KYC

KYC…..

(F-Part-II)
[Annex to A.P. (DIR Series) Circular No.17
A.P. (FL/RL Series) Circular No. 4
dated November 27, 2009]

Customer Identification Procedure Features to be verified and documents that may be obtained from customers

Feature Transactions with individuals Documents Legal name and any other names used (i) Passport (ii) PAN card (iii) Voter’s Identity Card (iv) Driving licence (v) Identity card (subject to the Company’s satisfaction) (vi) Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the Company. Correct permanent address i) Telephone bill (ii) Bank account statement (iii) Letter from any recognized public authority (iv) Electricity bill (v) Ration card (vi) Letter from employer (subject to satisfaction of the Company). Establishment of business relationship- corporates (any one of the documents, which provides customer information to the satisfaction of the Company will suffice ). Certified copy each of the following documents. – Name of the corporate – Principal place of business – Mailing address of the corporate – Telephone/Fax Number (i) Certificate of incorporation (ii) Memorandum & Articles of Association (iii) Resolution of the Board of Directors for undertaking forex transactions with the Company (iv) Power of attorney granted to its managers, officers or employees to conduct forex transactions on behalf of the corporate and their identification. (v) PAN Card (vi) Telephone Bill Establishment of business relationship- partnership firms One certified copy each of the following: – Legal name – Address – Names of all partners and their addresses – Telephone/ Fax numbers of the firm and partners (i) Registration certificate, if registered (ii) Partnership deed (iii) Power of Attorney granted to a partner or an employee of the firm to transact business on its behalf (iv) Any officially valid document identifying the partners and the persons holding the Power of Attorney, their addresses and their signatures. (v) Telephone bill in the name of firm/ partners Establishment of business relationship- trusts and foundations One certified copy of each of the following : -Names of trustees, settlers, beneficiaries and signatories -Names and addresses of the founder, the managers/ directors and the beneficiaries -Telephone/ Fax numbers (i) Registration certificate, if registered (ii) Power of Attorney granted to transact business on its behalf (iii) Any officially valid document to identify the trustees, settlers, beneficiaries and those holding Power of Attorney, founders/ managers/ directors and their addresses (iv) Resolution of the managing body of the foundation/ association (v) Telephone bill

RBI Guidelines…..

 

RBI Guide Lines. (updated as per Master Circular dated 01.07.2011) * this is only a brief extract and for details kindly refer to above Master Circular and Amendments, if any, thereto in RBI website – www.rbi.org.in	Authorized Dealer Category-II Money Changers can undertake Purchase – from Residents / Non- Residents Sales to Residents for Private Travel and Business Travel. AD-Category II can undertake specified Non- Trade Current A/C Transactions in addition to the above. For limits and conditions – kindly refer to the table under “Forex Limits”	Bringing in and taking out of Foreign Exchange Foreign Exchange can be brought into India without limit; Declaration in form CDF necessary if the Amount > USD 10,000 (FC notes + TCs) and / or FC notes exceed USD 5000; Taking out Foreign Exchange other than that obtained from AD/AMC prohibited; Non- residents can take out Foreign Exchange up to the amount originally brought in;
Purchases of Foreign Currency from Public /Foreign Nationals: Purchase from Residents / Non – Residents/foreign nationals FC Notes/ Coins/ TC’s subject to submission of CDF (wherever applicable) to be taken; Facility to avail INR against International Credit Cards by foreign tourists Encashment Certificate to be issued in all cases of Encashments; No limit for encashment is prescribed, if declared on the Currency Declaration Form (CDF) on arrival to the customs authorities. No declaration in CDF is required for Foreign Currency with aggregate value upto US 5000 or equivalent; No declaration in CDF is required for FC + TC with aggregate value upto US 10000 or equivalent; For purchase of foreign currency notes and/ or Travellers’ Cheques from customers for any amount less than Rs. 50,000/-, or its equivalent, copies of identification documents not required. However, details of the identification document to be furnished by the customer/ to be kept on record by the AMC; For purchase of foreign currency notes and/ or Travellers’ Cheques from customers for any amount equal to or in excess of Rs.50,000/-, or its equivalent,documents, as mentioned at (F-Part-II) annexed to the A.P. (DIR Series) Circular No.17 {A.P.(FL/RL Series) Circular No.4} dated November 27, 2009, should be verified and copies retained. Permissible limit for cash payments against encashment: a) Foreign Nationals up to — US $ 3000 b) Residents up to — US $ 1000 All other cases of encashments, payment to be made by way of Account Payee Cheque or demand draft only. Payment to be made only by Cheque / DD, if purchases are from other FFMC/AD’s;