Moreover, it has been decided to allow One Time Pin (OTP) based e-KYC subject to certain restrictions. Still, banks can upload info on accounts opened during January 2017 until February 1. Regulated entities other than banks can upload the KYC data pertaining to all new individual accounts opened on or after from April 1, with Central KYC Registry, according to Economic Times India.
For One Time Pin (OTP) restriction would include specific consent from the customer for authentication and the aggregate balance of all the deposit accounts of the customer should not exceed Rs 1 lakh, the online publication continues.
Under Foreign Account Tax Compliance Act (FATCA) and Common Standard on Reporting (CRS), regulated entities should adhere to the provisions of Income Tax Rules and determine whether they are a reporting financial institution as defined in Income Tax Rule.
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