.89/14.01.001/2001-02</td>
<td>April 15, 2002</td>
</tr>
<tr class="tablecontent1">
<td align="center">14</td>
<td>DBOD.AML.BC.No.102/14.01.001/2001-02</td>
<td>May 10, 2002</td>
</tr>
<tr class="tablecontent1">
<td align="center">15</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=819&Mode=0" target="_blank" class="link1">DBOD.AML.BC.18/14.01.001/2002-03</a></td>
<td>August 16, 2002</td>
</tr>
<tr class="tablecontent1">
<td align="center">16</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2039&Mode=0" target="_blank" class="link1">DBOD.NO.AML.BC.58/14.01.001/2004-05</a></td>
<td>November 29, 2004</td>
</tr>
<tr class="tablecontent1">
<td align="center">17</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2460&Mode=0" target="_blank" class="link1">DBOD.NO.AML.BC.28 /14.01.001/2005-06</a></td>
<td>August 23, 2005</td>
</tr>
<tr class="tablecontent1">
<td align="center">18</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2738&Mode=0" target="_blank" class="link1">DBOD.NO.AML.BC.63/14.01.001/2005-06</a></td>
<td>February 15, 2006</td>
</tr>
<tr class="tablecontent1">
<td align="center">19</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=3415&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No.77/14.01.001 /2006-07</a></td>
<td>April 13, 2007</td>
</tr>
<tr class="tablecontent1">
<td align="center">20</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=4056&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No. 63/14.01.001/2007-08</a></td>
<td>February 18, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">21</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=4188&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No. 85/14.01.001/2007 -08</a></td>
<td>May 22, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">22</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=4362&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.12/14.01.001/2008-09</a></td>
<td>July 1, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">23</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5134&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.2/14.01.001/2009-10</a></td>
<td>July 1, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">24</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5262&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.43/14.01.001/2009-10</a></td>
<td>September 11, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">25</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5282&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.44/14.01.001/2009-10</a></td>
<td>September 17, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">26</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5457&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.68/14.01.001/2009-10</a></td>
<td>January 12, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">27</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5548&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.80/14.01.001/2009-10</a></td>
<td>March 26, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">28</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5627&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.95/14.01.001/2009-10</a></td>
<td>April 23, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">29</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5717&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.108/14.01.001/2009-10</a></td>
<td>June 9, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">30</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5719&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.109/14.01.001/2009-10</a></td>
<td>June 10, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">31</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5726&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.111/14.01.001/2009-10</a></td>
<td>June 15, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">32</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5750&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.113/14.01.001/2009-10</a></td>
<td>June 29, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">33</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5975&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.38/14.01.001/2010-11</a></td>
<td>August 31, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">34</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6057&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.50/14.01.001/2010-11</a></td>
<td>October 26, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">35</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6136&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.65/14.01.001/2010-11</a></td>
<td>December 7, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">36</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6184&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.70/14.01.001/2010-11</a></td>
<td>December 30, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">37</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6240&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.77/14.01.001/2010-11</a></td>
<td>January 27, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">38</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6739&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.36/14.01.001/2011-12</a></td>
<td>September 28, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">39</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6805&Mode=0" target="_blank" class="link1">DBOD.AML BC.No.47/14.01.001/2011-12</a></td>
<td>November 04, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">40</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6877&Mode=0" target="_blank" class="link1">DBOD. AML.BC.No.65/14.01.001/2011-12</a></td>
<td>December 19, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">41</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6909&Mode=0" target="_blank" class="link1">DBOD AML BC No.70/14.01.001/2011-12</a></td>
<td>December 30, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">42</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7140&Mode=0" target="_blank" class="link1">DBOD. AML.BC.No 93/14.01.001/2011-12</a></td>
<td>April 17, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">43</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7263&Mode=0" target="_blank" class="link1">DBOD. AML.BC.No 109/14.01.001/2011-12</a></td>
<td>June 08, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">44</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7264&Mode=0" target="_blank" class="link1">DBOD. AML.BC.No 110/14.01.001/2011-12</a></td>
<td>June 08, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">45</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7554&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No.39/14.01.001/2012-13</a></td>
<td>September 7, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">46</td>
<td>DBOD.AML.BC. No.49/14.01.001/2012-13</td>
<td>September 7, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">47</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7740&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No.65/14.01.001/2012-13</a></td>
<td>December 10, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">48</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7816&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No.71/14.01.001/2012-13</a></td>
<td>January 18, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">49</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7835&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No. 78/14.01.001/2012-13</a></td>
<td>January 29, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">50</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7910&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No.87/14.01.001/2012-13</a></td>
<td>March 28, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">51</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8009&Mode=0" target="_blank" class="link1">DBOD. AML.BC. No.101/14.01.001/2011-12</a></td>
<td>May 31, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">52</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8234&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No.29/14.01.001/2013-14</a></td>
<td>July 12, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">53</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8259&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No.34/14.01.001/2013-14</a></td>
<td>July 23, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">54</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8357&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.44/14.01.001/2013-14</a></td>
<td>September 2, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">55</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8359&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.45/14.01.001/2013-14</a></td>
<td>September 2, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">56</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8362&Mode=0" target="_blank" class="link1">DBOD. AML.BC. No.50/14.01.001/2013-14</a></td>
<td>September 3, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">57</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8536&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.63/14.01.001/2013-14</a></td>
<td>October 29, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">58</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8659&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No.80/14.01.001/2013-14</a></td>
<td>December 31, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">59</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8762&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.100/14.01.001/2013-14</a></td>
<td>March 4, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">60</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8811&Mode=0" target="_blank" class="link1">DBOD. AML. No. 16415/14.01.001/2013-14</a></td>
<td>March 28, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">61</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8824&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.103/14.01.001/2013-14</a></td>
<td>April 3, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">62</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8931&Mode=0" target="_blank" class="link1">DBOD.AML.BC. No. 119/14.01.001/2013-14</a></td>
<td>June 9, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">63</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8964&Mode=0" target="_blank" class="link1">DBOD. AML.BC. No.124/14.01.001/2013-14</a></td>
<td>June 26, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">64</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9108&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No.26/14.01.001/2014-15</a></td>
<td>July 17, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">65</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9215&Mode=0" target="_blank" class="link1">DBOD.AML.BC.No. 39/14.01.001/2014-15</a></td>
<td>September 4, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">66</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9289&Mode=0" target="_blank" class="link1">DBOD. AML. BC. No.44/14.01.001/2014-15</a></td>
<td>October 21, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">67</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9599&Mode=0" target="_blank" class="link1">DBR.AML.BC.No.77/14.01.001/2014-15</a></td>
<td>March 13, 2015</td>
</tr>
<tr class="tablecontent1">
<td align="center">68</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9777&Mode=0" target="_blank" class="link1">DBR.AML. BC. No.104/ 14.01.001/ 2014-15</a></td>
<td>June 11, 2015</td>
</tr>
<tr class="tablecontent1">
<td align="center">69</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10005&Mode=0" target="_blank" class="link1">DBR.AML.BC.No.36/14.01.001/2015-16</a></td>
<td>August 28, 2015</td>
</tr>
<tr class="tablecontent1">
<td align="center">70</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10090&Mode=0" target="_blank" class="link1">DBR. AML.BC. No.46/14.01.001/2015-16</a></td>
<td>October 29, 2015</td>
</tr>
<tr class="tablecontent1">
<td align="center">71</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=10145&Mode=0" target="_blank" class="link1">DBR.AML.BC.No.60/14.01.001/2015-16</a></td>
<td>November 26, 2015</td>
</tr>
<tr class="tablecontent1">
<td align="center">72</td>
<td>DBOD.NO.BC.23/21.01.001/92</td>
<td>September 9, 1992</td>
</tr>
<tr class="tablecontent1">
<td align="center">73</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2711&Mode=0" target="_blank" class="link1">DBOD.BP.BC No.56/21.01.001/2005-06</a></td>
<td>January 23, 2006</td>
</tr>
<tr class="tablecontent1">
<td align="center">74</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6806&Mode=0" target="_blank" class="link1">DBOD.BP.BC.No.50/21.01.001/2011-12</a></td>
<td>November 4, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">75</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8704&Mode=0" target="_blank" class="link1">DBOD.BP.BC.No.87/21.01.001//2013-14</a></td>
<td>January 22, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">76</td>
<td>DBOD.No.BP.BC.110/21.02.051/98</td>
<td>November 18, 1998</td>
</tr>
<tr class="tablecontent1">
<td align="center">77</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8935&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB)Cir.No.69/14.01.062/2013-14</a></td>
<td>June 10, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">78</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8897&Mode=0" target="_blank" class="link1">UBD.BPD.PCB).Cir.No.9/14.01.062/2013-14</a></td>
<td>May 26, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">79</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8827&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.54/14.01.062/2013-14</a></td>
<td>April 7, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">80</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8766&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.50/14.01.062/2013-14</a></td>
<td>March 6, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">81</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8749&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.48/14.01.062/2013-14</a></td>
<td>February 18, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">82</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8520&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.32/14.01.062/2013-14</a></td>
<td>October 22, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">83</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8426&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.15/14.01.062/2013-14</a></td>
<td>September 17, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">84</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8392&Mode=0" target="_blank" class="link1">UBD.BPD(AD).Cir.No.4/14.01.062/2013-14</a></td>
<td>September 10, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">85</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8377&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.11/14.01.062/2013-14</a></td>
<td>September 05, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">86</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8280&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.2/14.01.062/2013-14</a></td>
<td>July 31, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">87</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8023&Mode=0" target="_blank" class="link1">UBD.BPD(PCB)Cir.No.54/14.01.062/2012-13</a></td>
<td>June 6, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">88</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7926&Mode=0" target="_blank" class="link1">UBD.BPD(PCB)Cir.No.46/14.01.062/2012-13</a></td>
<td>April 03, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">89</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7882&Mode=0" target="_blank" class="link1">UBD.BPD(PCB)Cir.No.39/14.01.062/2012-13</a></td>
<td>March 07, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">90</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7870&Mode=0" target="_blank" class="link1">UBD.CO.PCB.Cir.No.37/14.01.062/2012-13</a></td>
<td>February 25, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">91</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7827&Mode=0" target="_blank" class="link1">UBD.BPD(PCB)Cir.No.34/14.01.062/2012-13</a></td>
<td>January 28, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">92</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7765&Mode=0" target="_blank" class="link1">UBD.BPD(PCB)Cir.No.28/14.01.062/2012-13</a></td>
<td>December 19, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">93</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7606&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.14/14.01.062/2012-13</a></td>
<td>October 9, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">94</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7563&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.8/14.01.062/2012-13</a></td>
<td>September 13, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">95</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7201&Mode=0" target="_blank" class="link1">UBD.CO.BPD(PCB).No.34/12.05.001/2011-12</a></td>
<td>May 11, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">96</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7041&Mode=0" target="_blank" class="link1">UBD.CO.BPD.No.24/12.05.001/2011-12</a></td>
<td>March 5, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">97</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7031&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.20/14.01.062/ 2011-12</a></td>
<td>March 01, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">98</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6809&Mode=0" target="_blank" class="link1">UBD.CO.BPD.No.10/12.05.001/2011-12</a></td>
<td>November 09, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">99</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6807&Mode=0" target="_blank" class="link1">UBD.BPD.PCB.No.8/12.05.001/2011-12</a></td>
<td>November 9, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">100</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6379&Mode=0" target="_blank" class="link1">UBD.CO.BPD.(PCB).Cir.No.9/ 14.01.062/2010-11</a></td>
<td>May 2, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">101</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6378&Mode=0" target="_blank" class="link1">UBD.CO.BPD.(PCB).Cir.No.8/ 14.01.062/2010-11</a></td>
<td>May 2, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">102</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6294&Mode=0" target="_blank" class="link1">UBD.CO.BPD.(PCB).Cir.No.7/14.01.062/2010-11</a></td>
<td>March 17, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">103</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6293&Mode=0" target="_blank" class="link1">UBD.CO.BPD.(PCB)Cir.No.6/14.01.062/2010-11</a></td>
<td>March 17, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">104</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6284&Mode=0" target="_blank" class="link1">UBD.BPD (PCB) No.38/12.05.001/2010-11</a></td>
<td>March 15, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">105</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6269&Mode=0" target="_blank" class="link1">UBD.BPD(PCB).No.37/12.05.001/2010-11</a></td>
<td>February 18, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">106</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6206&Mode=0" target="_blank" class="link1">UBD.CO.BPD.No.35/12.05.001/2010-11</a></td>
<td>January 10, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">107</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6173&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).No.32/12.05.001/2010-11</a></td>
<td>December 28, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">108</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6058&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.17/14.01.062/2010-11</a></td>
<td>October 25, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">109</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5993&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).Cir.No.12/12.05.001/2010-11</a></td>
<td>September 15, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">110</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5965&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB)No.11/12.05.001/2010-11</a></td>
<td>August 25, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">111</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5957&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).No.10/12.05.001/2010-11</a></td>
<td>August 23, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">112</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5956&Mode=0" target="_blank" class="link1">UBD.BPD.(PCB).No.9/12.05.001/2010-11</a></td>
<td>August 23, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">113</td>
<td>UBD.BPD.(PCB).Cir.No.7/ 14.01.062/2010-11</td>
<td>August 12, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">114</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5725&Mode=0" target="_blank" class="link1">UBD.BPD(PCB).Cir.No.71/12.05.001/2009-10</a></td>
<td>June 15, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">115</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5563&Mode=0" target="_blank" class="link1">UBD.BPD.CO.53/14.01.062/ 2009-2010</a></td>
<td>April 1, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">116</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5487&Mode=0" target="_blank" class="link1">UBD. BPD. (PCB).Cir. No.41/12.05.001/2009-10</a></td>
<td>February 3, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">117</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5434&Mode=0" target="_blank" class="link1">UBD.BPD.CO.NSB1/38/1203.000/2009-10</a></td>
<td>December 23, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">118</td>
<td>UBD.(PCB).CO.BPD.Cir.No.36/14.01.062/2009-10</td>
<td>December 18, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">119</td>
<td>UBD.(PCB).CO.BPD.Cir.No.35/14.01.062/2009-10</td>
<td>December 17, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">120</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5423&Mode=0" target="_blank" class="link1">UBD.(PCB).CO.BPD.Cir.No.33/14.01.062/2009-10</a></td>
<td>December 17, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">121</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5372&Mode=0" target="_blank" class="link1">UBD.CO.BPD.PCB.Cir.No.23/12.05.001/2009-10</a></td>
<td>November 16, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">122</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5370&Mode=0" target="_blank" class="link1">UBD.CO.BPD.PCB.Cir.No.21/12.05.001/2009-10</a></td>
<td>November 16, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">123</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5293&Mode=0" target="_blank" class="link1">UBD.BPD.CO./NSB1/11/12.03.000/2009-10</a></td>
<td>September 29, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">124</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5271&Mode=0" target="_blank" class="link1">UBD.CO.BPD.PCB.Cir.No.9/12.05.001/2009-10</a></td>
<td>September 16, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">125</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4325&Mode=0" target="_blank" class="link1">UBD.CO.BPD(PCB).No.1/12.05.001/2008-09</a></td>
<td>July 2, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">126</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4067&Mode=0" target="_blank" class="link1">UBD.CO.BPD.(PCB).No.32/09.39.000/2007-08</a></td>
<td>February 25, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">127</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3552&Mode=0" target="_blank" class="link1">UBD.CO.BPD.(PCB).No.45/12.05.001/2006-07</a></td>
<td>May 25, 2007</td>
</tr>
<tr class="tablecontent1">
<td align="center">128</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2786&Mode=0" target="_blank" class="link1">UBD.BPD.Cir.No.38./09.16.100/2005-06</a></td>
<td>March 21, 2006</td>
</tr>
<tr class="tablecontent1">
<td align="center">129</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2457&Mode=0" target="_blank" class="link1">UBD.BPD.PCB.Cir.11/09.161.00/2005-06</a></td>
<td>August 23, 2005</td>
</tr>
<tr class="tablecontent1">
<td align="center">130</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2409&Mode=0" target="_blank" class="link1">UBD.PCB.Cir.No.6/09.161.00/2005-06</a></td>
<td>August 03, 2005</td>
</tr>
<tr class="tablecontent1">
<td align="center">131</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2057&Mode=0" target="_blank" class="link1">UBD.PCB.Cir. 30/09.161.00/2004-05</a></td>
<td>December 15, 2004</td>
</tr>
<tr class="tablecontent1">
<td align="center">132</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1762&Mode=0" target="_blank" class="link1">UBD.BPD.PCB.Cir.02/09.161.00/2004-05</a></td>
<td>July 09, 2004</td>
</tr>
<tr class="tablecontent1">
<td align="center">133</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1651&Mode=0" target="_blank" class="link1">UBD.BPD.PCB.Cir.48/09.161.00/2003-04</a></td>
<td>May 29, 2004</td>
</tr>
<tr class="tablecontent1">
<td align="center">134</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=1629&Mode=0" target="_blank" class="link1">UBD.No.BPD.PCB.Cir.41/09.161.00/2003-04</a></td>
<td>March 26, 2004</td>
</tr>
<tr class="tablecontent1">
<td align="center">135</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7066&Mode=0" target="_blank" class="link1">UBD.No.DS.PCB.Cir.17/13.01.00/2002-03</a></td>
<td>September 18, 2002</td>
</tr>
<tr class="tablecontent1">
<td align="center">136</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8943&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.AML.BC.No.112/07.51.018/2013-14</a></td>
<td>June 16, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">137</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8940&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.AML.BC.No.111/07.51.018/2013-14</a></td>
<td>June 12, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">138</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8850&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.AML.BC.No.97/07.51.018/2013-14</a></td>
<td>April 25, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">139</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8770&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.AML.BC.No.92/07.51.018/2013-14</a></td>
<td>March 13, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">140</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8686&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.AML.BC.No.75/07.51.018/2013-14</a></td>
<td>January 09, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">141</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8538&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.RCB.BC.No.48/07.51.010/2013-14</a></td>
<td>October 29, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">142</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8436&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.AML.BC.No.37/07.51.018/2013-14</a></td>
<td>September 18, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">143</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8419&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.AML.BC.No.31/07.51.018/2013-14</a></td>
<td>September 16, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">144</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8397&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.AML.BC.No.32/07.51.018/2013-14</a></td>
<td>September 10, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">145</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8270&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.BC.No.84/07.51.018/2013-14</a></td>
<td>July 25, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">146</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=8021&Mode=0" target="_blank" class="link1">RPCD.RCB.RRB.AML.BC.No.76/07.51.018/2012-13</a></td>
<td>June 4, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">147</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7912&Mode=0" target="_blank" class="link1">RPCD.RCB.RRB.AML.BC.No.71/07.51.018/2012-13</a></td>
<td>April 1, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">148</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7846&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.BC.No.63/07.51.018/2012-13</a></td>
<td>January 30, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">149</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7819&Mode=0" target="_blank" class="link1">RPCD.RRB.RCB.BC.No.59/07.51.018/2012-13</a></td>
<td>January 22, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">150</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7749&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.RCB.AML.No.6097/7.51.018/2012-13</a></td>
<td>December 13, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">151</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7630&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.RCB.AML.BC.No.36/03.05.33(E)/2012-13</a></td>
<td>October 15, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">152</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7575&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.RCB.AML.BC.No.29/03.05.33(E)/2012-13</a></td>
<td>September 18, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">153</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7267&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.RCB.AML.BC.No.82/03.05.33(E)/2011-12</a></td>
<td>June 11, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">154</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7266&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.RCB.AML.BC.No.81/07.40.00/2011-12</a></td>
<td>June 11, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">155</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=7145&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.RCB.AML.BC.No.70/07.40.00/2011-12</a></td>
<td>April 18, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">156</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6923&Mode=0" target="_blank" class="link1">RPCD.CO.RCB.AML.BC.No.52/07.40.00/2011-12</a></td>
<td>January 04, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">157</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6915&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.51/03.05.33(E)/2011-12</a></td>
<td>January 02, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">158</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6908&Mode=0" target="_blank" class="link1">RPCD.CO.RCB.AML.BC.No.50/07.40.00/2011-12</a></td>
<td>December 30, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">159</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6885&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.46/03.05.33(E)/2011-12</a></td>
<td>December 21, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">160</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6818&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.NO.31/03.05.33(E)/2011-12</a></td>
<td>November 16, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">161</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6764&Mode=0" target="_blank" class="link1">RPCD.CO.RCB.AML.BC.No.23/07.40.00/2011-12</a></td>
<td>October 17, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">162</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6759&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.21/03.05.33(E)/2011-12</a></td>
<td>October 13, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">163</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6663&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.15/03.05.33(E)/2011-12</a></td>
<td>August 8, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">164</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6359&Mode=0" target="_blank" class="link1">RPCD.CO.RCB.AML.BC.No.63/07.40.00/2010-11</a></td>
<td>April 26, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">165</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6247&Mode=0" target="_blank" class="link1">RPCD.CO.RCB.AML.BC.No.50/07.40.00/2010-11</a></td>
<td>February 2, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">166</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6213&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.46/03.05.33(E)/2010-11</a></td>
<td>January 12, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">167</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6171&Mode=0" target="_blank" class="link1">RPCD.CO.RCB.AML.BC.No.39/07.40.00/2010-11</a></td>
<td>December 27, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">168</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6167&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.40/03.05.33(E)/2010-11</a></td>
<td>December 24, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">169</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6140&Mode=0" target="_blank" class="link1">RPCD.CO.RCB.AML.BC.No.37/07.40.00/2010-11</a></td>
<td>December 10, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">170</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=6128&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.31/03.05.33(E)/2010-11</a></td>
<td>December 6, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">171</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5987&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.20/07.40.00/2010-11</a></td>
<td>September 13, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">172</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5986&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.19/03.05.33(E)/2010-11</a></td>
<td>September 9, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">173</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5882&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.12/4007.40.00/2010-11</a></td>
<td>July 20, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">174</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5887&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.13/03.05.33(E)/2010-11</a></td>
<td>July 22, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">175</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5881&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.11/07.40.00/2010-11</a></td>
<td>July 20, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">176</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5745&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.89/07.40.00/2009-10</a></td>
<td>June 25, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">177</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5742&Mode=0" target="_blank" class="link1">RPCD.CORRB.AML.BC.No.87/03.05.33(E)/2009-10</a></td>
<td>June 23, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">178</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5744&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.88/07.40.00/2009-10</a></td>
<td>June 25, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">179</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5734&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.86/03.05.33(E)/2009-10</a></td>
<td>June 21, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">180</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5680&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.84/07.40.00/2009-10</a></td>
<td>May 14, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">181</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5673&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.83/07.40.00/2009-10</a></td>
<td>May 12, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">182</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5580&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.No.67/03.05.33(E)/2009-10</a></td>
<td>April 9, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">183</td>
<td>RPCD.CO.RF.AML.BC.No.83/07.40.00/2009-10</td>
<td>March 3, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">184</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5346&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.No.39/03.05.33(E)/2009-10</a></td>
<td>November 5, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">185</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5334&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.34/07.40.00/2009-10</a></td>
<td>October 29, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">186</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5294&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.28/07.40.00/2009-10</a></td>
<td>September 30, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">187</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=5291&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.BC.No.27/03.05.33(E)/2009-10</a></td>
<td>September 29, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">188</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4255&Mode=0" target="_blank" class="link1">RPCD.CO.RCB.AML.BC.No.81/07.40.00/2007-08</a></td>
<td>June 25, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">189</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4246&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.No.BC.77/03.05.33(E)/2007-08</a></td>
<td>June 18, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">190</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4066&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.51/07.40.00/2007-08</a></td>
<td>February 28, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">191</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=4064&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.No.BC.50/03.05.33(E)/2007-08</a></td>
<td>February 27, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">192</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3542&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.No.98/03.05.28-A/2006-07</a></td>
<td>May 21, 2007</td>
</tr>
<tr class="tablecontent1">
