The changes were made by amending the Prevention of Money Laundering Rules, as per a gazette notification.
ET Bureau|
Updated: Nov 14, 2019, 06.11 AM IST
BCCL
People may have residential address in their Aadhaar and give work address as current address.
NEW
DELHI: In a move that will iron out the difficulties in obtaining
services like a new bank account for migrant workers, the government has
allowed the use of current address in place of the one used for
completing the KYC of the individual for such facilities.
The
finance ministry on Wednesday made an amendment to the Prevention of
Money Laundering (Maintenance of Records) Rules, 2005, allowing an
individual to provide a current address, different from the address as
per the identity information available in the Central Identities Data
Repository, on a self-declaration basis to the reporting entity.
“This
demand has been there from various sectors,” the finance ministry said
in a statement on Wednesday. It will help migrant workers who have the
address of their native place in Aadhaar but want a bank account with their current address where they are living for work, the statement said.
For
instance, people may have residential address in their Aadhaar and give
work add- ress as current address. The amendment will also help migrant
workers obtain mobile connections more easily.
“There
are many cases where people may have their address in Aadhaar and want
to give a more functional address for KYC,” the statement said. In May,
the Reserve Bank of India allowed banks to use Aadhaar for KYC with the
customer’s consent.
The RBI has laid down
Know Your Customer (KYC) norms to be followed by banks and other
entities regulated by it for different customer services.
2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE (Department of Revenue)
NOTIFICATION New Delhi, the 13th November, 2019
G.S.R. 840(E).—In exercise of the powers conferred by section 73, read with section 11A and section 12AA of the Prevention of Money-laundering Act, 2002 (15 of 2003), the Central Government hereby makesthe following rules further to amend the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely:—
1. (1)These rules may be called the Prevention of Money-laundering (Maintenance of Records) Fifth Amendment Rules, 2019.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, in rule 9, after sub-rule (18), following sub-rule shall be inserted namely:--
“(19) Where a client has provided his Aadhaar number for identification under clause (a) of sub-rule (4) and 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 reporting entity.”.
[F. No. P-12011/18/2019-ES Cell-DOR] ARVIND SARAN, Director (Headquarter)
Note : The principal rules were published in Gazette of India, Extraordinary, Part-II, Section 3, Sub- section (i) vide number G.S.R. 444 (E), dated the 1st July, 2005 and were last amended vide number G.S.R. 669(E), dated the 18th September, 2019. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.
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