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OVERVIEW
Reserve Bank of India vide Circular dated 01st April, 2020 has published Amendment to Master Direction MD on KYC.
GOI, through Gazette Notification named as G.S.R. 228(E) dated on March 31st, 2020 has informed amendment to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.
Resulting to the above-mentioned amendment to the PML Rules, Chief Direction on KYC dated February 25, 2016 has been restructured as under:
In layman language, as per Section 23 of the MD which talks about Small accounts under which Clause g has been introduced. Clause (g) reads as,
1. Small or minor account shall keep on in force in the middle of 01st April, 2020 and 30th June, 2020 and such additional time periods as per the directions given keeping away what is written in clause e and f and these directions is forced by Central Government.
Applicability: Shall come into force with immediate effect.
CONCLUSION
Due to COVID-19 the direction on KYC given by Central Government in the form of small accounts is much more relief granted to the public or those who are in need. Government plays a major role in solving all the issues faced by general public or the staff members in relation to the matter.
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08 Apr
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