<td align="center">193</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=3540&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.96/07.40.00/2006-07</a></td>
<td>May 18, 2007</td>
</tr>
<tr class="tablecontent1">
<td align="center">194</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2782&Mode=0" target="_blank" class="link1">RPCD.CO.RRB.AML.BC.68/03.05.33(E)/2005-06</a></td>
<td>March 9, 2006</td>
</tr>
<tr class="tablecontent1">
<td align="center">195</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2774&Mode=0" target="_blank" class="link1">RPCD.CO.RF.AML.BC.No.65/07.40.00/2005-06</a></td>
<td>March 3, 2006</td>
</tr>
<tr class="tablecontent1">
<td align="center">196</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2458&Mode=0" target="_blank" class="link1">RPCD.No.RRB.BC.33/03.05.33(E)/2005-06</a></td>
<td>August 23, 2005</td>
</tr>
<tr class="tablecontent1">
<td align="center">197</td>
<td>RPCD.RF.AML.BC.No.30/07.40.00/2005-06</td>
<td>August 23, 2005</td>
</tr>
<tr class="tablecontent1">
<td align="center">198</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2134&Mode=0" target="_blank" class="link1">RPCD.AML.BC.No.80/07.40.00/2004-05</a></td>
<td>February 18, 2005</td>
</tr>
<tr class="tablecontent1">
<td align="center">199</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=2133&Mode=0" target="_blank" class="link1">RPCD.No.RRB.BC.81/03.05.33 (E)/2004-05</a></td>
<td>February 18, 2005</td>
</tr>
<tr class="tablecontent1">
<td align="center">200</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2073&Mode=0" target="_blank" class="link1">DNBS (PD) CC.No.46/02.02(RNBC)/2004-05</a></td>
<td>December 30, 2004</td>
</tr>
<tr class="tablecontent1">
<td align="center">201</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2136&Mode=0" target="_blank" class="link1">DNBS(PD). CC 48/10.42/2004-05</a></td>
<td>February 21, 2005</td>
</tr>
<tr class="tablecontent1">
<td align="center">202</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2531&Mode=0" target="_blank" class="link1">DNBS(PD).CC No. 58/10.42/2005-06</a></td>
<td>October 11, 2005</td>
</tr>
<tr class="tablecontent1">
<td align="center">203</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=2776&Mode=0" target="_blank" class="link1">DNBS.PD. CC No. 64/03.10.042/2005-06</a></td>
<td>March 7, 2006</td>
</tr>
<tr class="tablecontent1">
<td align="center">204</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=4990&Mode=0" target="_blank" class="link1">DNBS (PD). CC 113/03.10.042/2007- 08</a></td>
<td>April 23, 2008</td>
</tr>
<tr class="tablecontent1">
<td align="center">205</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5363&Mode=0" target="_blank" class="link1">DNBS (PD). CC 163/03.10.042/2009- 10</a></td>
<td>November 13, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">206</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5396&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 166/03.10.42/2009-10</a></td>
<td>December 2, 2009</td>
</tr>
<tr class="tablecontent1">
<td align="center">207</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5932&Mode=0" target="_blank" class="link1">DNBS. (PD) CC No 192/03.10.42/2010-11</a></td>
<td>August 9, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">208</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=5933&Mode=0" target="_blank" class="link1">DNBS. (PD) CC No 193/03.10.42/2010-11</a></td>
<td>August 9, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">209</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6008&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 201/03.10.42 /2010-11</a></td>
<td>September 22, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">210</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6026&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 202/03.10.42/2010-11</a></td>
<td>October 4, 2010</td>
</tr>
<tr class="tablecontent1">
<td align="center">211</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6243&Mode=0" target="_blank" class="link1">DNBS(PD).CC.No209/03.10.42/2010- 11</a></td>
<td>January 28, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">212</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6263&Mode=0" target="_blank" class="link1">DNBS(PD).CC.No210/03.10.42/2010-11</a></td>
<td>February 14, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">213</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6278&Mode=0" target="_blank" class="link1">DNBS.(PD)CCNo212/03.10.42/2010-11</a></td>
<td>March 8, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">214</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6367&Mode=0" target="_blank" class="link1">DNBS(PD).CC. No.216/03.10.42/2010-11</a></td>
<td>May 2, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">215</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6389&Mode=0" target="_blank" class="link1">DNBS(PD).CC.No218/03.10.42/2010-11</a></td>
<td>May 4, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">216</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6326&Mode=0" target="_blank" class="link1">DNBS.(PD)CC No215/03.10.42/2010-11</a></td>
<td>April 5, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">217</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6710&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 242/03.10.42/2011-12</a></td>
<td>September 15, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">218</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6728&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 244/03.10.42/2011-12</a></td>
<td>September 22, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">219</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=6890&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 251/03.10.42/2011-12</a></td>
<td>December 26, 2011</td>
</tr>
<tr class="tablecontent1">
<td align="center">220</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7059&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 257/03.10.42/2011-12</a></td>
<td>March 14, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">221</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7085&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 264/03.10.42/2011-12</a></td>
<td>March 21, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">222</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7110&Mode=0" target="_blank" class="link1">DNBS(PD).CC. No.270/03.10.42/2011-12</a></td>
<td>April 4, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">223</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7243&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 275/03.10.42/2011-12</a></td>
<td>May 29, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">224</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7427&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 294/03.10.42/2012-13</a></td>
<td>July 5, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">225</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7443&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 295/03.10.42/2012-13</a></td>
<td>July 11, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">226</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7444&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 296/03.10.42/2012-13</a></td>
<td>July 11, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">227</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7471&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 298/03.10.42/2012-13</a></td>
<td>July 26, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">228</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7553&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 302/03.10.42/2012-13</a></td>
<td>September 7, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">229</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7572&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 304/03.10.42/2012-13</a></td>
<td>September 17, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">230</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7602&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 305/03.10.42/2012-13</a></td>
<td>October 3, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">231</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7603&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 306/03.10.42/2012-13</a></td>
<td>October 3, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">232</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7709&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 310/03.10.42/2012-13</a></td>
<td>November 22, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">233</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7739&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 313/03.10.42/2012-13</a></td>
<td>December 10, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">234</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7779&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 318/03.10.42/2012-13</a></td>
<td>December 28, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">235</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7780&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 319/03.10.42/2012-13</a></td>
<td>December 28, 2012</td>
</tr>
<tr class="tablecontent1">
<td align="center">236</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7872&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 321/03.10.42/2012-13</a></td>
<td>February 27, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">237</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7946&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 323/03.10.42/2012-13</a></td>
<td>April 18, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">238</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7955&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 324/03.10.42/2012-13</a></td>
<td>May 2, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">239</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=7962&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 325/03.10.42/2012-13</a></td>
<td>May 3, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">240</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8214&Mode=0" target="_blank" class="link1">DNBS(PD).CC.No.351/03.10.42/2013-14</a></td>
<td>July 4, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">241</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8264&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 352/03.10.42/2013-14</a></td>
<td>July 23, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">242</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8488&Mode=0" target="_blank" class="link1">DNBS(PD).CC.No 357/03.10.42/2013-14</a></td>
<td>October 3, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">243</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8489&Mode=0" target="_blank" class="link1">DNBS(PD).CC NO 358/03.10.42/2013-14</a></td>
<td>October 3, 2013</td>
</tr>
<tr class="tablecontent1">
<td align="center">244</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8664&Mode=0" target="_blank" class="link1">DNBS(PD).CC.No.364/03.10.42/2013-14</a></td>
<td>January 1, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">245</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8688&Mode=0" target="_blank" class="link1">DNBS(PD).CC.No.366/03.10.42/2013-14</a></td>
<td>January 10, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">246</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8777&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 370/03.10.42/2013-14</a></td>
<td>March 19, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">247</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=8847&Mode=0" target="_blank" class="link1">DNBS(PD).CC.No.375/03.10.42/2013-14</a></td>
<td>April 22, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">248</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=9129&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 401/03.10.42/2014-15</a></td>
<td>July 25, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">249</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=9142&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 402/03.10.42/2014-15</a></td>
<td>August 1, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">250</td>
<td><a href="https://www.rbi.org.in/scripts/NotificationUser.aspx?Id=9144&Mode=0" target="_blank" class="link1">DNBS (PD).CC. No 404/03.10.42/2014-15</a></td>
<td>August 1, 2014</td>
</tr>
<tr class="tablecontent1">
<td align="center">251</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9468&Mode=0" target="_blank" class="link1">DNBR.CC.PD.No.010/03.10.01/2014-15</a></td>
<td>January 09, 2015</td>
</tr>
<tr class="tablecontent1">
<td align="center">252</td>
<td><a href="https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9700&Mode=0" target="_blank" class="link1">DNBR(PD).CC.No.034/03.10.42/2014-15</a></td>
<td>April 30, 2015</td>
</tr>
<tr class="tablecontent1">
<td align="center">253</td>
<td>DBOD.No.IBS.1816/23.67.001/98-99</td>
<td>February 4, 1999</td>
</tr>
</tbody>
</table>
<p align="center" class="head"><a id="APP2"></a>List of Circulars Repealed Partially, with the issuance of Master Direction</p>
<table width="75%" border="0" align="center" cellpadding="0" cellspacing="1" class="tablebg">
<tbody>
<tr class="tablecontent1">
<td width="9%" align="center" class="head">Sr.No.</td>
<td width="64%" align="center" class="head">Circular No.</td>
<td width="27%" align="center" class="head">Date</td>
</tr>
<tr class="tablecontent1">
<td align="center">1</td>
<td>DBOD.BP.BC.57/21.01.001/95 – Paragraph 2(b)</td>
<td>May 4, 1995</td>
</tr>
<tr class="tablecontent1">
<td align="center" valign="top">2</td>
<td>DBS.FGV.BC.56.23.04.001/98-99<br> Paragraph “(b) Concept of "Know Your Customer" (para. 9.2)”</td>
<td valign="top">June 21, 1999</td>
</tr>
</tbody>
</table>
<hr>
<p class="footnote"><a id="F1"></a><sup>1</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F2"></a><sup>2</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F3"></a><sup>3</sup> Amended vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F4"></a><sup>4</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F5"></a><sup>5</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F6"></a><sup>6</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F7"></a><sup>7</sup> Inserted vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F8"></a><sup>8</sup> Inserted vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F9"></a><sup>9</sup> Inserted vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F10"></a><sup>10</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F11"></a><sup>11</sup> Inserted vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F12"></a><sup>12</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F13"></a><sup>13</sup> Inserted vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F14"></a><sup>14</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F15"></a><sup>15</sup> Amended vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F16"></a><sup>16</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F17"></a><sup>17</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F18"></a><sup>18</sup> Amended vide Gazette Notification G.S.R. 538(E) regarding PML Second amendment Rules dated June 1, 2017. Before amendment, it read as:
“Customer Due Diligence (CDD)” means identifying and verifying the customer and the beneficial owner using ‘Officially Valid Documents’ as a ‘proof of identity’ and a ‘proof of address”.</p>
<p class="footnote"><a id="F19"></a><sup>19</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F20"></a><sup>20 </sup>Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F21"></a><sup>21</sup> Amended vide amendment dated May 10, 2021</p>
<p class="footnote"><a id="F161"></a><sup>22</sup>Amended vide amendment dated May 4, 2023</p>
<p class="footnote"><a id="F22"></a><sup>23</sup> Inserted vide amendment dated May 29, 2019</p>
<p class="footnote"><a id="F23"></a><sup>24</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F24"></a><sup>25</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F25"></a><sup>26</sup> Inserted vide amendment dated April 20, 2020</p>
<p class="footnote"><a id="F26"></a><sup>27</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F27"></a><sup>28</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F28"></a><sup>29</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F29"></a><sup>30</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F30"></a><sup>31</sup> Inserted vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F31"></a><sup>32</sup> Inserted vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F32"></a><sup>33</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F33"></a><sup>34</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F34"></a><sup>35</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F35"></a><sup>36</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F36"></a><sup>37</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F37"></a><sup>38</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F38"></a><sup>39</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F39"></a><sup>40</sup> Amended vide Gazette Notification G.S.R. 544(E) regarding PML Second amendment Rules 2015 dated July 7, 2015. Before amendment, it read as:
“Necessary information of such customers’ due diligence carried out by the third party is immediately obtained by REs”.</p>
<p class="footnote"><a id="F40"></a><sup>41</sup> Deleted vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F41"></a><sup>42</sup> Amended vide amendment dated January 9, 2020</p>
<p class="footnote"><a id="F42"></a><sup>43</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F43"></a><sup>44</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F44"></a><sup>45</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F45"></a><sup>46</sup> Amended vide amendment dated May 10, 2021</p>
<p class="footnote"><a id="F46"></a><sup>47</sup> Amended vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F47"></a><sup>48</sup> Amended vide amendment dated May 10, 2021</p>
<p class="footnote"><a id="F48"></a><sup>49</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F49"></a><sup>50</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F50"></a><sup>51</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F51"></a><sup>52</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F52"></a><sup>53</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F53"></a><sup>54</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F54"></a><sup>55</sup> Deleted vide amendment dated April 20, 2018. Deleted portion to read as: In case the person who proposes to open an account does not have an
OVD as ‘proof of address’, such person shall provide OVD of the relative as provided at sub-section 77 of Section 2 of the Companies Act, 2013, read with Rule 4 of Companies (Specification
of definitions details) Rules, 2014, with whom the person is staying, as the ‘proof of address’ Explanation: A declaration from the relative that the said person is a relative and is staying
with him/her shall be obtained</p>
<p class="footnote"><a id="F55"></a><sup>56</sup> Deleted vide amendment dated April 20, 2018. Deleted portion to read as: “In cases where a customer categorised as ‘low risk’, expresses
inability to complete the documentation requirements on account of any reason that the REs consider to be genuine, and where it is essential not to interrupt the normal conduct of business,
REs shall, at their option, complete the verification of identity of the customer within a period of six months from the date of establishment of the relationship.”</p>
<p class="footnote"><a id="F56"></a><sup>57</sup> Deleted vide amendment dated April 20, 2018. Deleted portion to read as: In respect of customers who are categorised as ‘low risk’ and are not
able to produce any of the OVDs mentioned at Section 3(a)(vi) of Chapter I and where ‘simplified procedure’ is applied, REs shall, accept any one document from each of the two additional
sets of documents listed under the two provisos of sub-Rule 2(1)(d). Explanation: During the periodic review, if the ‘low risk’ category customer for whom simplified procedure is applied, is
re-categorised as ‘moderate or ‘’high’ risk category, then REs shall obtain one of the six OVDs listed at Section 3(a)(vi) of these Directions for proof of identity and proof of address
immediately. In the event such a customer fails to submit such an OVD, REs shall initiate action as envisaged in Section 39 of these Directions.</p>
<p class="footnote"><a id="F57"></a><sup>58</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F58"></a><sup>59</sup> Inserted vide Gazette Notification G.S.R. 1038(E) regarding PML Third amendment Rules dated August 21, 2017.</p>
<p class="footnote"><a id="F59"></a><sup>60</sup> Inserted vide Gazette Notification G.S.R. 381(E) dated May 28, 2019.</p>
<p class="footnote"><a id="F60"></a><sup>61</sup> Inserted vide amendment dated March 31, 2020.</p>
<p class="footnote"><a id="F61"></a><sup>62</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F62"></a><sup>63</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F63"></a><sup>64</sup> Amended vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F64"></a><sup>65</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F65"></a><sup>66</sup> Deleted vide amendment dated April 20, 2018 and shifted to Section 10. Deleted/shifted portion to read as: “If an existing KYC compliant
customer of a RE desires to open another account with the same RE, there shall be no need for a fresh CDD exercise.”</p>
<p class="footnote"><a id="F66"></a><sup>67</sup> Amended vide Gazette Notification G.S.R. 538(E) regarding PML Second amendment Rules dated June 1, 2017. Deleted portion of Section 26 is as
follows: “and a self-declaration from the account holder about his/her current address is obtained in such cases.</p>
<p class="footnote"><a id="F67"></a><sup>68</sup> Amended vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F68"></a><sup>69</sup> Amended vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F69"></a><sup>70</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F70"></a><sup>71</sup> Amended vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F71"></a><sup>72</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F72"></a><sup>73</sup> Inserted vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F73"></a><sup>74</sup> Amended vide amendment dated January 9, 2020</p>
<p class="footnote"><a id="F74"></a><sup>75</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F75"></a><sup>76</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F76"></a><sup>77</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F77"></a><sup>78</sup> Inserted vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F78"></a><sup>79</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F79"></a><sup>80</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F80"></a><sup>81</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F81"></a><sup>82</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F82"></a><sup>83</sup> Inserted vide amendment dated May 29, 2019.</p>
<p class="footnote"><a id="F83"></a><sup>84</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F84"></a><sup>85</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F85"></a><sup>86</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F86"></a><sup>87</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F87"></a><sup>88</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F88"></a><sup>89</sup> Inserted vide amendment dated May 29, 2019</p>
<p class="footnote"><a id="F89"></a><sup>90</sup> Amended vide amendment dated January 9, 2020.</p>
<p class="footnote"><a id="F90"></a><sup>91</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F91"></a><sup>92</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F92"></a><sup>93</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F93"></a><sup>94</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F94"></a><sup>95</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F95"></a><sup>96</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F96"></a><sup>97</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F97"></a><sup>98</sup> Amended vide amendment dated January 9, 2020</p>
<p class="footnote"><a id="F98"></a><sup>99</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F99"></a><sup>100</sup> Amended vide amendment dated May 29, 2019</p>
<p class="footnote"><a id="F100"></a><sup>101</sup> Amended vide amendment dated April 1, 2021</p>
<p class="footnote"><a id="F101"></a><sup>102</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F102"></a><sup>103</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F103"></a><sup>104</sup> Amended vide amendment dated April 28, 2023. Further, earlier Sections 51, 52 and 53 have been consolidated in Section 51 vide this
amendment.</p>
<p class="footnote"><a id="F104"></a><sup>105</sup> Amended vide amendment dated March 23, 2021</p>
<p class="footnote"><a id="F105"></a><sup>106</sup> Amended vide amendment dated March 23, 2021</p>
<p class="footnote"><a id="F106"></a><sup>107</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F107"></a><sup>108</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F108"></a><sup>109</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F109"></a><sup>110</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F110"></a><sup>111</sup> Amended vide amendment dated December 18, 2020</p>
<p class="footnote"><a id="F111"></a><sup>112</sup> Inserted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F112"></a><sup>113</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F113"></a><sup>114</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F114"></a><sup>115</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F115"></a><sup>116</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F162"></a><sup>117</sup> Amended vide amendment dated May 4, 2023</p>
<p class="footnote"><a id="F116"></a><sup>118</sup> Amended vide amendment dated January 9, 2020</p>
<p class="footnote"><a id="F117"></a><sup>119</sup> Amended vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F118"></a><sup>120</sup> Deleted vide amendment dated April 28, 2023</p>
<p class="footnote"><a id="F119"></a><sup>121</sup> Inserted vide amendment dated April 28, 2023.</p>
<p class="footnote"><a id="F120"></a><sup>122</sup> Amended vide amendment dated April 20, 2018. Deleted Portion of read as: ‘Card’</p>
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Date: 29/05/2019 Master Direction - Know Your Customer (KYC) Direction, 2016
(Updated as on May 04, 2023)
RBI/DBR/2015-16/18
Master Direction DBR.AML.BC.No.81/14.01.001/2015-16
February 25, 2016
(Updated as on May 04, 2023)
(Updated as on April 28, 2023)
(Updated as on May 10, 2021)
(Updated as on April 01, 2021)
(Updated as on March 23, 2021)
(Updated as on December 18, 2020)
(Updated as on April 20, 2020)
(Updated as on April 01, 2020)
(Updated as on January 09, 2020)
(Updated as on August 09, 2019)
(Updated as on May 29, 2019)
Master Direction - Know Your Customer (KYC) Direction, 2016
Contents INTRODUCTION CHAPTER – I PRELIMINARY CHAPTER – II General CHAPTER – III
Customer Acceptance Policy CHAPTER – IV Risk Management Chapter V Customer
Identification Procedure (CIP) Chapter VI Customer Due Diligence (CDD) Procedure
Part I - Customer Due Diligence (CDD) Procedure in case of Individuals Part II -
CDD Measures for Sole Proprietary firms Part III - CDD Measures for Legal
Entities Part IV - Identification of Beneficial Owner Part V - On-going Due
Diligence Part VI - Enhanced and Simplified Due Diligence Procedure Chapter VII
Record Management Chapter VIII Reporting Requirements to Financial Intelligence
Unit - India Chapter IX Requirements/obligations under International Agreements
- Communications from International Agencies Chapter X Other Instructions
Chapter XI Repeal Provisions Annex I Annex II Annex III Annex IV Appendix List
of Circulars or part thereof repealed with the issuance of Master Direction
1INTRODUCTION
In order to prevent banks and other financial institutions from being used as a
channel for Money Laundering (ML)/ Terrorist Financing (TF) and to ensure the
integrity and stability of the financial system, efforts are continuously being
made both internationally and nationally, by way of prescribing various rules
and regulations. Internationally, the Financial Action Task Force (FATF) which
is an inter-governmental body established in 1989 by the Ministers of its member
jurisdictions, sets standards and promotes effective implementation of legal,
regulatory and operational measures for combating money laundering, terrorist
financing and other related threats to the integrity of the international
financial system. India, being a member of FATF, is committed to upholding
measures to protect the integrity of international financial system.
In India, the Prevention of Money-Laundering Act, 2002 and the Prevention of
Money-Laundering (Maintenance of Records) Rules, 2005, form the legal framework
on Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT). In
terms of the provisions of the PML Act, 2002 and the PML Rules, 2005, as amended
from time to time by the Government of India, Regulated Entities (REs) are
required to follow certain customer identification procedures while undertaking
a transaction either by establishing an account-based relationship or otherwise
and monitor their transactions.
2. Accordingly, in exercise of the powers conferred by Sections 35A of the
Banking Regulation Act, 1949, the Banking Regulation Act (AACS), 1949, read with
Section 56 of the Act ibid, Sections 45JA, 45K and 45L of the Reserve Bank of
India Act, 1934, Section 10 (2) read with Section 18 of Payment and Settlement
Systems Act 2007 (Act 51 of 2007), Section 11(1) of the Foreign Exchange
Management Act, 1999, Rule 9(14) of Prevention of Money-Laundering (Maintenance
of Records) Rules, 2005 and all other laws enabling the Reserve Bank in this
regard, the Reserve Bank of India being satisfied that it is necessary and
expedient in the public interest to do so, hereby issues the Directions
hereinafter specified.
CHAPTER – I
PRELIMINARY
1. Short Title and Commencement.
a. These Directions shall be called the Reserve Bank of India (Know Your
Customer (KYC)) Directions, 2016.
b. These directions shall come into effect on the day they are placed on the
official website of the Reserve Bank of India.
2. Applicability
(a) The provisions of these Directions shall apply to every entity regulated by
Reserve Bank of India, more specifically as defined in 3 (b) (xiii) below,
except where specifically mentioned otherwise.
(b) These directions shall also apply to those branches and majority owned
subsidiaries of the REs which are located abroad, to the extent they are not
contradictory to the local laws in the host country, provided that:
i. where applicable laws and regulations prohibit implementation of these
guidelines, the same shall be brought to the notice of the Reserve Bank of
India.
ii. in case there is a variance in KYC/AML standards prescribed by the Reserve
Bank of India and the host country regulators, branches/ subsidiaries of
REs are required to adopt the more stringent regulation of the two.
iii. branches/ subsidiaries of foreign incorporated banks may adopt the more
stringent regulation of the two i.e., standards prescribed by the Reserve
Bank of India and their home country regulators.
Provided that this rule shall not apply to ‘small accounts’ referred to in
Section 23 of Chapter VI.
3. Definitions
In these Directions, unless the context otherwise requires, the terms herein
shall bear the meanings assigned to them below:
(a) Terms bearing meaning assigned in terms of Prevention of Money-Laundering
Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules,
2005:
i. 2“Aadhaar number” shall have the meaning assigned to it in clause (a) of
section 2 of the Aadhaar (Targeted Delivery of Financial and Other Subsidies,
Benefits and Services) Act, 2016 (18 of 2016);
ii. “Act” and “Rules” means the Prevention of Money-Laundering Act, 2002 and the
Prevention of Money-Laundering (Maintenance of Records) Rules, 2005,
respectively and amendments thereto.
iii. 3“Authentication”, in the context of Aadhaar authentication, means the
process as defined under sub-section (c) of section 2 of the Aadhaar (Targeted
Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016.
iv. Beneficial Owner (BO)
a. Where the customer is a company, the beneficial owner is the natural
person(s), who, whether acting alone or together, or through one or more
juridical persons, has/have a controlling ownership interest or who exercise
control through other means.
Explanation- For the purpose of this sub-clause-
1. 4“Controlling ownership interest” means ownership of/entitlement to more
than 10 percent of the shares or capital or profits of the company.
2. “Control” shall include the right to appoint majority of the directors or to
control the management or policy decisions including by virtue of their
shareholding or management rights or shareholders agreements or voting
agreements.
b. Where the customer is a partnership firm, the beneficial owner is the natural
person(s), who, whether acting alone or together, or through one or more
juridical person, has/have ownership of/entitlement to more than 15 percent of
capital or profits of the partnership.
c. Where the customer is an unincorporated association or body of individuals,
the beneficial owner is the natural person(s), who, whether acting alone or
together, or through one or more juridical person, has/have ownership
of/entitlement to more than 15 percent of the property or capital or profits of
the unincorporated association or body of individuals.
Explanation: Term ‘body of individuals’ includes societies. Where no natural
person is identified under (a), (b) or (c) above, the beneficial owner is the
relevant natural person who holds the position of senior managing official.
d. 5Where the customer is a trust, the identification of beneficial owner(s)
shall include identification of the author of the trust, the trustee, the
beneficiaries with 10 percent or more interest in the trust and any other
natural person exercising ultimate effective control over the trust through a
chain of control or ownership.
v. 6“Certified Copy” - Obtaining a certified copy by the RE shall mean comparing
the copy of the proof of possession of Aadhaar number where offline verification
cannot be carried out or officially valid document so produced by the customer
with the original and recording the same on the copy by the authorised officer
of the RE as per the provisions contained in the Act.
Provided that in case of Non-Resident Indians (NRIs) and Persons of Indian
Origin (PIOs), as defined in Foreign Exchange Management (Deposit) Regulations,
2016 {FEMA 5(R)}, alternatively, the original certified copy, certified by any
one of the following, may be obtained:
* authorised officials of overseas branches of Scheduled Commercial Banks
registered in India,
* branches of overseas banks with whom Indian banks have relationships,
* Notary Public abroad,
* Court Magistrate,
* Judge,
* Indian Embassy/Consulate General in the country where the non-resident
customer resides.
vi. “Central KYC Records Registry” (CKYCR) means an entity defined under Rule
2(1) of the Rules, to receive, store, safeguard and retrieve the KYC records in
digital form of a customer.
vii. “Designated Director" means a person designated by the RE to ensure overall
compliance with the obligations imposed under chapter IV of the PML Act and the
Rules and shall include:
a. the Managing Director or a whole-time Director, duly authorized by the Board
of Directors, if the RE is a company,
b. the Managing Partner, if the RE is a partnership firm,
c. the Proprietor, if the RE is a proprietorship concern,
d. the Managing Trustee, if the RE is a trust,
e. a person or individual, as the case may be, who controls and manages the
affairs of the RE, if the RE is an unincorporated association or a body of
individuals, and
f. a person who holds the position of senior management or equivalent
designated as a 'Designated Director’ in respect of Cooperative Banks and
Regional Rural Banks.
Explanation - For the purpose of this clause, the terms "Managing Director" and
"Whole-time Director" shall have the meaning assigned to them in the Companies
Act, 2013.
viii. 7“Digital KYC” means the capturing live photo of the customer and
officially valid document or the proof of possession of Aadhaar, where offline
verification cannot be carried out, along with the latitude and longitude of the
location where such live photo is being taken by an authorised officer of the RE
as per the provisions contained in the Act.
ix. 8“Digital Signature” shall have the same meaning as assigned to it in clause
(p) of subsection (1) of section (2) of the Information Technology Act, 2000 (21
of 2000).
x. 9“Equivalent e-document” means an electronic equivalent of a document, issued
by the issuing authority of such document with its valid digital signature
including documents issued to the digital locker account of the customer as per
rule 9 of the Information Technology (Preservation and Retention of Information
by Intermediaries Providing Digital Locker Facilities) Rules, 2016.
xi 10“Group” – The term “group" shall have the same meaning assigned to it in
clause (e) of sub-section (9) of section 286 of the Income-tax Act,1961 (43 of
1961).
xii. 11“Know Your Client (KYC) Identifier” means the unique number or code
assigned to a customer by the Central KYC Records Registry.
xiii. 12“Non-profit organisations” (NPO) means any entity or organisation,
constituted for religious or charitable purposes referred to in clause (15) of
section 2 of the Income-tax Act, 1961 (43 of 1961), that is registered as a
trust or a society under the Societies Registration Act, 1860 or any similar
State legislation or a company registered under Section 8 of the Companies Act,
2013 (18 of 2013).
xiv. “Officially Valid Document” (OVD) means the passport, the driving licence,
13proof of possession of Aadhaar number, the Voter's Identity Card issued by the
Election Commission of India, job card issued by NREGA duly signed by an officer
of the State Government and letter issued by the National Population Register
containing details of name and address.
Provided that,
a. where the customer submits his proof of possession of Aadhaar number as an
OVD, he may submit it in such form as are issued by the Unique Identification
Authority of India.
b. 14where the OVD furnished by the customer does not have updated address, the
following documents or the equivalent e-documents thereof shall be deemed to be
OVDs for the limited purpose of proof of address:-
i. utility bill which is not more than two months old of any service provider
(electricity, telephone, post-paid mobile phone, piped gas, water bill);
ii. property or Municipal tax receipt;
iii. pension or family pension payment orders (PPOs) issued to retired
employees by Government Departments or Public Sector Undertakings, if they
contain the address;
iv. letter of allotment of accommodation from employer issued by State
Government or Central Government Departments, statutory or regulatory
bodies, public sector undertakings, scheduled commercial banks, financial
institutions and listed companies and leave and licence agreements with
such employers allotting official accommodation;
c. the customer shall submit OVD with current address within a period of three
months of submitting the documents specified at ‘b’ above
d. where the OVD presented by a foreign national does not contain the details of
address, in such case the documents issued by the Government departments of
foreign jurisdictions and letter issued by the Foreign Embassy or Mission in
India shall be accepted as proof of address.
Explanation: For the purpose of this clause, a document shall be deemed to be an
OVD even if there is a change in the name subsequent to its issuance provided it
is supported by a marriage certificate issued by the State Government or Gazette
notification, indicating such a change of name.
xv. 15“Offline verification” shall have the same meaning as assigned to it in
clause (pa) of section 2 of the Aadhaar (Targeted Delivery of Financial and
Other Subsidies, Benefits and Services) Act, 2016 (18 of 2016).
xvi. “Person” has the same meaning assigned in the Act and includes:
a. an individual,
b. a Hindu undivided family,
c. a company,
d. a firm,
e. an association of persons or a body of individuals, whether incorporated or
not,
f. every artificial juridical person, not falling within any one of the above
persons (a to e), and
g. any agency, office or branch owned or controlled by any of the above persons
(a to f).
xvii. 16“Politically Exposed Persons” (PEPs) are individuals who are or have
been entrusted with prominent public functions by a foreign country, including
the Heads of States/Governments, senior politicians, senior government or
judicial or military officers, senior executives of state-owned corporations and
important political party officials.
xviii. “Principal Officer” means an officer nominated by the RE, responsible for
furnishing information as per rule 8 of the Rules.
xix. “Suspicious transaction” means a “transaction” as defined below, including
an attempted transaction, whether or not made in cash, which, to a person acting
in good faith:
a. gives rise to a reasonable ground of suspicion that it may involve proceeds
of an offence specified in the Schedule to the Act, regardless of the value
involved; or
b. appears to be made in circumstances of unusual or unjustified complexity; or
c. appears to not have economic rationale or bona-fide purpose; or
d. gives rise to a reasonable ground of suspicion that it may involve financing
of the activities relating to terrorism.
Explanation: Transaction involving financing of the activities relating to
terrorism includes transaction involving funds suspected to be linked or related
to, or to be used for terrorism, terrorist acts or by a terrorist, terrorist
organization or those who finance or are attempting to finance terrorism.
xx. A ‘Small Account' means a savings account which is opened in terms of
sub-rule (5) of the PML Rules, 2005. Details of the operation of a small account
and controls to be exercised for such account are specified in Section 23.
xxi. “Transaction” means a purchase, sale, loan, pledge, gift, transfer,
delivery or the arrangement thereof and includes:
a. opening of an account;
b. deposit, withdrawal, exchange or transfer of funds in whatever currency,
whether in cash or by cheque, payment order or other instruments or by
electronic or other non-physical means;
c. the use of a safety deposit box or any other form of safe deposit;
d. entering into any fiduciary relationship;
e. any payment made or received, in whole or in part, for any contractual or
other legal obligation; or
f. establishing or creating a legal person or legal arrangement.
(b) Terms bearing meaning assigned in this Directions, unless the context
otherwise requires, shall bear the meanings assigned to them below:
i. “Common Reporting Standards” (CRS) means reporting standards set for
implementation of multilateral agreement signed to automatically exchange
information based on Article 6 of the Convention on Mutual Administrative
Assistance in Tax Matters.
ii. 17Correspondent Banking: Correspondent banking is the provision of banking
services by one bank (the “correspondent bank”) to another bank (the “respondent
bank”). Respondent banks may be provided with a wide range of services,
including cash management (e.g., interest-bearing accounts in a variety of
currencies), international wire transfers, cheque clearing, payable-through
accounts and foreign exchange services.
iii. “Customer” means a person who is engaged in a financial transaction or
activity with a Regulated Entity (RE) and includes a person on whose behalf the
person who is engaged in the transaction or activity, is acting.
iv. “Walk-in Customer” means a person who does not have an account-based
relationship with the RE, but undertakes transactions with the RE.
v. 18“Customer Due Diligence (CDD)” means identifying and verifying the customer
and the beneficial owner.
vi. “Customer identification” means undertaking the process of CDD.
vii. “FATCA” means Foreign Account Tax Compliance Act of the United States of
America (USA) which, inter alia, requires foreign financial institutions to
report about financial accounts held by U.S. taxpayers or foreign entities in
which U.S. taxpayers hold a substantial ownership interest.
viii. “IGA” means Inter Governmental Agreement between the Governments of India
and the USA to improve international tax compliance and to implement FATCA of
the USA.
ix. “KYC Templates” means templates prepared to facilitate collating and
reporting the KYC data to the CKYCR, for individuals and legal entities.
x. “Non-face-to-face customers” means customers who open accounts without
visiting the branch/offices of the REs or meeting the officials of REs.
xi. “On-going Due Diligence” means regular monitoring of transactions in
accounts to ensure that they are consistent with the customers’ profile and
source of funds.
xii. 19Payable-through accounts: The term payable-through accounts refers to
correspondent accounts that are used directly by third parties to transact
business on their own behalf.
xiii. “Periodic Updation” means steps taken to ensure that documents, data or
information collected under the CDD process is kept up-to-date and relevant by
undertaking reviews of existing records at periodicity prescribed by the Reserve
Bank.
xiv. “Regulated Entities” (REs) means
a. all Scheduled Commercial Banks (SCBs)/ Regional Rural Banks (RRBs)/ Local
Area Banks (LABs)/ All Primary (Urban) Co-operative Banks (UCBs) /State and
Central Co-operative Banks (StCBs / CCBs) and any other entity which has
been licenced under Section 22 of Banking Regulation Act, 1949, which as a
group shall be referred as ‘banks’
b. All India Financial Institutions (AIFIs)
c. All Non-Banking Finance Companies (NBFCs), Miscellaneous Non-Banking
Companies (MNBCs) and Residuary Non-Banking Companies (RNBCs).
d. All Payment System Providers (PSPs)/ System Participants (SPs) and Prepaid
Payment Instrument Issuers (PPI Issuers)
e. All authorised persons (APs) including those who are agents of Money
Transfer Service Scheme (MTSS), regulated by the Regulator.
xv. 20Shell Bank” means a bank that has no physical presence in the country in
which it is incorporated and licensed, and which is unaffiliated with a
regulated financial group that is subject to effective consolidated supervision.
Physical presence means meaningful mind and management located within a country.
The existence simply of a local agent or low-level staff does not constitute
physical presence.
xvi. 21“Video based Customer Identification Process (V-CIP)”: an alternate
method of customer identification with facial recognition and customer due
diligence by an authorised official of the RE by undertaking seamless, secure,
live, informed-consent based audio-visual interaction with the customer to
obtain identification information required for CDD purpose, and to ascertain the
veracity of the information furnished by the customer through independent
verification and maintaining audit trail of the process. Such processes
complying with prescribed standards and procedures shall be treated on par with
face-to-face CIP for the purpose of this Master Direction.
xvii. 22“Wire transfer” related definitions:
a. Batch transfer: Batch transfer is a transfer comprised of a number of
individual wire transfers that are being sent to the same financial
institutions but may/may not be ultimately intended for different persons.
b. Beneficiary: Beneficiary refers to a natural or legal person or legal
arrangement who / which is identified by the originator as the receiver of
the requested wire transfer.
c. Beneficiary RE: It refers to a financial institution, regulated by the RBI,
which receives the wire transfer from the ordering financial institution
directly or through an intermediary RE and makes the funds available to the
beneficiary.
d. Cover Payment: Cover Payment refers to a wire transfer that combines a
payment message sent directly by the ordering financial institution to the
beneficiary financial institution with the routing of the funding
instruction (the cover) from the ordering financial institution to the
beneficiary financial institution through one or more intermediary financial
institutions.
e. Cross-border wire transfer: Cross-border wire transfer refers to any wire
transfer where the ordering financial institution and beneficiary financial
institution are located in different countries. This term also refers to any
chain of wire transfer in which at least one of the financial institutions
involved is located in a different country.
f. Domestic wire transfer: Domestic wire transfer refers to any wire transfer
where the ordering financial institution and beneficiary financial
institution are located in India. This term, therefore, refers to any chain
of wire transfer that takes place entirely within the borders of India, even
though the system used to transfer the payment message may be located in
another country.
g. Financial Institution: In the context of wire-transfer instructions, the
term ‘Financial Institution’ shall have the same meaning as has been
ascribed to it in the FATF Recommendations, as revised from time to time.
h. Intermediary RE: Intermediary RE refers to a financial institution or any
other entity, regulated by the RBI which handles an intermediary element of
the wire transfer, in a serial or cover payment chain and that receives and
transmits a wire transfer on behalf of the ordering financial institution
and the beneficiary financial institution, or another intermediary financial
institution.
i. Ordering RE: Ordering RE refers to the financial institution, regulated by
the RBI, which initiates the wire transfer and transfers the funds upon
receiving the request for a wire transfer on behalf of the originator.
j. Originator: Originator refers to the account holder who allows the wire
transfer from that account, or where there is no account, the natural or
legal person that places the order with the ordering financial institution
to perform the wire transfer.
k. Serial Payment: Serial Payment refers to a direct sequential chain of
payment where the wire transfer and accompanying payment message travel
together from the ordering financial institution to the beneficiary
financial institution directly or through one or more intermediary financial
institutions (e.g., correspondent banks).
l. Straight-through Processing: Straight-through processing refers to payment
transactions that are conducted electronically without the need for manual
intervention.
m. Unique transaction reference number: Unique transaction reference number
refers to a combination of letters, numbers or symbols, determined by the
payment service provider, in accordance with the protocols of the payment
and settlement system or messaging system used for the wire transfer.
n. Wire transfer: Wire transfer refers to any transaction carried out on behalf
of an originator through a financial institution by electronic means with a
view to making an amount of funds available to a beneficiary at a
beneficiary financial institution, irrespective of whether the originator
and the beneficiary are the same person.
(c) All other expressions unless defined herein shall have the same meaning as
have been assigned to them under the Banking Regulation Act, 1949, the Reserve
Bank of India Act, 1935, the Prevention of Money Laundering Act, 2002, the
Prevention of Money Laundering (Maintenance of Records) Rules, 2005, the
23Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and
Services) Act, 2016 and regulations made thereunder, any statutory modification
or re-enactment thereto or as used in commercial parlance, as the case may be.
CHAPTER – II
General
4. (a) There shall be a Know Your Customer (KYC) policy duly approved by the
Board of Directors of REs or any committee of the Board to which power has been
delegated.
24(b) REs shall ensure that a group-wide policy is implemented for the purpose
of discharging obligations under the provisions of Chapter IV of the Prevention
of Money-laundering Act, 2002 (15 of 2003).
25(c) REs' policy framework should seek to ensure compliance with PML Act/Rules,
including regulatory instructions in this regard and should provide a bulwark
against threats arising from money laundering, terrorist financing,
proliferation financing and other related risks. While ensuring compliance of
the legal/regulatory requirements as above, REs may also consider adoption of
best international practices taking into account the FATF standards and FATF
guidance notes, for managing risks better.
5. The KYC policy shall include following four key elements:
a. Customer Acceptance Policy;
b. Risk Management;
c. Customer Identification Procedures (CIP); and
d. Monitoring of Transactions
265A. Money Laundering and Terrorist Financing Risk Assessment by REs:
(a) REs shall carry out ‘Money Laundering (ML) and Terrorist Financing (TF) Risk
Assessment’ exercise periodically to identify, assess and take effective
measures to mitigate its money laundering and terrorist financing risk for
clients, countries or geographic areas, products, services, transactions or
delivery channels, etc.
The assessment process should consider all the relevant risk factors before
determining the level of overall risk and the appropriate level and type of
mitigation to be applied. While preparing the internal risk assessment, REs
shall take cognizance of the overall sector-specific vulnerabilities, if any,
that the regulator/supervisor may share with REs from time to time.
(b) The risk assessment by the RE shall be properly documented and be
proportionate to the nature, size, geographical presence, complexity of
activities/structure, etc. of the RE. Further, the periodicity of risk
assessment exercise shall be determined by the Board of the RE, in alignment
with the outcome of the risk assessment exercise. However, it should be reviewed
at least annually.
(c) The outcome of the exercise shall be put up to the Board or any committee of
the Board to which power in this regard has been delegated, and should be
available to competent authorities and self-regulating bodies.
(d) REs shall apply a Risk Based Approach (RBA) for mitigation and management of
the identified risk and should have Board approved policies, controls and
procedures in this regard. Further, REs shall monitor the implementation of the
controls and enhance them if necessary.
6. Designated Director:
(a) A “Designated Director” means a person designated by the RE to ensure
overall compliance with the obligations imposed under Chapter IV of the PML Act
and the Rules and shall be nominated by the Board.
(b) The name, designation and address of the Designated Director shall be
communicated to the FIU-IND.
(c) 27Further, the name, designation, address and contact details of the
Designated Director shall also be communicated to the RBI.
(d) In no case, the Principal Officer shall be nominated as the 'Designated
Director'.
7. Principal Officer:
(a) The Principal Officer shall be responsible for ensuring compliance,
monitoring transactions, and sharing and reporting information as required under
the law/regulations.
(b) The name, designation and address of the Principal Officer shall be
communicated to the FIU-IND.
(c) 28Further, the name, designation, address and contact details of the
Principal Officer shall also be communicated to the RBI.
8. Compliance of KYC policy
(a) REs shall ensure compliance with KYC Policy through:
i. Specifying as to who constitute ‘Senior Management’ for the purpose of KYC
compliance.
ii. Allocation of responsibility for effective implementation of policies and
procedures.
iii. Independent evaluation of the compliance functions of REs’ policies and
procedures, including legal and regulatory requirements.
iv. Concurrent/internal audit system to verify the compliance with KYC/AML
policies and procedures.
v. Submission of quarterly audit notes and compliance to the Audit Committee.
(b) REs shall ensure that decision-making functions of determining compliance
with KYC norms are not outsourced.
CHAPTER – III
Customer Acceptance Policy
9. REs shall frame a Customer Acceptance Policy.
10. Without prejudice to the generality of the aspect that Customer Acceptance
Policy may contain, REs shall ensure that:
a. No account is opened in anonymous or fictitious/benami name.
b. No account is opened where the RE is unable to apply appropriate CDD
measures, either due to non-cooperation of the customer or non-reliability
of the documents/information furnished by the customer.
c. No transaction or account-based relationship is undertaken without following
the CDD procedure.
d. The mandatory information to be sought for KYC purpose while opening an
account and during the periodic updation, is specified.
e. 29Additional information, where such information requirement has not been
specified in the internal KYC Policy of the RE, is obtained with the
explicit consent of the customer.
f. REs shall apply the CDD procedure at the UCIC level. Thus, if an existing
KYC compliant customer of a RE desires to open another account with the same
RE, there shall be no need for a fresh CDD exercise.
g. CDD Procedure is followed for all the joint account holders, while opening a
joint account.
h. Circumstances in which, a customer is permitted to act on behalf of another
person/entity, is clearly spelt out.
i. 30Suitable system is put in place to ensure that the identity of the
customer does not match with any person or entity, whose name appears in the
sanctions lists indicated in Chapter IX of this MD.
j. 31Where Permanent Account Number (PAN) is obtained, the same shall be
verified from the verification facility of the issuing authority.
k. 32Where an equivalent e-document is obtained from the customer, RE shall
verify the digital signature as per the provisions of the Information
Technology Act, 2000 (21 of 2000).
l. 33Where Goods and Services Tax (GST) details are available, the GST number
shall be verified from the search/verification facility of the issuing
authority.
11. Customer Acceptance Policy shall not result in denial of banking/financial
facility to members of the general public, especially those, who are financially
or socially disadvantaged.
3411A. Where RE forms a suspicion of money laundering or terrorist financing,
and it reasonably believes that performing the CDD process will tip-off the
customer, it shall not pursue the CDD process, and instead file an STR with
FIU-IND.
CHAPTER – IV
Risk Management
12. For Risk Management, REs shall have a risk-based approach which includes the
following.
a. Customers shall be categorised as low, medium and high-risk category, based
on the assessment and risk perception of the RE.
b. 35Broad principles may be laid down by the REs for risk-categorisation of
customers.
c. 36Risk categorisation shall be undertaken based on parameters such as
customer’s identity, social/financial status, nature of business activity,
and information about the customer’s business and their location,
geographical risk covering customers as well as transactions, type of
products/services offered, delivery channel used for delivery of
products/services, types of transaction undertaken – cash, cheque/monetary
instruments, wire transfers, forex transactions, etc. While considering
customer’s identity, the ability to confirm identity documents through
online or other services offered by issuing authorities may also be factored
in.
d. 37The risk categorisation of a customer and the specific reasons for such
categorisation shall be kept confidential and shall not be revealed to the
customer to avoid tipping off the customer.
Provided that various other information collected from different categories of
customers relating to the perceived risk, is non-intrusive and the same is
specified in the KYC policy.
38Explanation: FATF Public Statement, the reports and guidance notes on KYC/AML
issued by the Indian Banks Association (IBA), and other agencies, etc., may also
be used in risk assessment.
Chapter V
Customer Identification Procedure (CIP)
13. REs shall undertake identification of customers in the following cases:
a. Commencement of an account-based relationship with the customer.
b. 39Carrying out any international money transfer operations for a person who
is not an account holder of the RE.
c. When there is a doubt about the authenticity or adequacy of the customer
identification data it has obtained.
d. Selling third party products as agents, selling their own products, payment
of dues of credit cards/sale and reloading of prepaid/travel cards and any
other product for more than rupees fifty thousand.
e. Carrying out transactions for a non-account-based customer, that is a
walk-in customer, where the amount involved is equal to or exceeds rupees
fifty thousand, whether conducted as a single transaction or several
transactions that appear to be connected.
f. When a RE has reason to believe that a customer (account- based or walk-in)
is intentionally structuring a transaction into a series of transactions
below the threshold of rupees fifty thousand.
g. REs shall ensure that introduction is not to be sought while opening
accounts.
14. For the purpose of verifying the identity of customers at the time of
commencement of an account-based relationship, REs, may rely on customer due
diligence done by a third party, subject to the following conditions:
a. 40Records or the information of the customer due diligence carried out by
the third party is obtained within two days from the third party or from the
Central KYC Records Registry.
b. Adequate steps are taken by REs to satisfy themselves that copies of
identification data and other relevant documentation relating to the
customer due diligence requirements shall be made available from the third
party upon request without delay.
c. The third party is regulated, supervised or monitored for, and has measures
in place for, compliance with customer due diligence and record-keeping
requirements in line with the requirements and obligations under the PML
Act.
d. The third party shall not be based in a country or jurisdiction assessed as
high risk.
e. The ultimate responsibility for customer due diligence and undertaking
enhanced due diligence measures, as applicable, will be with the RE.
Chapter VI
Customer Due Diligence (CDD) Procedure
Part I - Customer Due Diligence (CDD) Procedure in case of Individuals
15. 41Deleted
16. 42For undertaking CDD, REs shall obtain the following from an individual
while establishing an account-based relationship or while dealing with the
individual who is a beneficial owner, authorised signatory or the power of
attorney holder related to any legal entity:
(a) the Aadhaar number where,
i. he is desirous of receiving any benefit or subsidy under any scheme
notified under section 7 of the Aadhaar (Targeted Delivery of Financial and
Other subsidies, Benefits and Services) Act, 2016 (18 of 2016); or
ii. he decides to submit his Aadhaar number voluntarily to a bank or any RE
notified under first proviso to sub-section (1) of section 11A of the PML
Act; or
(aa) the proof of possession of Aadhaar number where offline verification can be
carried out; or
(ab) the proof of possession of Aadhaar number where offline verification cannot
be carried out or any OVD or the equivalent e-document thereof containing the
details of his identity and address; or
43(ac) the KYC Identifier with an explicit consent to download records from
CKYCR; and
(b) the Permanent Account Number or the equivalent e-document thereof or Form
No. 60 as defined in Income-tax Rules, 1962; and
(c) such other documents including in respect of the nature of business and
financial status of the customer, or the equivalent e-documents thereof as may
be required by the RE:
Provided that where the customer has submitted,
i) Aadhaar number under clause (a) above to a bank or to a RE notified under
first proviso to sub-section (1) of section 11A of the PML Act, such bank or RE
shall carry out authentication of the customer’s Aadhaar number using e-KYC
authentication facility provided by the Unique Identification Authority of
India. Further, in such a case, if customer wants to provide a current address,
different from the address as per the identity information available in the
Central Identities Data Repository, he may give a self-declaration to that
effect to the RE.
ii) proof of possession of Aadhaar under clause (aa) above where offline
verification can be carried out, the RE shall carry out offline verification.
iii) an equivalent e-document of any OVD, the RE shall verify the digital
signature as per the provisions of the Information Technology Act, 2000 (21 of
2000) and any rules issues thereunder and take a live photo as specified under
Annex I.
iv) any OVD or proof of possession of Aadhaar number under clause (ab) above
where offline verification cannot be carried out, the RE shall carry out
verification through digital KYC as specified under Annex I.
44v) KYC Identifier under clause (ac) above, the RE shall retrieve the KYC
records online from the CKYCR in accordance with Section 56.
Provided that for a period not beyond such date as may be notified by the
Government for a class of REs, instead of carrying out digital KYC, the RE
pertaining to such class may obtain a certified copy of the proof of possession
of Aadhaar number or the OVD and a recent photograph where an equivalent
e-document is not submitted.
Provided further that in case e-KYC authentication cannot be performed for an
individual desirous of receiving any benefit or subsidy under any scheme
notified under section 7 of the Aadhaar (Targeted Delivery of Financial and
Other subsidies, Benefits and Services) Act, 2016 owing to injury, illness or
infirmity on account of old age or otherwise, and similar causes, REs shall,
apart from obtaining the Aadhaar number, perform identification preferably by
carrying out offline verification or alternatively by obtaining the certified
copy of any other OVD or the equivalent e-document thereof from the customer.
CDD done in this manner shall invariably be carried out by an official of the RE
and such exception handling shall also be a part of the concurrent audit as
mandated in Section 8. REs shall ensure to duly record the cases of exception
handling in a centralised exception database. The database shall contain the
details of grounds of granting exception, customer details, name of the
designated official authorising the exception and additional details, if any.
The database shall be subjected to periodic internal audit/inspection by the RE
and shall be available for supervisory review.
Explanation 1: RE shall, where its customer submits a proof of possession of
Aadhaar Number containing Aadhaar Number, ensure that such customer redacts or
blacks out his Aadhaar number through appropriate means where the authentication
of Aadhaar number is not required as per proviso (i) above.
Explanation 2: Biometric based e-KYC authentication can be done by bank
official/business correspondents/business facilitators.
Explanation 3: The use of Aadhaar, proof of possession of Aadhaar etc., shall be
in accordance with the Aadhaar (Targeted Delivery of Financial and Other
Subsidies Benefits and Services) Act, 2016 and the regulations made thereunder.
17. Accounts opened using Aadhaar OTP based e-KYC, in non-face-to-face mode, are
subject to the following conditions:
i. There must be a specific consent from the customer for authentication
through OTP.
ii. 45As a risk-mitigating measure for such accounts, REs shall ensure that
transaction alerts, OTP, etc., are sent only to the mobile number of the
customer registered with Aadhaar. REs shall have a board approved policy
delineating a robust process of due diligence for dealing with requests
for change of mobile number in such accounts.
iii. The aggregate balance of all the deposit accounts of the customer shall
not exceed rupees one lakh. In case, the balance exceeds the threshold,
the account shall cease to be operational, till CDD as mentioned at (v)
below is complete.
iv. The aggregate of all credits in a financial year, in all the deposit
accounts taken together, shall not exceed rupees two lakh.
v. As regards borrowal accounts, only term loans shall be sanctioned. The
aggregate amount of term loans sanctioned shall not exceed rupees sixty
thousand in a year.
vi. 46Accounts, both deposit and borrowal, opened using OTP based e-KYC shall
not be allowed for more than one year unless identification as per
Section 16 or as per Section 18 (V-CIP) is carried out. If Aadhaar
details are used under Section 18, the process shall be followed in its
entirety including fresh Aadhaar OTP authentication.
vii. If the CDD procedure as mentioned above is not completed within a year,
in respect of deposit accounts, the same shall be closed immediately. In
respect of borrowal accounts no further debits shall be allowed.
viii. 47A declaration shall be obtained from the customer to the effect that no
other account has been opened nor will be opened using OTP based KYC in
non-face-to-face mode with any other RE. Further, while uploading KYC
information to CKYCR, REs shall clearly indicate that such accounts are
opened using OTP based e-KYC and other REs shall not open accounts based
on the KYC information of accounts opened with OTP based e-KYC procedure
in non-face-to-face mode.
ix. REs shall have strict monitoring procedures including systems to generate
alerts in case of any non-compliance/violation, to ensure compliance with
the above mentioned conditions.
18. 48REs may undertake V-CIP to carry out:
i) CDD in case of new customer on-boarding for individual customers, proprietor
in case of proprietorship firm, authorised signatories and Beneficial Owners
(BOs) in case of Legal Entity (LE) customers.
49Provided that in case of CDD of a proprietorship firm, REs shall also obtain
the equivalent e-document of the activity proofs with respect to the
proprietorship firm, as mentioned in Section 28 and Section 29, apart from
undertaking CDD of the proprietor.
ii) Conversion of existing accounts opened in non-face to face mode using
Aadhaar OTP based e-KYC authentication as per Section 17.
iii) Updation/Periodic updation of KYC for eligible customers.
REs opting to undertake V-CIP, shall adhere to the following minimum standards:
(a) V-CIP Infrastructure
i) The RE should have complied with the RBI guidelines on minimum baseline cyber
security and resilience framework for banks, as updated from time to time as
well as other general guidelines on IT risks. The technology infrastructure
should be housed in own premises of the RE and the V-CIP connection and
interaction shall necessarily originate from its own secured network domain. Any
technology related outsourcing for the process should be compliant with relevant
RBI guidelines. 50Where cloud deployment model is used, it shall be ensured that
the ownership of data in such model rests with the RE only and all the data
including video recording is transferred to the RE’s exclusively owned / leased
server(s) including cloud server, if any, immediately after the V-CIP process is
completed and no data shall be retained by the cloud service provider or
third-party technology provider assisting the V-CIP of the RE.
ii) The RE shall ensure end-to-end encryption of data between customer device
and the hosting point of the V-CIP application, as per appropriate encryption
standards. The customer consent should be recorded in an auditable and
alteration proof manner.
iii) The V-CIP infrastructure / application should be capable of preventing
connection from IP addresses outside India or from spoofed IP addresses.
iv) The video recordings should contain the live GPS co-ordinates (geo-tagging)
of the customer undertaking the V-CIP and date-time stamp. The quality of the
live video in the V-CIP shall be adequate to allow identification of the
customer beyond doubt.
v) The application shall have components with face liveness / spoof detection as
well as face matching technology with high degree of accuracy, even though the
ultimate responsibility of any customer identification rests with the RE.
Appropriate artificial intelligence (AI) technology can be used to ensure that
the V-CIP is robust.
vi) Based on experience of detected / attempted / ‘near-miss’ cases of forged
identity, the technology infrastructure including application software as well
as work flows shall be regularly upgraded. Any detected case of forged identity
through V-CIP shall be reported as a cyber event under extant regulatory
guidelines.
vii) 51The V-CIP infrastructure shall undergo necessary tests such as
Vulnerability Assessment, Penetration testing and a Security Audit to ensure its
robustness and end-to-end encryption capabilities. Any critical gap reported
under this process shall be mitigated before rolling out its implementation.
Such tests should be conducted by the empanelled auditors of Indian Computer
Emergency Response Team (CERT-In). Such tests should also be carried out
periodically in conformance to internal / regulatory guidelines.
viii) The V-CIP application software and relevant APIs / webservices shall also
undergo appropriate testing of functional, performance, maintenance strength
before being used in live environment. Only after closure of any critical gap
found during such tests, the application should be rolled out. Such tests shall
also be carried out periodically in conformity with internal/ regulatory
guidelines.
(b) V-CIP Procedure
i) Each RE shall formulate a clear work flow and standard operating procedure
for V-CIP and ensure adherence to it. The V-CIP process shall be operated only
by officials of the RE specially trained for this purpose. The official should
be capable to carry out liveness check and detect any other fraudulent
manipulation or suspicious conduct of the customer and act upon it.
ii) 52Disruption of any sort including pausing of video, reconnecting calls,
etc., should not result in creation of multiple video files. If pause or
disruption is not leading to the creation of multiple files, then there is no
need to initiate a fresh session by the RE. However, in case of call drop /
disconnection, fresh session shall be initiated.
iii) The sequence and/or type of questions, including those indicating the
liveness of the interaction, during video interactions shall be varied in order
to establish that the interactions are real-time and not pre-recorded.
iv) Any prompting observed at end of customer shall lead to rejection of the
account opening process.
v) The fact of the V-CIP customer being an existing or new customer, or if it
relates to a case rejected earlier or if the name appearing in some negative
list should be factored in at appropriate stage of work-flow.
vi) The authorised official of the RE performing the V-CIP shall record
audio-video as well as capture photograph of the customer present for
identification and obtain the identification information using any one of the
following:
a. OTP based Aadhaar e-KYC authentication
b. Offline Verification of Aadhaar for identification
c. KYC records downloaded from CKYCR, in accordance with Section 56, using the
KYC identifier provided by the customer
d. Equivalent e-document of Officially Valid Documents (OVDs) including
documents issued through DigiLocker
RE shall ensure to redact or blackout the Aadhaar number in terms of Section 16.
53In case of offline verification of Aadhaar using XML file or Aadhaar Secure QR
Code, it shall be ensured that the XML file or QR code generation date is not
older than three working days from the date of carrying out V-CIP.
54Further, in line with the prescribed period of three days for usage of Aadhaar
XML file / Aadhaar QR code, REs shall ensure that the video process of the V-CIP
is undertaken within three working days of downloading / obtaining the
identification information through CKYCR / Aadhaar authentication / equivalent
e-document, if in the rare cases, the entire process cannot be completed at one
go or seamlessly. However, REs shall ensure that no incremental risk is added
due to this.
vii) If the address of the customer is different from that indicated in the OVD,
suitable records of the current address shall be captured, as per the existing
requirement. It shall be ensured that the economic and financial
profile/information submitted by the customer is also confirmed from the
customer undertaking the V-CIP in a suitable manner.
viii) RE shall capture a clear image of PAN card to be displayed by the customer
during the process, except in cases where e-PAN is provided by the customer. The
PAN details shall be verified from the database of the issuing authority
including through DigiLocker.
ix) Use of printed copy of equivalent e-document including e-PAN is not valid
for the V-CIP.
x) The authorised official of the RE shall ensure that photograph of the
customer in the Aadhaar/OVD and PAN/e-PAN matches with the customer undertaking
the V-CIP and the identification details in Aadhaar/OVD and PAN/e-PAN shall
match with the details provided by the customer.
xi) Assisted V-CIP shall be permissible when banks take help of Business
Correspondents (BCs) facilitating the process only at the customer end. Banks
shall maintain the details of the BC assisting the customer, where services of
BCs are utilized. The ultimate responsibility for customer due diligence will be
with the bank.
xii) All accounts opened through V-CIP shall be made operational only after
being subject to concurrent audit, to ensure the integrity of process and its
acceptability of the outcome.
xiii) All matters not specified under the paragraph but required under other
statutes such as the Information Technology (IT) Act shall be appropriately
complied with by the RE.
(c) V-CIP Records and Data Management
i) The entire data and recordings of V-CIP shall be stored in a system / systems
located in India. REs shall ensure that the video recording is stored in a safe
and secure manner and bears the date and time stamp that affords easy historical
data search. The extant instructions on record management, as stipulated in this
MD, shall also be applicable for V-CIP.
ii) The activity log along with the credentials of the official performing the
V-CIP shall be preserved.
19. 55Deleted
20. 56Deleted
21. 57Deleted
22. Deleted
23. 58Notwithstanding anything contained in Section 16 and as an alternative
thereto, in case an individual who desires to open a bank account, banks shall
open a ‘Small Account’, which entails the following limitations:
i. the aggregate of all credits in a financial year does not exceed rupees
one lakh;
ii. the aggregate of all withdrawals and transfers in a month does not exceed
rupees ten thousand; and
iii. the balance at any point of time does not exceed rupees fifty thousand.
59Provided, that this limit on balance shall not be considered while making
deposits through Government grants, welfare benefits and payment against
procurements.
Further, small accounts are subject to the following conditions:
a. The bank shall obtain a self-attested photograph from the customer.
b. The designated officer of the bank certifies under his signature that the
person opening the account has affixed his signature or thumb impression in
his presence.
60Provided that where the individual is a prisoner in a jail, the signature
or thumb print shall be affixed in presence of the officer in-charge of the
jail and the said officer shall certify the same under his signature and the
account shall remain operational on annual submission of certificate of
proof of address issued by the officer in-charge of the jail.
c. Such accounts are opened only at Core Banking Solution (CBS) linked branches
or in a branch where it is possible to manually monitor and ensure that
foreign remittances are not credited to the account.
d. Banks shall ensure that the stipulated monthly and annual limits on
aggregate of transactions and balance requirements in such accounts are not
breached, before a transaction is allowed to take place.
e. The account shall remain operational initially for a period of twelve months
which can be extended for a further period of twelve months, provided the
account holder applies and furnishes evidence of having applied for any of
the OVDs during the first twelve months of the opening of the said account.
f. The entire relaxation provisions shall be reviewed after twenty-four months.
g. 61Notwithstanding 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.
h. 62The account shall be monitored and when there is suspicion of money
laundering or financing of terrorism activities or other high-risk
scenarios, the identity of the customer shall be established as per Section
16 or Section 18.
i. 63Foreign remittance shall not be allowed to be credited into the account
unless the identity of the customer is fully established as per Section 16
or Section 18.
24. 64Simplified procedure for opening accounts by Non-Banking Finance Companies
(NBFCs): In case a person who desires to open an account is not able to produce
documents, as specified in Section 16, NBFCs may at their discretion open
accounts subject to the following conditions:
a. The NBFC shall obtain a self-attested photograph from the customer.
b. The designated officer of the NBFC certifies under his signature that the
person opening the account has affixed his signature or thumb impression in
his presence.
c. 65The account shall remain operational initially for a period of twelve
months, within which CDD as per Section 16 or Section 18 shall be carried
out.
d. Balances in all their accounts taken together shall not exceed rupees fifty
thousand at any point of time.
e. The total credit in all the accounts taken together shall not exceed rupees
one lakh in a year.
f. The customer shall be made aware that no further transactions will be
permitted until the full KYC procedure is completed in case Directions (d)
and (e) above are breached by him.
g. The customer shall be notified when the balance reaches rupees forty
thousand or the total credit in a year reaches rupees eighty thousand that
appropriate documents for conducting the KYC must be submitted otherwise the
operations in the account shall be stopped when the total balance in all the
accounts taken together exceeds the limits prescribed in direction (d) and
(e) above.
25. 66Deleted.
26. 67KYC verification once done by one branch/office of the RE shall be valid
for transfer of the account to any other branch/office of the same RE, provided
full KYC verification has already been done for the concerned account and the
same is not due for periodic updation.
Part II - CDD Measures for Sole Proprietary firms
27. 68For opening an account in the name of a sole proprietary firm, CDD of the
individual (proprietor) shall be carried out.
28. 69In addition to the above, any two of the following documents or the
equivalent e-documents there of as a proof of business/ activity in the name of
the proprietary firm shall also be obtained:
a. 70Registration certificate including Udyam Registration Certificate (URC)
issued by the Government
b. Certificate/licence issued by the municipal authorities under Shop and
Establishment Act
c. Sales and income tax returns
d. 71CST/VAT/ GST certificate
e. Certificate/registration document issued by Sales Tax/Service
Tax/Professional Tax authorities
f. IEC (Importer Exporter Code) issued to the proprietary concern by the office
of DGFT or Licence/certificate of practice issued in the name of the
proprietary concern by any professional body incorporated under a statute
g. Complete Income Tax Return (not just the acknowledgement) in the name of the
sole proprietor where the firm's income is reflected, duly
authenticated/acknowledged by the Income Tax authorities
h. Utility bills such as electricity, water, landline telephone bills, etc.
29. In cases where the REs are satisfied that it is not possible to furnish two
such documents, REs may, at their discretion, accept only one of those documents
as proof of business/activity.
Provided REs undertake contact point verification and collect such other
information and clarification as would be required to establish the existence of
such firm, and shall confirm and satisfy itself that the business activity has
been verified from the address of the proprietary concern.
Part III- CDD Measures for Legal Entities
30. 72For opening an account of a company, certified copies of each of the
following documents or the equivalent e-documents thereof shall be obtained:
a. Certificate of incorporation
b. Memorandum and Articles of Association
c. 73Permanent Account Number of the company
d. A resolution from the Board of Directors and power of attorney granted to
its managers, officers or employees to transact on its behalf
e. 74Documents, as specified in Section 16, relating to beneficial owner, the
managers, officers or employees, as the case may be, holding an attorney to
transact on the company’s behalf
f. 75the names of the relevant persons holding senior management position; and
g. 76the registered office and the principal place of its business, if it is
different.
31. 77For opening an account of a partnership firm, the certified copies of each
of the following documents or the equivalent e-documents thereof shall be
obtained:
a. Registration certificate
b. Partnership deed
c. 78Permanent Account Number of the partnership firm
d. 79Documents, as specified in Section 16, relating to beneficial owner,
managers, officers or employees, as the case may be, holding an attorney to
transact on its behalf
e. 80the names of all the partners and
f. 81address of the registered office, and the principal place of its business,
if it is different.
32. 82For opening an account of a trust, certified copies of each of the
following documents or the equivalent e-documents thereof shall be obtained:
a. Registration certificate
b. Trust deed
c. 83Permanent Account Number or Form No.60 of the trust
d. 84Documents, as specified in Section 16, relating to beneficial owner,
managers, officers or employees, as the case may be, holding an attorney to
transact on its behalf
e. 85the names of the beneficiaries, trustees, settlor and authors of the trust
f. 86the address of the registered office of the trust; and
g. 87list of trustees and documents, as specified in Section 16, for those
discharging the role as trustee and authorised to transact on behalf of the
trust.
33A. 88For opening an account of an unincorporated association or a body of
individuals, certified copies of each of the following documents or the
equivalent e-documents thereof shall be obtained:
a. Resolution of the managing body of such association or body of individuals
b. 89Permanent Account Number or Form No. 60 of the unincorporated association
or a body of individuals
c. Power of attorney granted to transact on its behalf
d. 90Documents, as specified in Section 16, relating to beneficial owner,
managers, officers or employees, as the case may be, holding an attorney to
transact on its behalf and
e. Such information as may be required by the RE to collectively establish the
legal existence of such an association or body of individuals.
Explanation: Unregistered trusts/partnership firms shall be included under the
term ‘unincorporated association’.
Explanation: Term ‘body of individuals’ includes societies.
33B. 91For opening account of a customer who is a juridical person (not
specifically covered in the earlier part) such as societies, universities and
local bodies like village panchayats, etc., or who purports to act on behalf of
such juridical person or individual or trust, certified copies of the following
documents or the equivalent e-documents thereof shall be obtained and verified:
a. Document showing name of the person authorised to act on behalf of the
entity
b. Documents, as specified in Section 16, of the person holding an attorney to
transact on its behalf and
c. Such documents as may be required by the RE to establish the legal existence
of such an entity/juridical person.
Part IV - Identification of Beneficial Owner
34. For opening an account of a Legal Person who is not a natural person, the
beneficial owner(s) shall be identified and all reasonable steps in terms of
sub-rule (3) of Rule 9 of the Rules to verify his/her identity shall be
undertaken keeping in view the following:
a. 92Where the customer or the owner of the controlling interest is (i) an
entity listed on a stock exchange in India, or (ii) it is an entity resident
in jurisdictions notified by the Central Government and listed on stock
exchanges in such jurisdictions, or (iii) it is a subsidiary of such listed
entities; it is not necessary to identify and verify the identity of any
shareholder or beneficial owner of such entities.
b. In cases of trust/nominee or fiduciary accounts whether the customer is
acting on behalf of another person as trustee/nominee or any other
intermediary is determined. In such cases, satisfactory evidence of the
identity of the intermediaries and of the persons on whose behalf they are
acting, as also details of the nature of the trust or other arrangements in
place shall be obtained.
Part V - On-going Due Diligence
35. REs shall undertake on-going due diligence of customers to ensure that their
transactions are consistent with their knowledge about the customers, customers’
business and risk profile; and the source of funds.
36. Without prejudice to the generality of factors that call for close
monitoring following types of transactions shall necessarily be monitored:
a. Large and complex transactions including RTGS transactions, and those with
unusual patterns, inconsistent with the normal and expected activity of the
customer, which have no apparent economic rationale or legitimate purpose.
b. Transactions which exceed the thresholds prescribed for specific categories
of accounts.
c. High account turnover inconsistent with the size of the balance maintained.
d. Deposit of third-party cheques, drafts, etc. in the existing and newly
opened accounts followed by cash withdrawals for large amounts.
93For ongoing due diligence, REs may consider adopting appropriate innovations
including artificial intelligence and machine learning (AI & ML) technologies to
support effective monitoring.
37. The extent of monitoring shall be aligned with the risk category of the
customer.
Explanation: High risk accounts have to be subjected to more intensified
monitoring.
a. A system of periodic review of risk categorisation of accounts, with such
periodicity being at least once in six months, and the need for applying
enhanced due diligence measures shall be put in place.
b. The transactions in accounts of marketing firms, especially accounts of
Multi-level Marketing (MLM) Companies shall be closely monitored.
Explanation: Cases where a large number of cheque books are sought by the
company and/or multiple small deposits (generally in cash) across the country in
one bank account and/or where a large number of cheques are issued bearing
similar amounts/dates, shall be immediately reported to Reserve Bank of India
and other appropriate authorities such as FIU-IND.
38. 94Updation / Periodic Updation of KYC
REs shall adopt a risk-based approach for periodic updation of KYC. However,
periodic updation shall be carried out at least once in every two years for
high-risk customers, once in every eight years for medium risk customers and
once in every ten years for low-risk customers from the date of opening of the
account / last KYC updation. Policy in this regard shall be documented as part
of REs’ internal KYC policy duly approved by the Board of Directors of REs or
any committee of the Board to which power has been delegated.
a) Individuals:
i. No change in KYC information: In case of no change in the KYC information,
a self-declaration from the customer in this regard shall be obtained
through customer’s email-id registered with the RE, customer’s mobile
number registered with the RE, ATMs, digital channels (such as online
banking / internet banking, mobile application of RE), letter, etc.
ii. Change in address: In case of a change only in the address details of the
customer, a self-declaration of the new address shall be obtained from the
customer through customer’s email-id registered with the RE, customer’s
mobile number registered with the RE, ATMs, digital channels (such as
online banking / internet banking, mobile application of RE), letter,
etc., and the declared address shall be verified through positive
confirmation within two months, by means such as address verification
letter, contact point verification, deliverables, etc.
Further, REs, at their option, may obtain a copy of OVD or deemed OVD or
the equivalent e-documents thereof, as defined in Section 3(a)(xiii), for
the purpose of proof of address, declared by the customer at the time of
periodic updation. Such requirement, however, shall be clearly specified
by the REs in their internal KYC policy duly approved by the Board of
Directors of REs or any committee of the Board to which power has been
delegated.
iii. Accounts of customers, who were minor at the time of opening account, on
their becoming major: In case of customers for whom account was opened
when they were minor, fresh photographs shall be obtained on their
becoming a major and at that time it shall be ensured that CDD documents
as per the current CDD standards are available with the REs. Wherever
required, REs may carry out fresh KYC of such customers i.e., customers
for whom account was opened when they were minor, on their becoming a
major.
iv. 95Aadhaar OTP based e-KYC in non-face to face mode may be used for
periodic updation. To clarify, conditions stipulated in Section 17 are not
applicable in case of updation / periodic updation of KYC through Aadhaar
OTP based e-KYC in non-face to face mode.
Declaration of current address, if the current address is different from
the address in Aadhaar, shall not require positive confirmation in this
case. REs shall ensure that the mobile number for Aadhaar authentication
is same as the one available with them in the customer’s profile, in order
to prevent any fraud.
b) Customers other than individuals:
i. No change in KYC information: In case of no change in the KYC information
of the LE customer, a self-declaration in this regard shall be obtained
from the LE customer through its email id registered with the RE, ATMs,
digital channels (such as online banking / internet banking, mobile
application of RE), letter from an official authorized by the LE in this
regard, board resolution, etc. Further, REs shall ensure during this
process that Beneficial Ownership (BO) information available with them is
accurate and shall update the same, if required, to keep it as up-to-date
as possible.
ii. Change in KYC information: In case of change in KYC information, RE shall
undertake the KYC process equivalent to that applicable for on-boarding a
new LE customer.
c) 96Additional measures: In addition to the above, REs shall ensure that,
i. The KYC documents of the customer as per the current CDD standards are
available with them. This is applicable even if there is no change in
customer information but the documents available with the RE are not as
per the current CDD standards. Further, in case the validity of the CDD
documents available with the RE has expired at the time of periodic
updation of KYC, RE shall undertake the KYC process equivalent to that
applicable for on-boarding a new customer.
ii. Customer’s PAN details, if available with the RE, is verified from the
database of the issuing authority at the time of periodic updation of KYC.
iii. Acknowledgment is provided to the customer mentioning the date of receipt
of the relevant document(s), including self-declaration from the customer,
for carrying out periodic updation. Further, it shall be ensured that the
information / documents obtained from the customers at the time of
periodic updation of KYC are promptly updated in the records / database of
the REs and an intimation, mentioning the date of updation of KYC details,
is provided to the customer.
iv. In order to ensure customer convenience, REs may consider making available
the facility of periodic updation of KYC at any branch, in terms of their
internal KYC policy duly approved by the Board of Directors of REs or any
committee of the Board to which power has been delegated.
v. REs shall adopt a risk-based approach with respect to periodic updation of
KYC. Any additional and exceptional measures, which otherwise are not
mandated under the above instructions, adopted by the REs such as
requirement of obtaining recent photograph, requirement of physical
presence of the customer, requirement of periodic updation of KYC only in
the branch of the RE where account is maintained, a more frequent
periodicity of KYC updation than the minimum specified periodicity etc.,
shall be clearly specified in the internal KYC policy duly approved by the
Board of Directors of REs or any committee of the Board to which power has
been delegated.
d) 97REs shall advise the customers that in order to comply with the PML Rules,
in case of any update in the documents submitted by the customer at the time of
establishment of business relationship / account-based relationship and
thereafter, as necessary; customers shall submit to the REs the update of such
documents. This shall be done within 30 days of the update to the documents for
the purpose of updating the records at REs’ end.
39. 98In case of existing customers, RE shall obtain the Permanent Account
Number or equivalent e-document thereof or Form No. 60, by such date as may be
notified by the Central Government, failing which RE shall temporarily cease
operations in the account till the time the Permanent Account Number or
equivalent e-documents thereof or Form No. 60 is submitted by the customer.
Provided that before temporarily ceasing operations for an account, the RE shall
give the customer an accessible notice and a reasonable opportunity to be heard.
Further, RE shall include, in its internal policy, appropriate relaxation(s) for
continued operation of accounts for customers who are unable to provide
Permanent Account Number or equivalent e-document thereof or Form No. 60 owing
to injury, illness or infirmity on account of old age or otherwise, and such
like causes. Such accounts shall, however, be subject to enhanced monitoring.
Provided further that if a customer having an existing account-based
relationship with a RE gives in writing to the RE that he does not want to
submit his Permanent Account Number or equivalent e-document thereof or Form
No.60, RE shall close the account and all obligations due in relation to the
account shall be appropriately settled after establishing the identity of the
customer by obtaining the identification documents as applicable to the
customer.
Explanation – For the purpose of this Section, “temporary ceasing of operations”
in relation an account shall mean the temporary suspension of all transactions
or activities in relation to that account by the RE till such time the customer
complies with the provisions of this Section. In case of asset accounts such as
loan accounts, for the purpose of ceasing the operation in the account, only
credits shall be allowed.
Part VI - Enhanced and Simplified Due Diligence Procedure
A. Enhanced Due Diligence
40. 99Enhanced Due Diligence (EDD) for non-face-to-face customer onboarding
(other than customer onboarding in terms of Section 17): Non-face-to-face
onboarding facilitates the REs to establish relationship with the customer
without meeting the customer physically or through V-CIP. Such non-face-to-face
modes for the purpose of this Section includes use of digital channels such as
CKYCR, DigiLocker, equivalent e-document, etc., and non-digital modes such as
obtaining copy of OVD certified by additional certifying authorities as allowed
for NRIs and PIOs. Following EDD measures shall be undertaken by REs for
non-face-to-face customer onboarding (other than customer onboarding in terms of
Section 17):
a) In case RE has introduced the process of V-CIP, the same shall be provided as
the first option to the customer for remote onboarding. It is reiterated that
processes complying with prescribed standards and procedures for V-CIP shall be
treated on par with face-to-face CIP for the purpose of this Master Direction.
b) In order to prevent frauds, alternate mobile numbers shall not be linked post
CDD with such accounts for transaction OTP, transaction updates, etc.
Transactions shall be permitted only from the mobile number used for account
opening. RE shall have a Board approved policy delineating a robust process of
due diligence for dealing with requests for change of registered mobile number.
c) Apart from obtaining the current address proof, RE shall verify the current
address through positive confirmation before allowing operations in the account.
Positive confirmation may be carried out by means such as address verification
letter, contact point verification, deliverables, etc.
d) RE shall obtain PAN from the customer and the PAN shall be verified from the
verification facility of the issuing authority.
e) First transaction in such accounts shall be a credit from existing
KYC-complied bank account of the customer.
f) Such customers shall be categorized as high-risk customers and accounts
opened in non-face to face mode shall be subjected to enhanced monitoring until
the identity of the customer is verified in face-to-face manner or through
V-CIP.
41. Accounts of Politically Exposed Persons (PEPs)
A. REs shall have the option of establishing a relationship with PEPs provided
that:
a. sufficient information including information about the sources of funds
accounts of family members and close relatives is gathered on the PEP;
b. the identity of the person shall have been verified before accepting the PEP
as a customer;
c. the decision to open an account for a PEP is taken at a senior level in
accordance with the REs’ Customer Acceptance Policy;
d. all such accounts are subjected to enhanced monitoring on an on-going basis;
e. in the event of an existing customer or the beneficial owner of an existing
account subsequently becoming a PEP, senior management’s approval is
obtained to continue the business relationship;
f. the CDD measures as applicable to PEPs including enhanced monitoring on an
on-going basis are applicable.
B. These instructions shall also be applicable to accounts where a PEP is the
beneficial owner
42. Client accounts opened by professional intermediaries:
REs shall ensure while opening client accounts through professional
intermediaries, that:
a. Clients shall be identified when client account is opened by a professional
intermediary on behalf of a single client.
b. REs shall have option to hold 'pooled' accounts managed by professional
intermediaries on behalf of entities like mutual funds, pension funds or
other types of funds.
c. REs shall not open accounts of such professional intermediaries who are
bound by any client confidentiality that prohibits disclosure of the client
details to the RE.
d. All the beneficial owners shall be identified where funds held by the
intermediaries are not co-mingled at the level of RE, and there are
'sub-accounts', each of them attributable to a beneficial owner, or where
such funds are co-mingled at the level of RE, the RE shall look for the
beneficial owners.
e. REs shall, at their discretion, rely on the 'customer due diligence' (CDD)
done by an intermediary, provided that the intermediary is a regulated and
supervised entity and has adequate systems in place to comply with the KYC
requirements of the customers.
f. The ultimate responsibility for knowing the customer lies with the RE.
B. Simplified Due Diligence
43. 100Simplified norms for Self Help Groups (SHGs)
a. CDD of all the members of SHG shall not be required while opening the
savings bank account of the SHG.
b. CDD of all the office bearers shall suffice.
c. 101CDD of all the members of SHG may be undertaken at the time of credit
linking of SHGs.
44. Procedure to be followed by banks while opening accounts of foreign students
(a) Banks shall, at their option, open a Non-Resident Ordinary (NRO) bank
account of a foreign student on the basis of his/her passport (with visa &
immigration endorsement) bearing the proof of identity and address in the home
country together with a photograph and a letter offering admission from the
educational institution in India.
1. Provided that a declaration about the local address shall be obtained within
a period of 30 days of opening the account and the said local address is
verified.
2. Provided further that pending the verification of address, the account shall
be operated with a condition of allowing foreign remittances not exceeding
USD 1,000 or equivalent into the account and a cap of rupees fifty thousand
on aggregate in the same, during the 30-day period.
(b) The account shall be treated as a normal NRO account, and shall be operated
in terms of Reserve Bank of India’s instructions on Non-Resident Ordinary Rupee
(NRO) Account, and the provisions of FEMA 1999.
(c) Students with Pakistani nationality shall require prior approval of the
Reserve Bank for opening the account.
45. Simplified KYC norms for Foreign Portfolio Investors (FPIs)
Accounts of FPIs which are eligible/ registered as per SEBI guidelines, for the
purpose of investment under Portfolio Investment Scheme (PIS), shall be opened
by accepting KYC documents as detailed in Annex IV, subject to Income Tax
(FATCA/CRS) Rules.
Provided that banks shall obtain undertaking from FPIs or the Global Custodian
acting on behalf of the FPI that as and when required, the exempted documents as
detailed in Annex IV will be submitted.
Chapter VII
Record Management
46. The following steps shall be taken regarding maintenance, preservation and
reporting of customer account information, with reference to provisions of PML
Act and Rules. REs shall,
(a) maintain all necessary records of transactions between the RE and the
customer, both domestic and international, for at least five years from the date
of transaction;
(b) preserve the records pertaining to the identification of the customers and
their addresses obtained while opening the account and during the course of
business relationship, for at least five years after the business relationship
is ended;
(c) 102make available swiftly, the identification records and transaction data
to the competent authorities upon request;
(d) introduce a system of maintaining proper record of transactions prescribed
under Rule 3 of Prevention of Money Laundering (Maintenance of Records) Rules,
2005 (PML Rules, 2005);
(e) maintain all necessary information in respect of transactions prescribed
under PML Rule 3 so as to permit reconstruction of individual transaction,
including the following:
1. the nature of the transactions;
2. the amount of the transaction and the currency in which it was denominated;
3. the date on which the transaction was conducted; and
4. the parties to the transaction.
(f) evolve a system for proper maintenance and preservation of account
information in a manner that allows data to be retrieved easily and quickly
whenever required or when requested by the competent authorities;
(g) maintain records of the identity and address of their customer, and records
in respect of transactions referred to in Rule 3 in hard or soft format.
103Explanation. – For the purpose of this Section, the expressions "records
pertaining to the identification", “identification records”, etc., shall include
updated records of the identification data, account files, business
correspondence and results of any analysis undertaken.
46A. REs shall ensure that in case of customers who are non-profit
organisations, the details of such customers are registered on the DARPAN Portal
of NITI Aayog. If the same are not registered, RE shall register the details on
the DARPAN Portal. REs shall also maintain such registration records for a
period of five years after the business relationship between the customer and
the RE has ended or the account has been closed, whichever is later.
Chapter VIII
Reporting Requirements to Financial Intelligence Unit - India
47. REs shall furnish to the Director, Financial Intelligence Unit-India
(FIU-IND), information referred to in Rule 3 of the PML (Maintenance of Records)
Rules, 2005 in terms of Rule 7 thereof.
Explanation: In terms of Third Amendment Rules notified September 22, 2015
regarding amendment to sub rule 3 and 4 of rule 7, Director, FIU-IND shall have
powers to issue guidelines to the REs for detecting transactions referred to in
various clauses of sub-rule (1) of rule 3, to direct them about the form of
furnishing information and to specify the procedure and the manner of furnishing
information.
48. The reporting formats and comprehensive reporting format guide, prescribed/
released by FIU-IND and Report Generation Utility and Report Validation Utility
developed to assist reporting entities in the preparation of prescribed reports
shall be taken note of. The editable electronic utilities to file electronic
Cash Transaction Reports (CTR) / Suspicious Transaction Reports (STR) which
FIU-IND has placed on its website shall be made use of by REs which are yet to
install/adopt suitable technological tools for extracting CTR/STR from their
live transaction data. The Principal Officers of those REs, whose all branches
are not fully computerized, shall have suitable arrangement to cull out the
transaction details from branches which are not yet computerized and to feed the
data into an electronic file with the help of the editable electronic utilities
of CTR/STR as have been made available by FIU-IND on its website
http://fiuindia.gov.in.
49. While furnishing information to the Director, FIU-IND, delay of each day in
not reporting a transaction or delay of each day in rectifying a mis-represented
transaction beyond the time limit as specified in the Rule shall be constituted
as a separate violation. REs shall not put any restriction on operations in the
accounts where an STR has been filed. REs shall keep the fact of furnishing of
STR strictly confidential. It shall be ensured that there is no tipping off to
the customer at any level.
50. Robust software, throwing alerts when the transactions are inconsistent with
risk categorization and updated profile of the customers shall be put in to use
as a part of effective identification and reporting of suspicious transactions.
Chapter IX
Requirements/obligations under International Agreements -
Communications from International Agencies
51. 104Obligations under the Unlawful Activities (Prevention) (UAPA) Act, 1967:
(a) REs shall ensure that in terms of Section 51A of the Unlawful Activities
(Prevention) (UAPA) Act, 1967 and amendments thereto, they do not have any
account in the name of individuals/entities appearing in the lists of
individuals and entities, suspected of having terrorist links, which are
approved by and periodically circulated by the United Nations Security Council
(UNSC). The details of the two lists are as under:
i. The “ISIL (Da’esh) &Al-Qaida Sanctions List”, established and maintained
pursuant to Security Council resolutions 1267/1989/2253, which includes
names of individuals and entities associated with the Al-Qaida is available
at https://scsanctions.un.org/ohz5jen-al-qaida.html
ii. The “Taliban Sanctions List”, established and maintained pursuant to
Security Council resolution 1988 (2011), which includes names of
individuals and entities associated with the Taliban is available at
https://scsanctions.un.org/3ppp1en-taliban.htm
REs shall also ensure to refer to the lists as available in the Schedules to the
Prevention and Suppression of Terrorism (Implementation of Security Council
Resolutions) Order, 2007, as amended from time to time. The aforementioned
lists, i.e., UNSC Sanctions Lists and lists as available in the Schedules to the
Prevention and Suppression of Terrorism (Implementation of Security Council
Resolutions) Order, 2007, as amended from time to time, shall be verified on
daily basis and any modifications to the lists in terms of additions, deletions
or other changes shall be taken into account by the REs for meticulous
compliance.
(b) Details of accounts resembling any of the individuals/entities in the lists
shall be reported to FIU-IND apart from advising Ministry of Home Affairs (MHA)
as required under UAPA notification dated 105February 2, 2021 (Annex II of this
Master Direction).
(c) Freezing of Assets under Section 51A of UAPA, 1967: The procedure laid down
in the UAPA Order dated 106February 2, 2021 (Annex II of this Master Direction)
shall be strictly followed and meticulous compliance with the Order issued by
the Government shall be ensured. The list of Nodal Officers for UAPA is
available on the website of MHA.
52. 107Obligations under Weapons of Mass Destruction (WMD) and their Delivery
Systems (Prohibition of Unlawful Activities) Act, 2005 (WMD Act, 2005):
(a) REs shall ensure meticulous compliance with the “Procedure for
Implementation of Section 12A of the Weapons of Mass Destruction (WMD) and their
Delivery Systems (Prohibition of Unlawful Activities) Act, 2005” laid down in
terms of Section 12A of the WMD Act, 2005 vide Order dated January 30, 2023, by
the Ministry of Finance, Government of India (Annex III of this Master
Direction).
(b) In accordance with paragraph 3 of the aforementioned Order, REs shall ensure
not to carry out transactions in case the particulars of the individual / entity
match with the particulars in the designated list.
(c) Further, REs shall run a check, on the given parameters, at the time of
establishing a relation with a customer and on a periodic basis to verify
whether individuals and entities in the designated list are holding any funds,
financial asset, etc., in the form of bank account, etc.
(d) In case of match in the above cases, REs shall immediately inform the
transaction details with full particulars of the funds, financial assets or
economic resources involved to the Central Nodal Officer (CNO), designated as
the authority to exercise powers under Section 12A of the WMD Act, 2005. A copy
of the communication shall be sent to State Nodal Officer, where the account /
transaction is held and to the RBI. REs shall file an STR with FIU-IND covering
all transactions in the accounts, covered above, carried through or attempted.
It may be noted that in terms of Paragraph 1 of the Order, Director, FIU-India
has been designated as the CNO.
(e) REs may refer to the designated list, as amended from time to time,
available on the portal of FIU-India.
(f) In case there are reasons to believe beyond doubt that funds or assets held
by a customer would fall under the purview of clause (a) or (b) of sub-section
(2) of Section 12A of the WMD Act, 2005, REs shall prevent such
individual/entity from conducting financial transactions, under intimation to
the CNO by email, FAX and by post, without delay.
(g) In case an order to freeze assets under Section 12A is received by the REs
from the CNO, REs shall, without delay, take necessary action to comply with the
Order.
(h) The process of unfreezing of funds, etc., shall be observed as per paragraph
7 of the Order. Accordingly, copy of application received from an
individual/entity regarding unfreezing shall be forwarded by RE along with full
details of the asset frozen, as given by the applicant, to the CNO by email, FAX
and by post, within two working days.
53. REs shall verify every day, the ‘UNSCR 1718 Sanctions List of Designated
Individuals and Entities‘, as available at
https://www.mea.gov.in/Implementation-of-UNSC-Sanctions-DPRK.htm, to take into
account any modifications to the list in terms of additions, deletions or other
changes and also ensure compliance with the ‘Implementation of Security Council
Resolution on Democratic People’s Republic of Korea Order, 2017’, as amended
from time to time by the Central Government.
53A. 108In addition to the above, REs shall take into account – (a) other UNSCRs
and (b) lists in the first schedule and the fourth schedule of UAPA, 1967 and
any amendments to the same for compliance with the Government orders on
implementation of Section 51A of the UAPA and Section 12A of the WMD Act.
54. Jurisdictions that do not or insufficiently apply the FATF Recommendations
(a) FATF Statements circulated by Reserve Bank of India from time to time, and
publicly available information, for identifying countries, which do not or
insufficiently apply the FATF Recommendations, shall be considered. Risks
arising from the deficiencies in AML/CFT regime of the jurisdictions included in
the FATF Statement shall be taken into account.
(b) Special attention shall be given to business relationships and transactions
with persons (including legal persons and other financial institutions) from or
in countries that do not or insufficiently apply the FATF Recommendations and
jurisdictions included in FATF Statements.
Explanation: The processes referred to in (a) & (b) above do not preclude REs
from having legitimate trade and business transactions with the countries and
jurisdictions mentioned in the FATF statement.
(c) The background and purpose of transactions with persons (including legal
persons and other financial institutions) from jurisdictions included in FATF
Statements and countries that do not or insufficiently apply the FATF
Recommendations shall be examined, and written findings together with all
documents shall be retained and shall be made available to Reserve Bank/other
relevant authorities, on request.
54A. 109REs are encouraged to leverage latest technological innovations and
tools for effective implementation of name screening to meet the sanctions
requirements.
Chapter X
Other Instructions
55. 110Secrecy Obligations and Sharing of Information:
(a) REs shall maintain secrecy regarding the customer information which arises
out of the contractual relationship between the RE and customer.
(b) Information collected from customers for the purpose of opening of account
shall be treated as confidential and details thereof shall not be divulged for
the purpose of cross selling, or for any other purpose without the express
permission of the customer.
(c) While considering the requests for data/information from Government and
other agencies, REs shall satisfy themselves that the information being sought
is not of such a nature as will violate the provisions of the laws relating to
secrecy in the transactions.
(d) The exceptions to the said rule shall be as under:
i. Where disclosure is under compulsion of law
ii. Where there is a duty to the public to disclose,
iii. the interest of RE requires disclosure and
iv. Where the disclosure is made with the express or implied consent of the
customer.
56. 111CDD Procedure and sharing KYC information with Central KYC Records
Registry (CKYCR)
(a) Government of India has authorised the Central Registry of Securitisation
Asset Reconstruction and Security Interest of India (CERSAI), to act as, and to
perform the functions of the CKYCR vide Gazette Notification No. S.O. 3183(E)
dated November 26, 2015.
(b) In terms of provision of Rule 9(1A) of the PML Rules, the REs shall capture
customer’s KYC records and upload onto CKYCR within 10 days of commencement of
an account-based relationship with the customer.
(c) Operational Guidelines for uploading the KYC data have been released by
CERSAI.
(d) REs shall capture the KYC information for sharing with the CKYCR in the
manner mentioned in the Rules, as per the KYC templates prepared for
‘Individuals’ and ‘Legal Entities’ (LEs), as the case may be. The templates may
be revised from time to time, as may be required and released by CERSAI.
(e) The ‘live run’ of the CKYCR started from July 15, 2016 in phased manner
beginning with new ‘individual accounts’. Accordingly, Scheduled Commercial
Banks (SCBs) are required to invariably upload the KYC data pertaining to all
new individual accounts opened on or after January 1, 2017, with CKYCR. SCBs
were initially allowed time up-to February 1, 2017, for uploading data in
respect of accounts opened during January 2017.
REs other than SCBs were required to start uploading the KYC data pertaining to
all new individual accounts opened on or after from April 1, 2017, with CKYCR in
terms of the provisions of the Rules ibid.
(f) REs shall upload KYC records pertaining to accounts of LEs opened on or
after April 1, 2021, with CKYCR in terms of the provisions of the Rules ibid.
The KYC records have to be uploaded as per the LE Template released by CERSAI.
(g) Once KYC Identifier is generated by CKYCR, REs shall ensure that the same is
communicated to the individual/LE as the case may be.
(h) In order to ensure that all KYC records are incrementally uploaded on to
CKYCR, REs shall upload/update the KYC data pertaining to accounts of individual
customers and LEs opened prior to the above-mentioned dates as per (e) and (f)
respectively at the time of periodic updation as specified in Section 38 of this
Master Direction, or earlier, when the updated KYC information is
obtained/received from the customer.
(i) REs shall ensure that during periodic updation, the customers are migrated
to the current CDD standard.
(j) Where a customer, for the purposes of establishing an account-based
relationship, submits a KYC Identifier to a RE, with an explicit consent to
download records from CKYCR, then such RE shall retrieve the KYC records online
from the CKYCR using the KYC Identifier and the customer shall not be required
to submit the same KYC records or information or any other additional
identification documents or details, unless –
i. there is a change in the information of the customer as existing in the
records of CKYCR;
ii. the current address of the customer is required to be verified;
iii. the RE considers it necessary in order to verify the identity or address
of the customer, or to perform enhanced due diligence or to build an
appropriate risk profile of the client.
iv. 112the validity period of documents downloaded from CKYCR has lapsed.
57. Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and
Common Reporting Standards (CRS)
Under FATCA and CRS, REs shall adhere to the provisions of Income Tax Rules
114F, 114G and 114H and determine whether they are a Reporting Financial
Institution as defined in Income Tax Rule 114F and if so, shall take following
steps for complying with the reporting requirements:
(a) Register on the related e-filling portal of Income Tax Department as
Reporting Financial Institutions at the link
https://incometaxindiaefiling.gov.in/ post login --> My Account --> Register as
Reporting Financial Institution,
(b) Submit online reports by using the digital signature of the ‘Designated
Director’ by either uploading the Form 61B or ‘NIL’ report, for which, the
schema prepared by Central Board of Direct Taxes (CBDT) shall be referred to.
Explanation: REs shall refer to the spot reference rates published by Foreign
Exchange Dealers’ Association of India (FEDAI) on their website at
http://www.fedai.org.in/RevaluationRates.aspx for carrying out the due diligence
procedure for the purposes of identifying reportable accounts in terms of Rule
114H.
(c) Develop Information Technology (IT) framework for carrying out due diligence
procedure and for recording and maintaining the same, as provided in Rule 114H.
(d) Develop a system of audit for the IT framework and compliance with Rules
114F, 114G and 114H of Income Tax Rules.
(e) Constitute a “High Level Monitoring Committee” under the Designated Director
or any other equivalent functionary to ensure compliance.
(f) Ensure compliance with updated instructions/ rules/ guidance notes/ Press
releases/ issued on the subject by Central Board of Direct Taxes (CBDT) from
time to time and available on the web site
http://www.incometaxindia.gov.in/Pages/default.aspx. REs may take note of the
following:
i. updated Guidance Note on FATCA and CRS
ii. a press release on ‘Closure of Financial Accounts’ under Rule 114H (8).
58. Period for presenting payment instruments
Payment of cheques/drafts/pay orders/banker’s cheques, if they are presented
beyond the period of three months from the date of such instruments, shall not
be made.
59. Operation of Bank Accounts & Money Mules
The instructions on opening of accounts and monitoring of transactions shall be
strictly adhered to, in order to minimise the operations of “Money Mules” which
are used to launder the proceeds of fraud schemes (e.g., phishing and identity
theft) by criminals who gain illegal access to deposit accounts by recruiting
third parties which act as “money mules.” If it is established that an account
opened and operated is that of a Money Mule, it shall be deemed that the bank
has not complied with these directions.
60. Collection of Account Payee Cheques
Account payee cheques for any person other than the payee constituent shall not
be collected. Banks shall, at their option, collect account payee cheques drawn
for an amount not exceeding rupees fifty thousand to the account of their
customers who are co-operative credit societies, provided the payees of such
cheques are the constituents of such co-operative credit societies.
61. (a) 113A Unique Customer Identification Code (UCIC) shall be allotted while
entering into new relationships with individual customers as also the existing
individual customers by REs.
(b) 114The REs shall, at their option, not issue UCIC to all walk-in/occasional
customers provided it is ensured that there is adequate mechanism to identify
such walk-in customers who have frequent transactions with them and ensure that
they are allotted UCIC.
62. 115Introduction of New Technologies
REs shall identify and assess the ML/TF risks that may arise in relation to the
development of new products and new business practices, including new delivery
mechanisms, and the use of new or developing technologies for both new and
pre-existing products.
Further, REs shall ensure:
(a) to undertake the ML/TF risk assessments prior to the launch or use of such
products, practices, services, technologies; and
(b) adoption of a risk-based approach to manage and mitigate the risks through
appropriate EDD measures and transaction monitoring, etc.
63. 116Correspondent Banking
Banks shall have a policy approved by their Boards, or by a committee headed by
the Chairman/CEO/MD to lay down parameters for approving cross-border
correspondent banking and other similar relationships. In addition to performing
normal CDD measures, such relationships shall be subject to the following
conditions:
a. Sufficient information in relation to the nature of business of the
respondent including information on management, major business activities,
level of AML/CFT controls, purpose of opening the account, identity of any
third party entities that will use the correspondent banking services,
regulatory/supervisory framework in the respondent bank’s home country, and
publicly available information regarding the reputation of the institution
and the quality of supervision, including whether it has been subjected to a
ML/TF investigation or regulatory action, shall be gathered.
b. Prior approval from senior management shall be obtained for establishing new
correspondent banking relationships. However, post facto approval of the
Board or the Committee empowered for this purpose shall also be taken.
c. The responsibilities of each bank with whom correspondent banking
relationship is established shall be clearly documented and understood.
d. In the case of payable-through-accounts, the correspondent bank shall be
satisfied that the respondent bank has conducted CDD on the customers having
direct access to the accounts and is undertaking on-going 'due diligence' on
them.
e. The correspondent bank shall ensure that the respondent bank is able to
provide the relevant CDD information immediately on request.
f. Correspondent relationship shall not be entered into with a shell bank.
g. It shall be ensured that the correspondent banks do not permit their
accounts to be used by shell banks.
h. Banks shall be cautious with correspondent banks located in jurisdictions
which have strategic deficiencies or have not made sufficient progress in
implementation of FATF Recommendations.
i. Banks shall ensure that respondent banks have KYC/AML policies and
procedures in place and apply enhanced 'due diligence' procedures for
transactions carried out through the correspondent accounts.
64. 117Wire Transfer
A. Information requirements for wire transfers for the purpose of this Master
Direction:
i. All cross-border wire transfers shall be accompanied by accurate, complete,
and meaningful originator and beneficiary information as mentioned below:
a. name of the originator;
b. the originator account number where such an account is used to process the
transaction;
c. the originator’s address, or national identity number, or customer
identification number, or date and place of birth;
d. name of the beneficiary; and
e. the beneficiary account number where such an account is used to process the
transaction.
In the absence of an account, a unique transaction reference number should be
included which permits traceability of the transaction.
ii. In case of batch transfer, where several individual cross-border wire
transfers from a single originator are bundled in a batch file for transmission
to beneficiaries, they (i.e., individual transfers) are exempted from the
requirements of clause (i) above in respect of originator information, provided
that they include the originator’s account number or unique transaction
reference number, as mentioned above, and the batch file contains required and
accurate originator information, and full beneficiary information, that is fully
traceable within the beneficiary country.
iii. Domestic wire transfer, where the originator is an account holder of the
ordering RE, shall be accompanied by originator and beneficiary information, as
indicated for cross-border wire transfers in (i) and (ii) above.
iv. Domestic wire transfers of rupees fifty thousand and above, where the
originator is not an account holder of the ordering RE, shall also be
accompanied by originator and beneficiary information as indicated for
cross-border wire transfers.
v. REs shall ensure that all the information on the wire transfers shall be
immediately made available to appropriate law enforcement and/or prosecutorial
authorities as well as FIU-IND on receiving such requests with appropriate legal
provisions.
vi. The wire transfer instructions are not intended to cover the following types
of payments:
a. Any transfer that flows from a transaction carried out using a credit card /
debit card / Prepaid Payment Instrument (PPI), including through a token or
any other similar reference string associated with the card / PPI, for the
purchase of goods or services, so long as the credit or debit card number or
PPI id or reference number accompanies all transfers flowing from the
transaction. However, when a credit or debit card or PPI is used as a
payment system to effect a person-to-person wire transfer, the wire transfer
instructions shall apply to such transactions and the necessary information
should be included in the message.
b. Financial institution-to-financial institution transfers and settlements,
where both the originator person and the beneficiary person are regulated
financial institutions acting on their own behalf.
It is, however, clarified that nothing within these instructions will impact the
obligation of an RE to comply with applicable reporting requirements under PML
Act, 2002, and the Rules made thereunder, or any other statutory requirement in
force.
B. Responsibilities of ordering RE, intermediary RE and beneficiary RE,
effecting wire transfer, are as under:
i. Ordering RE:
a. The ordering RE shall ensure that all cross-border and qualifying domestic
wire transfers {viz., transactions as per clauses (iii) and (iv) of
paragraph ‘A’ above}, contain required and accurate originator information
and required beneficiary information, as indicated above.
b. Customer Identification shall be made if a customer, who is not an account
holder of the ordering RE,is intentionally structuring domestic wire
transfers below rupees fifty thousand to avoid reporting or monitoring. In
case of non-cooperation from the customer, efforts shall be made to
establish identity and if the same transaction is found to be suspicious,
STR may be filed with FIU-IND in accordance with the PML Rules.
c. Ordering RE shall not execute the wire transfer if it is not able to comply
with the requirements stipulated in this section.
ii. Intermediary RE:
a. RE processing an intermediary element of a chain of wire transfers shall
ensure that all originator and beneficiary information accompanying a wire
transfer is retained with the transfer.
b. Where technical limitations prevent the required originator or beneficiary
information accompanying a cross-border wire transfer from remaining with a
related domestic wire transfer, the intermediary RE shall keep a record, for
at least five years, of all the information received from the ordering
financial institution or another intermediary RE.
c. Intermediary RE shall take reasonable measures to identify cross-border wire
transfers that lack required originator information or required beneficiary
information. Such measures should be consistent with straight-through
processing.
d. Intermediary RE shall have effective risk-based policies and procedures for
determining: (a) when to execute, reject, or suspend a wire transfer lacking
required originator or required beneficiary information; and (b) the
appropriate follow-up action including seeking further information and if
the transaction is found to be suspicious, reporting to FIU-IND in
accordance with the PML Rules.
iii. Beneficiary RE:
a. Beneficiary RE shall take reasonable measures, including post-event
monitoring or real-time monitoring where feasible, to identify cross-border
wire transfers and qualifying domestic wire transfers {viz., transactions as
per clauses (iii) and (iv) of paragraph ‘A’ above}, that lack required
originator information or required beneficiary information.
b. Beneficiary RE shall have effective risk-based policies and procedures for
determining: (a) when to execute, reject, or suspend a wire transfer lacking
required originator or required beneficiary information; and (b) the
appropriate follow-up action follow-up action including seeking further
information and if the transaction is found to be suspicious, reporting to
FIU-IND in accordance with the PML Rules.
iv. Money Transfer Service Scheme (MTSS) providers are required to comply with
all of the relevant requirements of this Section, whether they are providing
services directly or through their agents. In the case of a MTSS provider that
controls both the ordering and the beneficiary side of a wire transfer, the MTSS
provider:
a. shall take into account all the information from both the ordering and
beneficiary sides in order to determine whether an STR has to be filed; and
b. shall file an STR with FIU, in accordance with the PML Rules, if a
transaction is found to be suspicious.
C. Other Obligations
i. Obligations in respect of REs’ engagement or involvement with unregulated
entities in the process of wire transfer
REs shall be cognizant of their obligations under these instructions and ensure
strict compliance, in respect of engagement or involvement of any unregulated
entities in the process of wire transfer. More specifically, whenever there is
involvement of any unregulated entities in the process of wire transfers, the
concerned REs shall be fully responsible for information, reporting and other
requirements and therefore shall ensure, inter alia, that,
i. there is unhindered flow of complete wire transfer information, as
mandated under these directions, from and through the unregulated entities
involved;
ii. the agreement / arrangement, if any, with such unregulated entities by REs
clearly stipulates the obligations under wire transfer instructions; and
iii. a termination clause is available in their agreement / arrangement, if
any, with such entities so that in case the unregulated entities are
unable to support the wire information requirements, the agreement /
arrangement can be terminated. Existing agreements / arrangements, if any,
with such entities shall be reviewed within three months to ensure
aforementioned requirements.
ii. REs’ responsibility while undertaking cross-border wire transfer with
respect to name screening (such that they do not process cross-border
transactions of designated persons and entities)
REs are prohibited from conducting transactions with designated persons and
entities and accordingly, in addition to compliance with Chapter IX of the
Master Direction, REs shall ensure that they do not process cross-border
transactions of designated persons and entities.
iii. REs’ responsibility to fulfil record management requirements
Complete originator and beneficiary information relating to wire transfers shall
be preserved by the REs involved in the wire transfer, in accordance with
Section 46 of the Master Direction.
65. Issue and Payment of Demand Drafts, etc.,
Any remittance of funds by way of demand draft, mail/telegraphic
transfer/NEFT/IMPS or any other mode and issue of travelers’ cheques for value
of rupees fifty thousand and above shall be effected by debit to the customer’s
account or against cheques and not against cash payment.
Further, the name of the purchaser shall be incorporated on the face of the
demand draft, pay order, banker’s cheque, etc., by the issuing bank. These
instructions shall take effect for such instruments issued on or after September
15, 2018.
66. 118Quoting of PAN
Permanent account number (PAN) or equivalent e-document thereof of customers
shall be obtained and verified while undertaking transactions as per the
provisions of Income Tax Rule 114B applicable to banks, as amended from time to
time. Form 60 shall be obtained from persons who do not have PAN or equivalent
e-document thereof.
67. Selling Third party products
REs acting as agents while selling third party products as per regulations in
force from time to time shall comply with the following aspects for the purpose
of these directions:
(a) the identity and address of the walk-in customer shall be verified for
transactions above rupees fifty thousand as required under Section 13(e) of this
Directions.
(b) transaction details of sale of third-party products and related records
shall be maintained as prescribed in Chapter VII Section 46.
(c) AML software capable of capturing, generating and analysing alerts for the
purpose of filing CTR/STR in respect of transactions relating to third party
products with customers including walk-in customers shall be available.
(d) transactions involving rupees fifty thousand and above shall be undertaken
only by:
* debit to customers’ account or against cheques; and
* obtaining and verifying the PAN given by the account-based as well as walk-in
customers.
(e) Instruction at ‘d’ above shall also apply to sale of REs’ own products,
payment of dues of credit cards/sale and reloading of prepaid/travel cards and
any other product for rupees fifty thousand and above.
68. At-par cheque facility availed by co-operative banks
(a) The ‘at par’ cheque facility offered by commercial banks to co-operative
banks shall be monitored and such arrangements be reviewed to assess the risks
including credit risk and reputational risk arising therefrom.
(b) The right to verify the records maintained by the customer cooperative
banks/ societies for compliance with the extant instructions on KYC and AML
under such arrangements shall be retained by banks.
(c) Cooperative Banks shall:
i. ensure that the ‘at par’ cheque facility is utilised only:
a. for their own use,
b. for their account-holders who are KYC complaint, provided that all
transactions of rupees fifty thousand or more are strictly by debit to the
customers’ accounts,
c. for walk-in customers against cash for less than rupees fifty thousand per
individual.
ii. maintain the following:
a. records pertaining to issuance of ‘at par’ cheques covering, inter alia,
applicant’s name and account number, beneficiary’s details and date of
issuance of the ‘at par’ cheque,
b. sufficient balances/drawing arrangements with the commercial bank extending
such facility for purpose of honouring such instruments.
iii. ensure that ‘At par’ cheques issued are crossed ‘account payee’
irrespective of the amount involved.
69. Issuance of Prepaid Payment Instruments (PPIs):
PPI issuers shall ensure that the instructions issued by Department of Payment
and Settlement System of Reserve Bank of India through their Master Direction
are strictly adhered to.
70. 119Hiring of Employees and Employee training
a. Adequate screening mechanism, including Know Your Employee / Staff policy,
as an integral part of their personnel recruitment/hiring process shall be
put in place.
b. REs shall endeavour to ensure that the staff dealing with / being deployed
for KYC/AML/CFT matters have: high integrity and ethical standards, good
understanding of extant KYC/AML/CFT standards, effective communication
skills and ability to keep up with the changing KYC/AML/CFT landscape,
nationally and internationally. REs shall also strive to develop an
environment which fosters open communication and high integrity amongst the
staff.
c. On-going employee training programme shall be put in place so that the
members of staff are adequately trained in KYC/AML/CFT policy. The focus of
the training shall be different for frontline staff, compliance staff and
staff dealing with new customers. The front desk staff shall be specially
trained to handle issues arising from lack of customer education. Proper
staffing of the audit function with persons adequately trained and
well-versed in KYC/AML/CFT policies of the RE, regulation and related issues
shall be ensured.
71. 120Deleted
Chapter XI
Repeal Provisions
72. With the issue of these directions, the instructions / guidelines contained
in the circulars mentioned in the Appendix, issued by the Reserve Bank stand
repealed.
73. All approvals / acknowledgements given under the above circulars shall be
deemed as given under these directions.
74. All the repealed circulars are deemed to have been in force prior to the
coming into effect of these directions.
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Annex I
Digital KYC Process
A. The RE shall develop an application for digital KYC process which shall be
made available at customer touch points for undertaking KYC of their customers
and the KYC process shall be undertaken only through this authenticated
application of the REs.
B. The access of the Application shall be controlled by the REs and it should be
ensured that the same is not used by unauthorized persons. The Application shall
be accessed only through login-id and password or Live OTP or Time OTP
controlled mechanism given by REs to its authorized officials.
C. The customer, for the purpose of KYC, shall visit the location of the
authorized official of the RE or vice-versa. The original OVD shall be in
possession of the customer.
D. The RE must ensure that the Live photograph of the customer is taken by the
authorized officer and the same photograph is embedded in the Customer
Application Form (CAF). Further, the system Application of the RE shall put a
water-mark in readable form having CAF number, GPS coordinates, authorized
official’s name, unique employee Code (assigned by REs) and Date (DD:MM:YYYY)
and time stamp (HH:MM:SS) on the captured live photograph of the customer.
E. The Application of the RE shall have the feature that only live photograph of
the customer is captured and no printed or video-graphed photograph of the
customer is captured. The background behind the customer while capturing live
photograph should be of white colour and no other person shall come into the
frame while capturing the live photograph of the customer.
F. Similarly, the live photograph of the original OVD or proof of possession of
Aadhaar where offline verification cannot be carried out (placed horizontally),
shall be captured vertically from above and water-marking in readable form as
mentioned above shall be done. No skew or tilt in the mobile device shall be
there while capturing the live photograph of the original documents.
G. The live photograph of the customer and his original documents shall be
captured in proper light so that they are clearly readable and identifiable.
H. Thereafter, all the entries in the CAF shall be filled as per the documents
and information furnished by the customer. In those documents where Quick
Response (QR) code is available, such details can be auto-populated by scanning
the QR code instead of manual filing the details. For example, in case of
physical Aadhaar/e-Aadhaar downloaded from UIDAI where QR code is available, the
details like name, gender, date of birth and address can be auto-populated by
scanning the QR available on Aadhaar/e-Aadhaar.
I. Once the above mentioned process is completed, a One Time Password (OTP)
message containing the text that ‘Please verify the details filled in form
before sharing OTP’ shall be sent to customer’s own mobile number. Upon
successful validation of the OTP, it will be treated as customer signature on
CAF. However, if the customer does not have his/her own mobile number, then
mobile number of his/her family/relatives/known persons may be used for this
purpose and be clearly mentioned in CAF. In any case, the mobile number of
authorized officer registered with the RE shall not be used for customer
signature. The RE must check that the mobile number used in customer signature
shall not be the mobile number of the authorized officer.
J. The authorized officer shall provide a declaration about the capturing of the
live photograph of customer and the original document. For this purpose, the
authorized official shall be verified with One Time Password (OTP) which will be
sent to his mobile number registered with the RE. Upon successful OTP
validation, it shall be treated as authorized officer’s signature on the
declaration. The live photograph of the authorized official shall also be
captured in this authorized officer’s declaration.
K. Subsequent to all these activities, the Application shall give information
about the completion of the process and submission of activation request to
activation officer of the RE, and also generate the transaction-id/reference-id
number of the process. The authorized officer shall intimate the details
regarding transaction-id/reference-id number to customer for future reference.
L. The authorized officer of the RE shall check and verify that:- (i)
information available in the picture of document is matching with the
information entered by authorized officer in CAF. (ii) live photograph of the
customer matches with the photo available in the document.; and (iii) all of the
necessary details in CAF including mandatory field are filled properly.;
M. On Successful verification, the CAF shall be digitally signed by authorized
officer of the RE who will take a print of CAF, get signatures/thumb-impression
of customer at appropriate place, then scan and upload the same in system.
Original hard copy may be returned to the customer.
Banks may use the services of Business Correspondent (BC) for this process.
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Annex II
File No. 14014/01/2019/CFT
Government of India
Ministry of Home Affairs
CTCR Division
North Block, New Delhi.
Dated: the 2nd February, 2021
(Amended vide corrigendum dated March 15, 2023)
ORDER
Subject: - Procedure for implementation of Section 51A of the Unlawful
Activities (Prevention) Act, 1967.
Section 51A of the Unlawful Activities (Prevention) Act, 1967 (UAPA) reads as
under:-
"51A. For the prevention of, and for coping with terrorist activities, the
Central Government shall have power to —
a. freeze, seize or attach funds and other financial assets or economic
resources held by, on behalf of or at the direction of the individuals or
entities listed in the Schedule to the Order, or any other person engaged in
or suspected to be engaged in terrorism;
b. prohibit any individual or entity from making any funds, financial assets or
economic resources or related services available for the benefit of the
individuals or entities listed in the Schedule to the Order or any other
person engaged in or suspected to be engaged in terrorism;
c. prevent the entry into or the transit through India of individuals listed in
the Schedule to the Order or any other person engaged in or suspected to be
engaged in terrorism".
The Unlawful Activities (Prevention) Act, 1967 defines "Order" as under: -
"Order" means the Prevention and Suppression of Terrorism (Implementation of
Security Council Resolutions) Order, 2007, as may be amended from time to time.
2. In order to ensure expeditious and effective implementation of the provisions
of Section 51A, a revised procedure is outlined below in supersession of earlier
orders and guidelines on the subject:
3. Appointment and communication details of the UAPA Nodal Officers:
3.1 The Additional Secretary (CTCR), Ministry of Home Affairs would be the
Central [designated] Nodal Officer for the UAPA [Telephone Number: 011-23092456,
011-230923465 (Fax), email address: jsctcr-mha@gov.in].
3.2 The Ministry of External Affairs, Department of Economic Affairs, Ministry
of Corporate Affairs, Foreigners Division of MHA, FIU-IND, Central Board of
Indirect Taxes and Customs (CBIC) and Financial Regulators (RBI, SEBI and IRDA)
shall appoint a UAPA Nodal Officer and communicate the name and contact details
to the Central [designated] Nodal Officer for the UAPA.
3.4 All the States and UTs shall appoint a UAPA Nodal Officer preferably of the
rank of the Principal Secretary/Secretary, Home Department and communicate the
name and contact details to the Central [designated] Nodal Officer for the UAPA.
3.5 The Central [designated] Nodal Officer for the UAPA shall maintain the
consolidated list of all UAPA Nodal Officers and forward the list to all other
UAPA Nodal Officers, in July every year or as and when the list is updated and
shall cause the amended list of UAPA Nodal Officers circulated to all the Nodal
Officers.
3.6 The Financial Regulators shall forward the consolidated list of UAPA Nodal
Officers to the banks, stock exchanges/depositories, intermediaries regulated by
SEBI and insurance companies.
3.7 The Regulators of the real estate agents, dealers in precious metals &
stones (DPMS) and DNFBPs shall forward the consolidated list of UAPA Nodal
Officers to the real estate agents, dealers in precious metals & stones (DPMS)
and DNFBPs.
4. Communication of the list of designated individuals/entities:
4.1 The Ministry of External Affairs shall update the list of individuals and
entities subject to the UN sanction measures whenever changes are made in the
lists by the UNSC 1267 Committee pertaining to Al Qaida and Da’esh and the UNSC
1988 Committee pertaining to Taliban. On such revisions, the Ministry of
External Affairs would electronically forward the changes without delay to the
designated Nodal Officers in the Ministry of Corporate Affairs, CBIC, Financial
Regulators, FIU–IND, CTCR Division and Foreigners Division in MHA.
4.2 The Financial Regulators shall forward the list of designated persons as
mentioned in Para 4(i) above, without delay to the banks, stock exchanges/
depositories, intermediaries regulated by SEBI and insurance companies.
4.3 The Central [designated] Nodal Officer for the UAPA shall forward the
designated list as mentioned in Para 4(i) above, to all the UAPA Nodal Officers
of States/UTs without delay.
4.4 The UAPA Nodal Officer in Foreigners Division of MHA shall forward the
designated list as mentioned in Para 4(i) above, to the immigration authorities
and security agencies without delay.
4.5 The Regulators of the real estate agents, dealers in precious metals &
stones (DPMS) and DNFBPs shall forward the list of designated persons as
mentioned in Para 4(i) above, to the real estate agents, dealers in precious
metals & stones (DPMS) and DNFBPs without delay.
5. Regarding funds, financial assets or economic resources or related services
held in the form of bank accounts, stocks or Insurance policies etc.
5.1 The Financial Regulators will issue necessary guidelines to banks, stock
exchanges/depositories, intermediaries regulated by the SEBI and insurance
companies requiring them -
(i) To maintain updated designated lists in electronic form and run a check on
the given parameters on a daily basis to verify whether individuals or entities
listed in the Schedule to the Order, hereinafter, referred to as designated
individuals/entities are holding any funds, financial assets or economic
resources or related services held in the form of bank accounts, stocks,
Insurance policies etc., with them.
(ii) In case, the particulars of any of their customers match with the
particulars of designated individuals/entities, the banks, stock
exchanges/depositories, intermediaries regulated by SEBI, insurance companies
shall immediately inform full particulars of the funds, financial assets or
economic resources or related services held in the form of bank accounts, stocks
or Insurance policies etc., held by such customer on their books to the Central
[designated] Nodal Officer for the UAPA, at Fax No.011-23092551 and also convey
over telephone No. 011-23092548. The particulars apart from being sent by post
shall necessarily be conveyed on email id: jsctcr-mha@gov.in.
(iii) The banks, stock exchanges/depositories, intermediaries regulated by SEBI
and insurance companies shall also send a copy of the communication mentioned in
5.1 (ii) above to the UAPA Nodal Officer of the State/UT where the account is
held and to Regulators and FIU-IND, as the case may be, without delay.
(iv) In case, the match of any of the customers with the particulars of
designated individuals/entities is beyond doubt, the banks, stock
exchanges/depositories, intermediaries regulated by SEBI and insurance companies
shall prevent such designated persons from conducting financial transactions,
under intimation to the Central [designated] Nodal Officer for the UAPA at Fax
No.011-23092551 and also convey over telephone No.011-23092548. The particulars
apart from being sent by post should necessarily be conveyed on e-mail id:
jsctcr-mha@gov.in, without delay.
(v) The banks, stock exchanges/depositories, intermediaries regulated by SEBI,
and insurance companies shall file a Suspicious Transaction Report (STR) with
FIU-IND covering all transactions in the accounts, covered under Paragraph
5.1(ii) above, carried through or attempted as per the prescribed format.
5.2 On receipt of the particulars, as referred to in Paragraph 5 (i) above, the
Central [designated] Nodal Officer for the UAPA would cause a verification to be
conducted by the State Police and/or the Central Agencies so as to ensure that
the individuals/ entities identified by the banks, stock exchanges/depositories,
intermediaries and insurance companies are the ones listed as designated
individuals/ entities and the funds, financial assets or economic resources or
related services, reported by banks, stock exchanges/depositories,
intermediaries regulated by SEBI and insurance companies are held by the
designated individuals/entities. This verification would be completed
expeditiously from the date of receipt of such particulars.
5.3 In case, the results of the verification indicate that the properties are
owned by or are held for the benefit of the designated individuals/entities, an
orders to freeze these assets under Section 51A of the UAPA would be issued by
the Central [designated] nodal officer for the UAPA without delay and conveyed
electronically to the concerned bank branch, depository and insurance company
under intimation to respective Regulators and FIU-IND. The Central [designated]
nodal officer for the UAPA shall also forward a copy thereof to all the
Principal Secretaries/Secretaries, Home Department of the States/UTs and all
UAPA nodal officers in the country, so that any individual or entity may be
prohibited from making any funds, financial assets or economic resources or
related services available for the benefit of the designated individuals/
entities or any other person engaged in or suspected to be engaged in terrorism.
The Central [designated] Nodal Officer for the UAPA shall also forward a copy of
the order to all Directors General of Police/ Commissioners of Police of all
States/UTs for initiating action under the provisions of the Unlawful Activities
(Prevention) Act, 1967.
The order shall be issued without prior notice to the designated
individual/entity.
6. Regarding financial assets or economic resources of the nature of immovable
properties:
6.1 The Central [designated] Nodal Officer for the UAPA shall electronically
forward the designated list to the UAPA Nodal Officers of all States and UTs
with request to have the names of the designated individuals/entities, on the
given parameters, verified from the records of the office of the Registrar
performing the work of registration of immovable properties in their respective
jurisdiction, without delay.
6.2 In case, the designated individuals/entities are holding financial assets or
economic resources of the nature of immovable property and if any match with the
designated individuals/entities is found, the UAPA Nodal Officer of the State/UT
would cause communication of the complete particulars of such individual/entity
along with complete details of the financial assets or economic resources of the
nature of immovable property to the Central [designated] Nodal Officer for the
UAPA without delay at Fax No. 011-23092551 and also convey over telephone No.
011-23092548. The particulars apart from being sent by post would necessarily be
conveyed on email id: jsctcr-mha@gov.in.
6.3 The UAPA Nodal Officer of the State/UT may cause such inquiry to be
conducted by the State Police so as to ensure that the particulars sent by the
Registrar performing the work of registering immovable properties are indeed of
these designated individuals/entities. This verification shall be completed
without delay and shall be conveyed within 24 hours of the verification, if it
matches with the particulars of the designated individual/entity to the Central
[designated] Nodal Officer for the UAPA at the given Fax, telephone numbers and
also on the email id.
6.4 The Central [designated] Nodal Officer for the UAPA may also have the
verification conducted by the Central Agencies. This verification would be
completed expeditiously.
6.5 In case, the results of the verification indicates that the particulars
match with those of designated individuals/entities, an order under Section 51A
of the UAPA shall be issued by the Central [designated] Nodal Officer for the
UAPA without delay and conveyed to the concerned Registrar performing the work
of registering immovable properties and to FIU-IND under intimation to the
concerned UAPA Nodal Officer of the State/UT.
The order shall be issued without prior notice to the designated
individual/entity.
6.6 Further, the UAPA Nodal Officer of the State/UT shall cause to monitor the
transactions/ accounts of the designated individual/entity so as to prohibit any
individual or entity from making any funds, financial assets or economic
resources or related services available for the benefit of the individuals or
entities listed in the Schedule to the Order or any other person engaged in or
suspected to be engaged in terrorism. The UAPA Nodal Officer of the State/UT
shall, upon becoming aware of any transactions and attempts by third party
immediately bring to the notice of the DGP/Commissioner of Police of the
State/UT for initiating action under the provisions of the Unlawful Activities
(Prevention) Act, 1967.
7. Regarding the real-estate agents, dealers of precious metals/stones (DPMS)
and other Designated Non-Financial Businesses and Professions (DNFBPs):
(i) The Designated Non-Financial Businesses and Professions (DNFBPs), inter
alia, include casinos, real estate agents, dealers in precious metals/stones
(DPMS), lawyers/notaries, accountants, company service providers and societies/
firms and non-profit organizations. The list of designated entities/individuals
should be circulated to all DNFBPs by the concerned Regulators without delay.
(ii) The CBIC shall advise the dealers of precious metals/stones (DPMS) that if
any designated individual/entity approaches them for sale/purchase of precious
metals/stones or attempts to undertake such transactions the dealer should not
carry out such transaction and without delay inform the CBIC, who in turn follow
the similar procedure as laid down in the paragraphs 6.2 to 6.5 above.
(iii) The UAPA Nodal Officer of the State/UT shall advise the Registrar of
Societies/ Firms/ non-profit organizations that if any designated individual/
entity is a shareholder/ member/ partner/ director/ settler/ trustee/
beneficiary/ beneficial owner of any society/ partnership firm/ trust/
non-profit organization, then the Registrar should inform the UAPA Nodal Officer
of the State/UT without delay, who will, in turn, follow the procedure as laid
down in the paragraphs 6.2 to 6.5 above. The Registrar should also be advised
that no societies/ firms/ non-profit organizations should be allowed to be
registered, if any of the designated individual/ entity is a director/ partner/
office bearer/ trustee/ settler/ beneficiary or beneficial owner of such
juridical person and in case such request is received, then the Registrar shall
inform the UAPA Nodal Officer of the concerned State/UT without delay, who will,
in turn, follow the procedure laid down in the paragraphs 6.2 to 6.5 above.
(iv) The UAPA Nodal Officer of the State/UT shall also advise appropriate
department of the State/UT, administering the operations relating to Casinos, to
ensure that the designated individuals/ entities should not be allowed to own or
have beneficial ownership in any Casino operation. Further, if any designated
individual/ entity visits or participates in any game in the Casino and/ or if
any assets of such designated individual/ entity is with the Casino operator,
and of the particulars of any client matches with the particulars of designated
individuals/ entities, the Casino owner shall inform the UAPA Nodal Officer of
the State/UT without delay, who shall in turn follow the procedure laid down in
paragraph 6.2 to 6.5 above.
(v) The Ministry of Corporate Affairs shall issue an appropriate order to the
Institute of Chartered Accountants of India, Institute of Cost and Works
Accountants of India and Institute of Company Secretaries of India (ICSI)
requesting them to sensitize their respective members to the provisions of
Section 51A of UAPA, so that if any designated individual/entity approaches
them, for entering/ investing in the financial sector and/or immovable property,
or they are holding or managing any assets/ resources of Designated individual/
entities, then the member shall convey the complete details of such designated
individual/ entity to UAPA Nodal Officer in the Ministry of Corporate Affairs
who shall in turn follow the similar procedure as laid down in paragraph 6.2 to
6.5 above.
(vi) The members of these institutes should also be sensitized that if they have
arranged for or have been approached for incorporation/ formation/ registration
of any company, limited liability firm, partnership firm, society, trust,
association where any of designated individual/ entity is a director/
shareholder/ member of a company/ society/ association or partner in a firm or
settler/ trustee or beneficiary of a trust or a beneficial owner of a juridical
person, then the member of the institute should not incorporate/ form/ register
such juridical person and should convey the complete details of such designated
individual/ entity to UAPA Nodal Officer in the Ministry of Corporate Affairs
who shall in turn follow the similar procedure as laid down in paragraph 6.2 to
6.5 above.
(vii) In addition, the member of the ICSI be sensitized that if he/she is
Company Secretary or is holding any managerial position where any of designated
individual/ entity is a Director and/or Shareholder or having beneficial
ownership of any such juridical person then the member should convey the
complete details of such designated individual/ entity to UAPA Nodal Officer in
the Ministry of Corporate Affairs who shall in turn follow the similar procedure
as laid down in paragraph 6.2 to 6.5 above.
(viii) The Registrar of Companies (ROC) may be advised that in case any
designated individual/ entity is a shareholder/ director/ whole time director in
any company registered with ROC or beneficial owner of such company, then the
ROC should convey the complete details of such designated individual/ entity, as
per the procedure mentioned in paragraph 8 to 10 above. This procedure shall
also be followed in case of any designated individual/ entity being a partner of
Limited Liabilities Partnership Firms registered with ROC or beneficial owner of
such firms. Further the ROC may be advised that no company or limited liability
Partnership firm shall be allowed to be registered if any of the designated
individual/ entity is the Director/ Promoter/ Partner or beneficial owner of
such company or firm and in case such a request received the ROC should inform
the UAPA Nodal Officer in the Ministry of Corporate Affairs who in turn shall
follow the similar procedure as laid down in paragraph 6.2 to 6.5 above.
8. Regarding implementation of requests received from foreign countries under
U.N. Security Council Resolution 1373 of 2001:
8.1 The U.N. Security Council Resolution No.1373 of 2001 obligates countries to
freeze without delay the funds or other assets of persons who commit, or attempt
to commit, terrorist acts or participate in or facilitate the commission of
terrorist acts; of entities owned or controlled directly or indirectly by such
persons; and of persons and entities acting on behalf of, or at the direction of
such persons and entities, including funds or other assets derived or generated
from property owned or controlled, directly or indirectly, by such persons and
associated persons and entities. Each individual country has the authority to
designate the persons and entities that should have their funds or other assets
frozen. Additionally, to ensure that effective cooperation is developed among
countries, countries should examine and give effect to, if appropriate, the
actions initiated under the freezing mechanisms of other countries.
8.2 To give effect to the requests of foreign countries under the U.N. Security
Council Resolution 1373, the Ministry of External Affairs shall examine the
requests made by the foreign countries and forward it electronically, with their
comments, to the Central [designated] Nodal Officer for the UAPA for freezing of
funds or other assets.
8.3 The Central [designated] Nodal Officer for the UAPA shall cause the request
to be examined without delay, so as to satisfy itself that on the basis of
applicable legal principles, the requested designation is supported by
reasonable grounds, or a reasonable basis, to suspect or believe that the
proposed designee is a terrorist, one who finances terrorism or a terrorist
organization, and upon his satisfaction, request would be electronically
forwarded to the Nodal Officers in Regulators, FIU-IND and to the Nodal Officers
of the States/UTs. The proposed designee, as mentioned above would be treated as
designated individuals/entities.
9. Upon receipt of the requests by these Nodal Officers from the Central
[designated] Nodal Officer for the UAPA, the similar procedure as enumerated at
paragraphs 5 and 6 above shall be followed.
The freezing orders shall be issued without prior notice to the designated
persons involved.
10. Regarding exemption, to be granted to the above orders in accordance with
UNSCR 1452.
10.1 The above provisions shall not apply to funds and other financial assets or
economic resources that have been determined by the Central [designated] nodal
officer of the UAPA to be:-
(a) necessary for basic expenses, including payments for foodstuff, rent or
mortgage, medicines and medical treatment, taxes, insurance premiums and public
utility charges, or exclusively for payment of reasonable professional fees and
reimbursement of incurred expenses associated with the provision of legal
services or fees or service charges for routine holding or maintenance of frozen
funds or other financial assets or economic resources, after notification by the
MEA of the intention to authorize, where appropriate, access to such funds,
assets or resources and in the absence of a negative decision within 48 hours of
such notification;
(b) necessary for extraordinary expenses, provided that such determination has
been notified by the MEA;
10.2. The addition may be allowed to accounts of the designated individuals/
entities subject to the provisions of paragraph 10 of:
(a) interest or other earnings due on those accounts, or
(b) payments due under contracts, agreements or obligations that arose prior to
the date on which those accounts became subject to the provisions of resolutions
1267 (1999), 1333 (2000), or 1390 (2002),
Provided that any such interest, other earnings and payments continue to be
subject to those provisions;
10.3 (a): The designated individual or organization may submit a request to the
Central [Designated] Nodal Officer for UAPA under the provisions of Para 10.1
above. The Central [Designated] Nodal Officer for UAPA may be approached by post
at “Additional Secretary (CTCR), North Block, New Delhi – 110001” or through
email to jsctcr-mha@gov.in”
(b): The Central [Designated] Nodal Officer for UAPA shall examine such
requests, in consultation with the Law Enforcement Agencies and other Security
Agencies and Intelligence Agencies and, if accepted, communicate the same, if
applicable, to the Ministry of External Affairs, Government of India for
notifying the committee established pursuant to UNSC Resolution 1267 (1999) of
the intention to authorize, access to such funds, assets or resources in terms
of Para 10.1 above.
11. Regarding procedure for unfreezing of funds, financial assets or economic
resources or related services of individuals/entities inadvertently affected by
the freezing mechanism upon verification that the person or entity is not a
designated person:
11.1 Any individual or entity, if it has evidence to prove that the freezing of
funds, financial assets or economic resources or related services, owned/held by
them has been inadvertently frozen, they shall move an application giving the
requisite evidence, in writing, to the concerned bank, stock exchanges/
depositories, intermediaries regulated by SEBI, insurance companies, Registrar
of Immovable Properties, ROC, Regulators of DNFBPs and the UAPA Nodal Officers
of State/UT.
11.2 The banks, stock exchanges/depositories, intermediaries regulated by SEBI,
insurance companies, Registrar of Immovable Properties, ROC, Regulators of
DNFBPs and the State/ UT Nodal Officers shall inform and forward a copy of the
application together with full details of the asset frozen given by any
individual or entity informing of the funds, financial assets or economic
resources or related services have been frozen inadvertently, to the Central
[designated] Nodal Officer for the UAPA as per the contact details given in
Paragraph 3.1 above, within two working days.
11.3 The Central [designated] Nodal Officer for the UAPA shall cause such
verification, as may be required on the basis of the evidence furnished by the
individual/entity, and, if satisfied, he/she shall pass an order, without delay,
unfreezing the funds, financial assets or economic resources or related
services, owned/held by such applicant, under intimation to the concerned bank,
stock exchanges/depositories, intermediaries regulated by SEBI, insurance
company, Registrar of Immovable Properties, ROC, Regulators of DNFBPs and the
UAPA Nodal Officer of State/UT. However, if it is not possible for any reason to
pass an Order unfreezing the assets within 5 working days, the Central
[designated] Nodal Officer for the UAPA shall inform the applicant
expeditiously.
11A. Regarding procedure for unfreezing of funds, financial assets or economic
resources or related services of individuals/organisations in the event of
delisting by the UNSCR 1267 (1999), 1988 (2011) and 1989 (2011) Committee
Upon making an application in writing by the concerned individual/organisation,
to the concerned bank, stock exchanges/depositories, intermediaries regulated by
SEBI, insurance companies, Registrar of Immovable Properties, RoC, Regulators of
DNFBPs, Department of Posts and the UAPA Nodal Officers of all States/UTs., who
in turn shall forward the application along with the full details of the assets
frozen to the Central [Designated] Nodal Officer for UAPA within two working
days. The Central [Designated] Nodal Officer for UAPA shall examine the request
in consultation with the Law Enforcement Agencies and other Security Agencies
and Intelligence Agencies and cause such verification as may be required and if
satisfied, shall pass an order, without delay, unfreezing the funds, financial
assets or economic resources or related services owned or held by the applicant
under intimation to concerned bank, stock exchanges/ depositories,
intermediaries regulated by SEBI, insurance companies, Registrar of Immovable
Properties, RoC, Regulators of DNFBPs, Department of Posts and the UAPA Nodal
Officers of all States/UTs.
12. Regarding prevention of entry into or transit through India:
12.1 As regards prevention of entry into or transit through India of the
designated individuals, the UAPA Nodal Officer in the Foreigners Division of
MHA, shall forward the designated lists to the immigration authorities and
security agencies with a request to prevent the entry into or the transit
through India. The order shall take place without prior notice to the designated
individuals/entities.
12.2 The immigration authorities shall ensure strict compliance of the order and
also communicate the details of entry or transit through India of the designated
individuals as prevented by them to the UAPA Nodal Officer in Foreigners
Division of MHA.
13. Procedure for communication of compliance of action taken under Section 51A:
The Central [designated] Nodal Officer for the UAPA and the Nodal Officer in the
Foreigners Division, MHA shall furnish the details of funds, financial assets or
economic resources or related services of designated individuals/entities frozen
by an order, and details of the individuals whose entry into India or transit
through India was prevented, respectively, to the Ministry of External Affairs
for onward communication to the United Nations.
14. Communication of the Order issued under Section 51A of Unlawful Activities
(Prevention) Act, 1967: The order issued under Section 51A of the Unlawful
Activities (Prevention) Act, 1967 by the Central [designated] Nodal Officer for
the UAPA relating to funds, financial assets or economic resources or related
services, shall be communicated to all the UAPA nodal officers in the country,
the Regulators of Financial Services, FIU-IND and DNFBPs, banks,
depositories/stock exchanges, intermediaries regulated by SEBI, Registrars
performing the work of registering immovable properties through the UAPA Nodal
Officer of the State/UT.
15. All concerned are requested to ensure strict compliance of this order.
(Ashutosh Agnihotri)
Joint Secretary to the Government of India
To,
1) Governor, Reserve Bank of India, Mumbai
2) Chairman, Securities & Exchange Board of India, Mumbai
3) Chairman, Insurance Regulatory and Development Authority, Hyderabad.
4) Foreign Secretary, Ministry of External Affairs, New Delhi.
5) Finance Secretary, Ministry of Finance, New Delhi.
6) Revenue Secretary, Department of Revenue, Ministry of Finance, New Delhi.
7) Secretary, Ministry of Corporate Affairs, New Delhi
8) Chairman, Central Board of Indirect Taxes & Customs, New Delhi.
9) Director, Intelligence Bureau, New Delhi.
10) Additional Secretary, Department of Financial Services, Ministry of Finance,
New Delhi.
11) Chief Secretaries of all States/Union Territories
12) Principal Secretary (Home)/Secretary (Home) of all States/ Union Territories
13) Directors General of Police of all States & Union Territories
14) Director General of Police, National Investigation Agency, New Delhi.
15) Commissioner of Police, Delhi.
16) Joint Secretary (Foreigners), Ministry of Home Affairs, New Delhi.
17) Joint Secretary (Capital Markets), Department of Economic Affairs, Ministry
of Finance, New Delhi.
18) Joint Secretary (Revenue), Department of Revenue, Ministry of Finance, New
Delhi.
19) Director (FIU-IND), New Delhi.
Copy for information to: -
1. Sr. PPS to HS
2. PS to SS (IS)
--------------------------------------------------------------------------------
121Annex III
F.No.P - 12011/2022-ES Cell-DOR
Government of India
Ministry of Finance
Department of Revenue
***
New Delhi, dated the 30th January, 2023.
ORDER
Subject: - Procedure for implementation of Section 12A of “The Weapons of Mass
Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act,
2005”
I Section 12A of The Weapons of Mass Destruction and their Delivery Systems
(Prohibition of Unlawful Activities) Act, 2005 [hereinafter referred to as ‘the
Act’] reads as under: -
"12A. (1) No person shall finance any activity which is prohibited under this
Act, or under the United Nations (Security Council) Act, 1947 or any other
relevant Act for the time being in force, or by an order issued under any such
Act, in relation to weapons of mass destruction and their delivery systems.
(2) For prevention of financing by any person of any activity which is
prohibited under this Act, or under the United Nations (Security Council) Act,
1947 or any other relevant Act for the time being in force, or by an order
issued under any such Act, in relation to weapons of mass destruction and their
delivery systems, the Central Government shall have power to—
a) freeze, seize or attach funds or other financial assets or economic
resources—
i. owned or controlled, wholly or jointly, directly or indirectly, by such
person; or
ii. held by or on behalf of, or at the direction of, such person; or
iii. derived or generated from the funds or other assets owned or controlled,
directly or indirectly, by such person;
b) prohibit any person from making funds, financial assets or economic resources
or related services available for the benefit of persons related to any activity
which is prohibited under this Act, or under the United Nations (Security
Council) Act, 1947 or any other relevant Act for the time being in force, or by
an order issued under any such Act, in relation to weapons of mass destruction
and their delivery systems.
(3) The Central Government may exercise its powers under this section through
any authority who has been assigned the power under sub-section (1) of section
7.”
II In order to ensure expeditious and effective implementation of the provisions
of Section 12A of the Act, the procedure is outlined below.
1. Appointment and communication details of Section 12A Nodal Officers:
1.1 In exercise of the powers conferred under Section 7(1) of the Act, the
Central Government assigns Director, FIU-India, Department of Revenue, Ministry
of Finance, as the authority to exercise powers under Section 12A of the Act.
The Director, FIU-India shall be hereby referred to as the Central Nodal Officer
(CNO) for the purpose of this order. [Telephone Number: 011-23314458,
011-23314435, 011-23314459 (FAX), email address: dir@fiuindia.gov.in].
1.2 Regulator under this order shall have the same meaning as defined in Rule
2(fa) of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.
Reporting Entity (RE) shall have the same meaning as defined in Section 2 (1)
(wa) of Prevention of Money-Laundering Act, 2002. DNFPBs is as defined in
section 2(1) (sa) of Prevention of Money-Laundering Act, 2002.
1.3 The Regulators and Foreigners Division of MHA shall notify a Nodal Officer
for implementation of provisions of Section 12A of the Act. The Regulator may
notify the Nodal Officer appointed for implementation of provisions of Section
51A of UAPA, also, as the Nodal Officer for implementation of Section 12A of the
Act. All the States and UTs shall notify a State Nodal officer for
implementation of Section 12A of the Act. A State/UT may notify the State Nodal
Officer appointed for implementation of provisions of Section 51A of UAPA, also,
as the Nodal Officer for implementation of Section 12A of the Act.
1.4 The CNO shall maintain an updated list of all Nodal Officers, and share the
updated list with all Nodal Officers periodically. The CNO shall forward the
updated list of all Nodal Officers to all REs.
2. Communication of the lists of designated individuals/entities:
2.1 The Ministry of External Affairs will electronically communicate, without
delay, the changes made in the list of designated individuals and entities
(hereinafter referred to as ‘designated list’) as specified under section 12A
(1) to the CNO and Nodal officers.
2.1.1 Further, the CNO shall maintain the Designated list on the portal of
FIU-India. The list would be updated by the CNO, as and when it is updated, as
per para 2.1 above, without delay. It shall make available for all Nodal
officers, the State Nodal Officers, and to the Registrars performing the work of
registration of immovable properties, either directly or through State Nodal
Officers, without delay.
2.1.2 The Ministry of External Affairs may also share other information relating
to prohibition / prevention of financing of prohibited activity under Section
12A (after its initial assessment of the relevant factors in the case) with the
CNO and other organizations concerned, for initiating verification and suitable
action.
2.1.3 The Regulators shall make available the updated designated list, without
delay, to their REs. The REs will maintain the designated list and update it,
without delay, whenever changes are made as per para 2.1 above.
2.2 The Nodal Officer for Section 12A in Foreigners Division of MHA shall
forward the updated designated list to the immigration authorities and security
agencies, without delay.
3. Regarding funds, financial assets or economic resources or related services
held in the form of bank accounts, stocks or insurance policies, etc.
3.1 All Financial Institutions shall –
i. Verify if the particulars of the entities/individual, party to the
financial transactions, match with the particulars of designated list and
in case of match, REs shall not carry out such transaction and shall
immediately inform the transaction details with full particulars of the
funds, financial assets or economic resources involved to the CNO by
email, FAX and by post, without delay.
ii. Run a check, on the given parameters, at the time of establishing a
relation with a customer and on a periodic basis to verify whether
individuals and entities in the designated list are holding any funds,
financial assets or economic resources or related services, in the form of
bank accounts, stocks, Insurance policies etc. In case, the particulars of
any of their customers match with the particulars of designated list, REs
shall immediately inform full particulars of the funds, financial assets
or economic resources or related services held in the form of bank
accounts, stocks or insurance policies etc., held on their books to the
CNO by email, FAX and by post, without delay.
iii. The REs shall also send a copy of the communication, mentioned in 3.1 (i)
and (ii) above, to State Nodal Officer, where the account/transaction is
held, and to their Regulator, as the case may be, without delay.
iv. In case there are reasons to believe beyond doubt that funds or assets
held by a customer would fall under the purview of clause (a) or (b) of
sub-section (2) of Section 12A, REs shall prevent such individual/entity
from conducting financial transactions, under intimation to the CNO by
email, FAX and by post, without delay.
v. The REs shall file a Suspicious Transaction Report (STR) with FIU-IND
covering all transactions in the accounts, covered under Paragraph 3.1 (i)
and (ii) above, carried through or attempted.
3.2 On receipt of the particulars, as referred to in Paragraph 3.1 above, the
CNO would cause a verification to be conducted by the State Police and/or the
Central Agencies so as to ensure that the individuals/entities identified by the
REs are the ones in designated list and the funds, financial assets or economic
resources or related services, reported by REs are in respect of the designated
individuals/entities. This verification would be completed expeditiously from
the date of receipt of such particulars.
3.3 In case, the results of the verification indicate that the assets are owned
by, or are held for the benefit of, the designated individuals/entities, an
order to freeze these assets under Section 12A would be issued by the CNO
without delay and be conveyed electronically to the concerned RE under
intimation to respective Regulators. The CNO shall also forward a copy thereof
to all the Principal Secretaries/Secretaries, Home Department of the States/UTs
and All Nodal officers in the country, so that any individual or entity may be
prohibited from making any funds, financial assets or economic resources or
related services available for the benefit of the designated individuals /
entities. The CNO shall also forward a copy of the order to all Directors
General of Police/ Commissioners of Police of all States/UTs for initiating
suitable action.
3.4 The order shall be issued without prior notice to the designated
individual/entity.
4. Regarding financial assets or economic resources of the nature of immovable
properties:
4.1 The Registrars performing work of registration of immovable properties shall
--
i. Verify if the particulars of the entities/individual, party to the
transactions, match with the particulars of the designated list, and, in
case of match, shall not carry out such transaction and immediately inform
the details with full particulars of the assets or economic resources
involved to the State Nodal Officer, without delay.
ii. Verify from the records in their respective jurisdiction, without delay,
on given parameters, if the details match with the details of the
individuals and entities in the designated list. In case, the designated
individuals/entities are holding financial assets or economic resources of
the nature of immovable property, and if any match with the designated
individuals/entities is found, the Registrar shall immediately inform the
details with full particulars of the assets or economic resources involved
to the State Nodal Officer, without delay.
iii. In case there are reasons to believe beyond doubt that assets that are
held by an individual/entity would fall under the purview of clause (a) or
(b) of sub-section (2) of Section 12A, Registrar shall prevent such
individual/entity from conducting transactions, under intimation to the
State Nodal Officer by email, FAX and by post, without delay.
4.2 the State Nodal Officer would cause communication of the complete
particulars of such individual/entity along with complete details of the
financial assets or economic resources to the CNO without delay by email, FAX
and by post.
4.3 The State Nodal Officer may cause such inquiry to be conducted by the State
Police so as to ensure that the particulars sent are indeed of these designated
individuals/entities. This verification shall be completed without delay and
shall be conveyed, within 24 hours of the verification, if it matches, with the
particulars of the designated individual/entity, to the CNO without delay by
email, FAX and by post.
4.4 The CNO may also have the verification conducted by the Central Agencies.
This verification would be completed expeditiously.
4.5 In case, the results of the verification indicate that the assets are owned
by, or are held for the benefit of, the designated individuals/entities, an
order to freeze these assets under Section 12A would be issued by the CNO
without delay and be conveyed electronically to the concerned Registrar
performing the work of registering immovable properties, and to FIU under
intimation to the concerned State Nodal Officer. The CNO shall also forward a
copy thereof to all the Principal Secretaries/Secretaries, Home Department of
the States/UTs and All Nodal officers in the country, so that any individual or
entity may be prohibited from making any funds, financial assets or economic
resources or related services available for the benefit of the designated
individuals / entities. The CNO shall also forward a copy of the order to all
Directors General of Police/ Commissioners of Police of all States/UTs for
initiating suitable action.
4.6 The order shall be issued without prior notice to the designated
individual/entity.
5. Regarding the real-estate agents, dealers of precious metals/stones (DPMS)
and other Designated Non-Financial Businesses and Professions (DNFBPs):
(i) The dealers of precious metals/stones (DPMS) as notified under PML
(Maintenance of Records) Rules, 2005 and Real Estate Agents, as notified under
clause (vi) of Section 2(1) (sa) of Prevention of Money-Laundering Act, 2002,
are required to ensure that if any designated individual/entity approaches them
for sale/purchase of precious metals/stones/Real Estate Assets or attempts to
undertake such transactions, the dealer should not carry out such transaction
and, without delay, inform the Section 12A Nodal officer in the Central Board of
Indirect Taxes and Customs (CBIC). Also, If the dealers hold any assets or funds
of the designated individual/entity, they shall freeze the same without delay
and inform the Section 12A Nodal officer in the CBIC, who will, in turn, follow
procedure similar to as laid down for State Nodal Officer in the paragraphs 4.2
to 4.6.
(ii) Registrar of Societies/ Firms/ non-profit organizations are required to
ensure that if any designated individual/ entity is a shareholder/ member/
partner/ director/ settler/ trustee/ beneficiary/ beneficial owner of any
society/ partnership firm/ trust/ non-profit organization, then the Registrar
shall freeze any transaction for such designated individual/ entity and shall
inform the State Nodal Officer, without delay, and, if such society/ partnership
firm/ trust/ non-profit organization holds funds or assets of designated
individual/ entity, follow the procedure as laid down for State Nodal Officer in
the paragraphs 4.2 to 4.6 above. The Registrar should also ensure that no
societies/ firms/ non-profit organizations should be allowed to be registered if
any of the designated individual/ entity is a director/ partner/ office bearer/
trustee/ settler/ beneficiary or beneficial owner of such juridical person and,
in case, such request is received, then the Registrar shall inform the State
Nodal Officer, without delay.
(iii) The State Nodal Officer shall also advise appropriate department of the
State/UT, administering the operations relating to Casinos, to ensure that the
designated individuals/ entities should not be allowed to own or have beneficial
ownership in any Casino operation. Further, if any designated individual/ entity
visits or participates in any game in the Casino or if any assets of such
designated individual/ entity are with the Casino operator, or if the
particulars of any client match with the particulars of designated individuals/
entities, the Casino owner shall inform the State Nodal Officer, without delay,
and shall freeze any such transaction.
(iv) The Ministry of Corporate Affairs shall issue an appropriate order to the
Institute of Chartered Accountants of India, Institute of Cost and Works
Accountants of India and Institute of Company Secretaries of India (ICSI),
requesting them to sensitize their respective members to the provisions of
Section 12A, so that, if any designated individual/entity approaches them, for
entering/ investing in the financial sector and/or immovable property, or they
are holding or managing any assets/ resources of designated individual/
entities, then the member shall convey the complete details of such designated
individual/ entity to Section 12A Nodal Officer in the Ministry of Corporate
Affairs, who shall in turn follow the similar procedure as laid down for State
Nodal Officer in paragraph 4.2 to 4.6 above.
(v) The members of these institutes should also be sensitized that if they have
arranged for or have been approached for incorporation/ formation/ registration
of any company, limited liability firm, partnership firm, society, trust,
association where any designated individual/ entity is a director/ shareholder/
member of a company/ society/ association or partner in a firm or settler/
trustee or beneficiary of a trust or a beneficial owner of a juridical person,
then the member of the institute should not incorporate/ form/ register such
juridical person and should convey the complete details of such designated
individual/ entity to Section 12A Nodal Officer in the Ministry of Corporate
Affairs.
(vi) In addition, a member of the ICSI shall, if he/she is Company Secretary or
is holding any managerial position where any of designated individual/ entity is
a Director and/or Shareholder or having beneficial ownership of any such
juridical person, convey the complete details of such designated individual/
entity to Section 12A Nodal Officer in the Ministry of Corporate Affairs, who
shall follow the similar procedure as laid down in paragraph 4.2 to 4.6 above
for State Nodal Officer, if such company, limited liability firm, partnership
firm, society, trust, or association holds funds or assets of the designated
individual/entity.
(vii) In case any designated individual/ entity is a shareholder/ director/
whole time director in any company registered with the Registrar of Companies
(ROC) or beneficial owner of such company or partner in a Limited Liabilities
Partnership Firm registered with ROC or beneficial owner of such firm, the ROC
should convey the complete details of such designated individual/ entity to
section 12A Nodal officer of Ministry of Corporate Affairs. If such company or
LLP holds funds or assets of the designated individual/ entity, he shall follow
the similar procedure as laid down in paragraph 4.2 to 4.6 above for State Nodal
Officer. Further the ROCs are required to ensure that no company or limited
liability Partnership firm shall be allowed to be registered if any of the
designated individual/ entity is the Director/ Promoter/ Partner or beneficial
owner of such company or firm, and in case such a request is received, the ROC
should inform the Section 12A Nodal Officer in the Ministry of Corporate
Affairs.
(viii) All communications to Nodal officer as enunciated in subclauses (i) to
(vii) above should, inter alia, include the details of funds and assets held and
the details of transaction.
5.1. All Natural and legal persons holding any funds or other assets of
designated persons and entities, shall, without delay and without prior notice,
freeze any transaction in relation to such funds or assets and shall immediately
inform the State Nodal officer along with details of the funds/assets held, who
in turn would follow the same procedure as in para 4.2 to 4.6 above for State
Nodal Officer. This obligation should extend to all funds or other assets that
are owned or controlled by the designated person or entity, and not just those
that can be tied to a particular act, plot or threat of proliferation; those
funds or other assets that are wholly or jointly owned or controlled, directly
or indirectly, by designated persons or entities; and the funds or other assets
derived or generated from funds or other assets owned or controlled directly or
indirectly by designated persons or entities, as well as funds or other assets
of persons and entities acting on behalf of, or at the direction of designated
persons or entities.
5.2. Further, the State Nodal Officer shall cause to monitor the transactions /
accounts of the designated individual/entity so as to prohibit any individual or
entity from making any funds, financial assets or economic resources or related
services available for the benefit of the individuals or entities in the
designated list. The State Nodal Officer shall, upon becoming aware of any
transactions and attempts by third party, without delay, bring the incidence to
the notice of the CNO and the DGP/Commissioner of Police of the State/UT for
initiating suitable action.
5.3. Where the CNO has reasons to believe that any funds or assets are violative
of Section 12A (1) or Section 12A (2)(b) of the Act, he shall, by order, freeze
such funds or Assets, without any delay, and make such order available to
authorities, Financial Institutions, DNFBPs and other entities concerned.
6. Regarding exemption, to be granted to the above orders
6.1. The above provisions shall not apply to funds and other financial assets or
economic resources that have been determined by the CNO to be: -
(a) necessary for basic expenses, including payments for foodstuff, rent or
mortgage, medicines and medical treatment, taxes, insurance premiums and public
utility charges, or exclusively for payment of reasonable professional fees and
reimbursement of incurred expenses associated with the provision of legal
services or fees or service charges for routine holding or maintenance of frozen
funds or other financial assets or economic resources, consequent to
notification by the MEA authorizing access to such funds, assets or resources.
(b) necessary for extraordinary expenses, provided that such determination has
been notified by the MEA;
6.2. The accounts of the designated individuals/ entities may be allowed to be
credited with:
(a) interest or other earnings due on those accounts, or
(b) payments due under contracts, agreements or obligations that arose prior to
the date on which those accounts became subject to the provisions of section 12A
of the Act.
Provided that any such interest, other earnings and payments continue to be
subject to those provisions under para 3.3;
7. Regarding procedure for unfreezing of funds, financial assets or economic
resources or related services of individuals/entities inadvertently affected by
the freezing mechanism upon verification that the individual or entity is not a
designated person or no longer meet the criteria for designation:
7.1 Any individual/entity, if it has evidence to prove that the freezing of
funds, financial assets or economic resources or related services, owned/held
has been inadvertently frozen, an application may be moved giving the requisite
evidence, in writing, to the relevant RE/Registrar of Immovable Properties/
ROC/Regulators and the State.
7.2 The RE/Registrar of Immovable Properties/ROC/Regulator and the State Nodal
Officer shall inform, and forward a copy of the application, together with full
details of the asset frozen, as given by applicant to the CNO by email, FAX and
by Post, within two working days. Also, listed persons and entities may petition
a request for delisting at the Focal Point Mechanism established under UNSC
Resolution.
7.3 The CNO shall cause such verification, as may be required on the basis of
the evidence furnished by the individual/entity, and, if satisfied, it shall
pass an order, without delay, unfreezing the funds, financial assets or economic
resources or related services, owned/held by such applicant, under intimation to
all RE/Registrar of Immovable Properties/ROC/Regulators and the State Nodal
Officer. However, if it is not possible, for any reason, to pass an Order
unfreezing the assets within 5 working days, the CNO shall inform the applicant
expeditiously.
7.4 The CNO shall, based on de-listing of individual and entity under UN
Security Council Resolutions, shall pass an order, if not required to be
designated in any other order, without delay, unfreezing the funds, financial
assets or economic resources or related services, owned/held by such applicant,
under intimation to all RE/Registrar of Immovable Properties/ROC/Regulators and
the State Nodal Officer.
8. Procedure for communication of compliance of action taken under Section 12A:
The CNO and the Nodal Officer in the Foreigners Division, MHA shall furnish the
details of funds, financial assets or economic resources or related services of
designated individuals/entities, frozen by an order, and details of the
individuals whose entry into India or transit through India was prevented,
respectively, to the Ministry of External Affairs, for onward communication to
the United Nations.
9. Communication of the Order issued under Section 12A: The Order issued under
Section 12A of the Act by the CNO relating to funds, financial assets or
economic resources or related services, shall be communicated to all nodal
officers in the country.
10. All concerned are requested to ensure strict compliance of this order.
(Ritvik Ranjanam Pandey)
Joint Secretary to the Government of India
To,
1) Governor, Reserve Bank of India, Mumbai
2) Chairman, Securities & Exchange Board of India, Mumbai
3) Chairman, Insurance Regulatory and Development Authority, Hyderabad.
4) Foreign Secretary, Ministry of External Affairs, New Delhi.
5) Finance Secretary, Ministry of Finance, New Delhi.
6) Revenue Secretary, Department of Revenue, Ministry of Finance, New Delhi.
7) Secretary, Ministry of Corporate Affairs, New Delhi
8) Chairman, Central Board of Indirect Taxes & Customs, New Delhi.
9) Director, Intelligence Bureau, New Delhi.
10) Additional Secretary, Department of Financial Services, Ministry of Finance,
New Delhi.
11) Chief Secretaries of all States/Union Territories
12) Principal Secretary (Home)/Secretary (Home) of all States/ Union Territories
13) Directors General of Police of all States & Union Territories
14) Director General of Police, National Investigation Agency, New Delhi.
15) Commissioner of Police, Delhi.
16) Joint Secretary (Foreigners), Ministry of Home Affairs, New Delhi.
17) Joint Secretary (Capital Markets), Department of Economic Affairs, Ministry
of Finance, New Delhi.
18) Joint Secretary (Revenue), Department of Revenue, Ministry of Finance, New
Delhi.
19) Director (FIU-IND), New Delhi.
Copy for information to: -
1. Sr. PPS to HS
2. PS to SS (IS)
--------------------------------------------------------------------------------
Annex IV
KYC documents for eligible FPIs under PIS
FPI Type Document Type Category I Category II Category III Entity Level
Constitutive Documents (Memorandum and Articles of Association, Certificate of
Incorporation etc.) Mandatory Mandatory Mandatory Proof of Address Mandatory
(Power of Attorney {PoA} mentioning the address is acceptable as address proof)
Mandatory (Power of Attorney mentioning the address is acceptable as address
proof) Mandatory other than Power of Attorney PAN122 Mandatory Mandatory
Mandatory Financial Data Exempted * Exempted * Mandatory SEBI Registration
Certificate Mandatory Mandatory Mandatory Board Resolution @@ Exempted *
Mandatory Mandatory Senior Management
(Whole Time Directors/ Partners/ Trustees/ etc.) List Mandatory Mandatory
Mandatory Proof of Identity Exempted * Exempted * Entity declares* on letter
head full name, nationality, date of birth or submits photo identity proof Proof
of Address Exempted * Exempted * Declaration on Letter Head * Photographs
Exempted Exempted Exempted * Authorized Signatories List and Signatures
Mandatory – list of Global Custodian signatories can be given in case of PoA to
Global Custodian Mandatory - list of Global Custodian signatories can be given
in case of PoA to Global Custodian Mandatory Proof of Identity Exempted *
Exempted * Mandatory Proof of Address Exempted * Exempted * Declaration on
Letter Head * Photographs Exempted Exempted Exempted * Ultimate Beneficial Owner
(UBO) List Exempted * Mandatory
(can declare “no UBO over 25%”) Mandatory Proof of Identity Exempted * Exempted
* Mandatory Proof of Address Exempted * Exempted * Declaration on Letter Head *
Photographs Exempted Exempted Exempted * * Not required while opening the bank
account. However, FPIs concerned may submit an undertaking that upon demand by
Regulators/Law Enforcement Agencies the relative document/s would be submitted
to the bank.
@@ FPIs from certain jurisdictions where the practice of passing Board
Resolution for the purpose of opening bank accounts etc. is not in vogue, may
submit ‘Power of Attorney granted to Global Custodian/Local Custodian in lieu of
Board Resolution’
Category Eligible Foreign Investors I. Government and Government related foreign
investors such as Foreign Central Banks, Governmental Agencies, Sovereign Wealth
Funds, International/ Multilateral Organizations/ Agencies. II. a) Appropriately
regulated broad based funds such as Mutual Funds, Investment Trusts, Insurance
/Reinsurance Companies, Other Broad Based Funds etc.
b) Appropriately regulated entities such as Banks, Asset Management Companies,
Investment Managers/ Advisors, Portfolio Managers etc.
c) Broad based funds whose investment manager is appropriately regulated.
d) University Funds and Pension Funds.
e) University related Endowments already registered with SEBI as FII/Sub
Account. III. All other eligible foreign investors investing in India under PIS
route not eligible under Category I and II such as Endowments, Charitable
Societies/Trust, Foundations, Corporate Bodies, Trusts, Individuals, Family
Offices, etc.
--------------------------------------------------------------------------------
Appendix
List of Circulars or part thereof repealed with the issuance of Master Direction
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UBD.BPD.(PCB).Cir.No.17/14.01.062/2010-11 October 25, 2010 109
UBD.BPD.(PCB).Cir.No.12/12.05.001/2010-11 September 15, 2010 110
UBD.BPD.(PCB)No.11/12.05.001/2010-11 August 25, 2010 111
UBD.BPD.(PCB).No.10/12.05.001/2010-11 August 23, 2010 112
UBD.BPD.(PCB).No.9/12.05.001/2010-11 August 23, 2010 113 UBD.BPD.(PCB).Cir.No.7/
14.01.062/2010-11 August 12, 2010 114 UBD.BPD(PCB).Cir.No.71/12.05.001/2009-10
June 15, 2010 115 UBD.BPD.CO.53/14.01.062/ 2009-2010 April 1, 2010 116 UBD. BPD.
(PCB).Cir. No.41/12.05.001/2009-10 February 3, 2010 117
UBD.BPD.CO.NSB1/38/1203.000/2009-10 December 23, 2009 118
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UBD.(PCB).CO.BPD.Cir.No.33/14.01.062/2009-10 December 17, 2009 121
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UBD.BPD.CO./NSB1/11/12.03.000/2009-10 September 29, 2009 124
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UBD.CO.BPD(PCB).No.1/12.05.001/2008-09 July 2, 2008 126
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30/09.161.00/2004-05 December 15, 2004 132 UBD.BPD.PCB.Cir.02/09.161.00/2004-05
July 09, 2004 133 UBD.BPD.PCB.Cir.48/09.161.00/2003-04 May 29, 2004 134
UBD.No.BPD.PCB.Cir.41/09.161.00/2003-04 March 26, 2004 135
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RPCD.RCB.RRB.AML.BC.No.71/07.51.018/2012-13 April 1, 2013 148
RPCD.RRB.RCB.BC.No.63/07.51.018/2012-13 January 30, 2013 149
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RPCD.CO.RRB.RCB.AML.No.6097/7.51.018/2012-13 December 13, 2012 151
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RPCD.CO.RCB.AML.BC.No.52/07.40.00/2011-12 January 04, 2012 157
RPCD.CO.RRB.AML.BC.No.51/03.05.33(E)/2011-12 January 02, 2012 158
RPCD.CO.RCB.AML.BC.No.50/07.40.00/2011-12 December 30, 2011 159
RPCD.CO.RRB.AML.BC.No.46/03.05.33(E)/2011-12 December 21, 2011 160
RPCD.CO.RRB.AML.BC.NO.31/03.05.33(E)/2011-12 November 16, 2011 161
RPCD.CO.RCB.AML.BC.No.23/07.40.00/2011-12 October 17, 2011 162
RPCD.CO.RRB.AML.BC.No.21/03.05.33(E)/2011-12 October 13, 2011 163
RPCD.CO.RRB.AML.BC.No.15/03.05.33(E)/2011-12 August 8, 2011 164
RPCD.CO.RCB.AML.BC.No.63/07.40.00/2010-11 April 26, 2011 165
RPCD.CO.RCB.AML.BC.No.50/07.40.00/2010-11 February 2, 2011 166
RPCD.CO.RRB.AML.BC.No.46/03.05.33(E)/2010-11 January 12, 2011 167
RPCD.CO.RCB.AML.BC.No.39/07.40.00/2010-11 December 27, 2010 168
RPCD.CO.RRB.AML.BC.No.40/03.05.33(E)/2010-11 December 24, 2010 169
RPCD.CO.RCB.AML.BC.No.37/07.40.00/2010-11 December 10, 2010 170
RPCD.CO.RRB.AML.BC.No.31/03.05.33(E)/2010-11 December 6, 2010 171
RPCD.CO.RF.AML.BC.No.20/07.40.00/2010-11 September 13, 2010 172
RPCD.CO.RRB.AML.BC.No.19/03.05.33(E)/2010-11 September 9, 2010 173
RPCD.CO.RF.AML.BC.No.12/4007.40.00/2010-11 July 20, 2010 174
RPCD.CO.RRB.AML.BC.No.13/03.05.33(E)/2010-11 July 22, 2010 175
RPCD.CO.RF.AML.BC.No.11/07.40.00/2010-11 July 20, 2010 176
RPCD.CO.RF.AML.BC.No.89/07.40.00/2009-10 June 25, 2010 177
RPCD.CORRB.AML.BC.No.87/03.05.33(E)/2009-10 June 23, 2010 178
RPCD.CO.RF.AML.BC.No.88/07.40.00/2009-10 June 25, 2010 179
RPCD.CO.RRB.AML.BC.No.86/03.05.33(E)/2009-10 June 21, 2010 180
RPCD.CO.RF.AML.BC.No.84/07.40.00/2009-10 May 14, 2010 181
RPCD.CO.RF.AML.BC.No.83/07.40.00/2009-10 May 12, 2010 182
RPCD.CO.RRB.AML.No.67/03.05.33(E)/2009-10 April 9, 2010 183
RPCD.CO.RF.AML.BC.No.83/07.40.00/2009-10 March 3, 2010 184
RPCD.CO.RRB.No.39/03.05.33(E)/2009-10 November 5, 2009 185
RPCD.CO.RF.AML.BC.No.34/07.40.00/2009-10 October 29, 2009 186
RPCD.CO.RF.AML.BC.No.28/07.40.00/2009-10 September 30, 2009 187
RPCD.CO.RRB.BC.No.27/03.05.33(E)/2009-10 September 29, 2009 188
RPCD.CO.RCB.AML.BC.No.81/07.40.00/2007-08 June 25, 2008 189
RPCD.CO.RRB.No.BC.77/03.05.33(E)/2007-08 June 18, 2008 190
RPCD.CO.RF.AML.BC.No.51/07.40.00/2007-08 February 28, 2008 191
RPCD.CO.RRB.No.BC.50/03.05.33(E)/2007-08 February 27, 2008 192
RPCD.CO.RRB.AML.BC.No.98/03.05.28-A/2006-07 May 21, 2007 193
RPCD.CO.RF.AML.BC.No.96/07.40.00/2006-07 May 18, 2007 194
RPCD.CO.RRB.AML.BC.68/03.05.33(E)/2005-06 March 9, 2006 195
RPCD.CO.RF.AML.BC.No.65/07.40.00/2005-06 March 3, 2006 196
RPCD.No.RRB.BC.33/03.05.33(E)/2005-06 August 23, 2005 197
RPCD.RF.AML.BC.No.30/07.40.00/2005-06 August 23, 2005 198
RPCD.AML.BC.No.80/07.40.00/2004-05 February 18, 2005 199
RPCD.No.RRB.BC.81/03.05.33 (E)/2004-05 February 18, 2005 200 DNBS (PD)
CC.No.46/02.02(RNBC)/2004-05 December 30, 2004 201 DNBS(PD). CC 48/10.42/2004-05
February 21, 2005 202 DNBS(PD).CC No. 58/10.42/2005-06 October 11, 2005 203
DNBS.PD. CC No. 64/03.10.042/2005-06 March 7, 2006 204 DNBS (PD). CC
113/03.10.042/2007- 08 April 23, 2008 205 DNBS (PD). CC 163/03.10.042/2009- 10
November 13, 2009 206 DNBS (PD).CC. No 166/03.10.42/2009-10 December 2, 2009 207
DNBS. (PD) CC No 192/03.10.42/2010-11 August 9, 2010 208 DNBS. (PD) CC No
193/03.10.42/2010-11 August 9, 2011 209 DNBS (PD).CC. No 201/03.10.42 /2010-11
September 22, 2010 210 DNBS (PD).CC. No 202/03.10.42/2010-11 October 4, 2010 211
DNBS(PD).CC.No209/03.10.42/2010- 11 January 28, 2011 212
DNBS(PD).CC.No210/03.10.42/2010-11 February 14, 2011 213
DNBS.(PD)CCNo212/03.10.42/2010-11 March 8, 2011 214 DNBS(PD).CC.
No.216/03.10.42/2010-11 May 2, 2011 215 DNBS(PD).CC.No218/03.10.42/2010-11 May
4, 2011 216 DNBS.(PD)CC No215/03.10.42/2010-11 April 5, 2011 217 DNBS (PD).CC.
No 242/03.10.42/2011-12 September 15, 2011 218 DNBS (PD).CC. No
244/03.10.42/2011-12 September 22, 2011 219 DNBS (PD).CC. No
251/03.10.42/2011-12 December 26, 2011 220 DNBS (PD).CC. No 257/03.10.42/2011-12
March 14, 2012 221 DNBS (PD).CC. No 264/03.10.42/2011-12 March 21, 2012 222
DNBS(PD).CC. No.270/03.10.42/2011-12 April 4, 2012 223 DNBS (PD).CC. No
275/03.10.42/2011-12 May 29, 2012 224 DNBS (PD).CC. No 294/03.10.42/2012-13 July
5, 2012 225 DNBS (PD).CC. No 295/03.10.42/2012-13 July 11, 2012 226 DNBS
(PD).CC. No 296/03.10.42/2012-13 July 11, 2012 227 DNBS (PD).CC. No
298/03.10.42/2012-13 July 26, 2012 228 DNBS (PD).CC. No 302/03.10.42/2012-13
September 7, 2012 229 DNBS (PD).CC. No 304/03.10.42/2012-13 September 17, 2012
230 DNBS (PD).CC. No 305/03.10.42/2012-13 October 3, 2012 231 DNBS (PD).CC. No
306/03.10.42/2012-13 October 3, 2012 232 DNBS (PD).CC. No 310/03.10.42/2012-13
November 22, 2012 233 DNBS (PD).CC. No 313/03.10.42/2012-13 December 10, 2012
234 DNBS (PD).CC. No 318/03.10.42/2012-13 December 28, 2012 235 DNBS (PD).CC. No
319/03.10.42/2012-13 December 28, 2012 236 DNBS (PD).CC. No 321/03.10.42/2012-13
February 27, 2013 237 DNBS (PD).CC. No 323/03.10.42/2012-13 April 18, 2013 238
DNBS (PD).CC. No 324/03.10.42/2012-13 May 2, 2013 239 DNBS (PD).CC. No
325/03.10.42/2012-13 May 3, 2013 240 DNBS(PD).CC.No.351/03.10.42/2013-14 July 4,
2013 241 DNBS (PD).CC. No 352/03.10.42/2013-14 July 23, 2013 242 DNBS(PD).CC.No
357/03.10.42/2013-14 October 3, 2013 243 DNBS(PD).CC NO 358/03.10.42/2013-14
October 3, 2013 244 DNBS(PD).CC.No.364/03.10.42/2013-14 January 1, 2014 245
DNBS(PD).CC.No.366/03.10.42/2013-14 January 10, 2014 246 DNBS (PD).CC. No
370/03.10.42/2013-14 March 19, 2014 247 DNBS(PD).CC.No.375/03.10.42/2013-14
April 22, 2014 248 DNBS (PD).CC. No 401/03.10.42/2014-15 July 25, 2014 249 DNBS
(PD).CC. No 402/03.10.42/2014-15 August 1, 2014 250 DNBS (PD).CC. No
404/03.10.42/2014-15 August 1, 2014 251 DNBR.CC.PD.No.010/03.10.01/2014-15
January 09, 2015 252 DNBR(PD).CC.No.034/03.10.42/2014-15 April 30, 2015 253
DBOD.No.IBS.1816/23.67.001/98-99 February 4, 1999
List of Circulars Repealed Partially, with the issuance of Master Direction
Sr.No. Circular No. Date 1 DBOD.BP.BC.57/21.01.001/95 – Paragraph 2(b) May 4,
1995 2 DBS.FGV.BC.56.23.04.001/98-99
Paragraph “(b) Concept of "Know Your Customer" (para. 9.2)” June 21, 1999
--------------------------------------------------------------------------------
1 Amended vide amendment dated April 28, 2023
2 Amended vide amendment dated January 9, 2020.
3 Amended vide amendment dated May 29, 2019.
4 Amended vide amendment dated April 28, 2023
5 Amended vide amendment dated April 28, 2023
6 Amended vide amendment dated January 9, 2020.
7 Inserted vide amendment dated January 9, 2020.
8 Inserted vide amendment dated January 9, 2020.
9 Inserted vide amendment dated January 9, 2020.
10 Inserted vide amendment dated April 28, 2023.
11 Inserted vide amendment dated January 9, 2020.
12 Inserted vide amendment dated April 28, 2023.
13 Inserted vide amendment dated May 29, 2019.
14 Amended vide amendment dated January 9, 2020.
15 Amended vide amendment dated May 29, 2019.
16 Amended vide amendment dated April 28, 2023.
17 Inserted vide amendment dated April 28, 2023.
18 Amended vide Gazette Notification G.S.R. 538(E) regarding PML Second
amendment Rules dated June 1, 2017. Before amendment, it read as: “Customer Due
Diligence (CDD)” means identifying and verifying the customer and the beneficial
owner using ‘Officially Valid Documents’ as a ‘proof of identity’ and a ‘proof
of address”.
19 Inserted vide amendment dated April 28, 2023.
20 Amended vide amendment dated April 28, 2023.
21 Amended vide amendment dated May 10, 2021
22Amended vide amendment dated May 4, 2023
23 Inserted vide amendment dated May 29, 2019
24 Inserted vide amendment dated April 28, 2023.
25 Inserted vide amendment dated April 28, 2023.
26 Inserted vide amendment dated April 20, 2020
27 Inserted vide amendment dated April 28, 2023.
28 Inserted vide amendment dated April 28, 2023.
29 Amended vide amendment dated April 28, 2023.
30 Amended vide amendment dated April 28, 2023.
31 Inserted vide amendment dated January 9, 2020.
32 Inserted vide amendment dated January 9, 2020.
33 Inserted vide amendment dated April 28, 2023.
34 Inserted vide amendment dated April 28, 2023.
35 Inserted vide amendment dated April 28, 2023.
36 Amended vide amendment dated April 28, 2023.
37 Inserted vide amendment dated April 28, 2023.
38 Amended vide amendment dated April 28, 2023.
39 Amended vide amendment dated April 28, 2023.
40 Amended vide Gazette Notification G.S.R. 544(E) regarding PML Second
amendment Rules 2015 dated July 7, 2015. Before amendment, it read as:
“Necessary information of such customers’ due diligence carried out by the third
party is immediately obtained by REs”.
41 Deleted vide amendment dated May 29, 2019.
42 Amended vide amendment dated January 9, 2020
43 Inserted vide amendment dated April 28, 2023.
44 Inserted vide amendment dated April 28, 2023.
45 Inserted vide amendment dated April 28, 2023.
46 Amended vide amendment dated May 10, 2021
47 Amended vide amendment dated May 29, 2019.
48 Amended vide amendment dated May 10, 2021
49 Amended vide amendment dated April 28, 2023.
50 Inserted vide amendment dated April 28, 2023.
51 Amended vide amendment dated April 28, 2023.
52 Amended vide amendment dated April 28, 2023.
53 Amended vide amendment dated April 28, 2023.
54 Amended vide amendment dated April 28, 2023.
55 Deleted vide amendment dated April 20, 2018. Deleted portion to read as: In
case the person who proposes to open an account does not have an OVD as ‘proof
of address’, such person shall provide OVD of the relative as provided at
sub-section 77 of Section 2 of the Companies Act, 2013, read with Rule 4 of
Companies (Specification of definitions details) Rules, 2014, with whom the
person is staying, as the ‘proof of address’ Explanation: A declaration from the
relative that the said person is a relative and is staying with him/her shall be
obtained
56 Deleted vide amendment dated April 20, 2018. Deleted portion to read as: “In
cases where a customer categorised as ‘low risk’, expresses inability to
complete the documentation requirements on account of any reason that the REs
consider to be genuine, and where it is essential not to interrupt the normal
conduct of business, REs shall, at their option, complete the verification of
identity of the customer within a period of six months from the date of
establishment of the relationship.”
57 Deleted vide amendment dated April 20, 2018. Deleted portion to read as: In
respect of customers who are categorised as ‘low risk’ and are not able to
produce any of the OVDs mentioned at Section 3(a)(vi) of Chapter I and where
‘simplified procedure’ is applied, REs shall, accept any one document from each
of the two additional sets of documents listed under the two provisos of
sub-Rule 2(1)(d). Explanation: During the periodic review, if the ‘low risk’
category customer for whom simplified procedure is applied, is re-categorised as
‘moderate or ‘’high’ risk category, then REs shall obtain one of the six OVDs
listed at Section 3(a)(vi) of these Directions for proof of identity and proof
of address immediately. In the event such a customer fails to submit such an
OVD, REs shall initiate action as envisaged in Section 39 of these Directions.
58 Amended vide amendment dated January 9, 2020.
59 Inserted vide Gazette Notification G.S.R. 1038(E) regarding PML Third
amendment Rules dated August 21, 2017.
60 Inserted vide Gazette Notification G.S.R. 381(E) dated May 28, 2019.
61 Inserted vide amendment dated March 31, 2020.
62 Amended vide amendment dated April 28, 2023.
63 Amended vide amendment dated April 28, 2023.
64 Amended vide amendment dated May 29, 2019.
65 Amended vide amendment dated April 28, 2023.
66 Deleted vide amendment dated April 20, 2018 and shifted to Section 10.
Deleted/shifted portion to read as: “If an existing KYC compliant customer of a
RE desires to open another account with the same RE, there shall be no need for
a fresh CDD exercise.”
67 Amended vide Gazette Notification G.S.R. 538(E) regarding PML Second
amendment Rules dated June 1, 2017. Deleted portion of Section 26 is as follows:
“and a self-declaration from the account holder about his/her current address is
obtained in such cases.
68 Amended vide amendment dated May 29, 2019.
69 Amended vide amendment dated May 29, 2019.
70 Amended vide amendment dated April 28, 2023.
71 Amended vide amendment dated April 28, 2023.
72 Amended vide amendment dated January 9, 2020.
73 Inserted vide amendment dated May 29, 2019.
74 Amended vide amendment dated January 9, 2020
75 Inserted vide amendment dated April 28, 2023.
76 Inserted vide amendment dated April 28, 2023.
77 Amended vide amendment dated January 9, 2020.
78 Inserted vide amendment dated May 29, 2019.
79 Amended vide amendment dated January 9, 2020.
80 Inserted vide amendment dated April 28, 2023
81 Inserted vide amendment dated April 28, 2023
82 Amended vide amendment dated January 9, 2020.
83 Inserted vide amendment dated May 29, 2019.
84 Amended vide amendment dated January 9, 2020.
85 Inserted vide amendment dated April 28, 2023
86 Inserted vide amendment dated April 28, 2023
87 Inserted vide amendment dated April 28, 2023
88 Amended vide amendment dated January 9, 2020.
89 Inserted vide amendment dated May 29, 2019
90 Amended vide amendment dated January 9, 2020.
91 Amended vide amendment dated April 28, 2023
92 Amended vide amendment dated April 28, 2023
93 Inserted vide amendment dated April 28, 2023
94 Amended vide amendment dated April 28, 2023
95 Inserted vide amendment dated April 28, 2023
96 Amended vide amendment dated April 28, 2023
97 Inserted vide amendment dated April 28, 2023
98 Amended vide amendment dated January 9, 2020
99 Amended vide amendment dated April 28, 2023
100 Amended vide amendment dated May 29, 2019
101 Amended vide amendment dated April 1, 2021
102 Amended vide amendment dated April 28, 2023
103 Inserted vide amendment dated April 28, 2023
104 Amended vide amendment dated April 28, 2023. Further, earlier Sections 51,
52 and 53 have been consolidated in Section 51 vide this amendment.
105 Amended vide amendment dated March 23, 2021
106 Amended vide amendment dated March 23, 2021
107 Inserted vide amendment dated April 28, 2023
108 Inserted vide amendment dated April 28, 2023
109 Inserted vide amendment dated April 28, 2023
110 Amended vide amendment dated April 28, 2023
111 Amended vide amendment dated December 18, 2020
112 Inserted vide amendment dated April 28, 2023
113 Amended vide amendment dated April 28, 2023
114 Amended vide amendment dated April 28, 2023
115 Amended vide amendment dated April 28, 2023
116 Amended vide amendment dated April 28, 2023
117 Amended vide amendment dated May 4, 2023
118 Amended vide amendment dated January 9, 2020
119 Amended vide amendment dated April 28, 2023
120 Deleted vide amendment dated April 28, 2023
121 Inserted vide amendment dated April 28, 2023.
122 Amended vide amendment dated April 20, 2018. Deleted Portion of read as:
‘Card’
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