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Showing posts from August 4, 2016

Centralised KYC system to make life easier

Now, completing know-your-customer (KYC) requirement with one financial institution will be good enough for opening an account with any bank, mutual fund, insurance company, broker, or New Pension Scheme.   The financial sector regulators – Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi) and Insurance Regulatory and Development Authority of India (Irdai) – have introduced a common KYC form and have asked companies in their domain to upload this data with a central agency - Central Registry of Securitisation Asset Reconstruction and Security Interest of India, or CERSAI. Once you complete the KYC for opening a new account, you will receive a 14-digit identifier. Thereafter, when you go to any other financial entity for investments, new account, or policy purchase, you can simply quote the KYC identifier rather than doing the KYC process all over again. The institution will use the identifier to get KYC records from the central registry. While RBI and Irdai had …

Teething troubles at central KYC registry

Many banks, brokerages, insurers and mutual funds have stopped opening or processing new accounts because they cannot upload know-your-customer details to a central database. The new registry will help individuals access a wide variety of financial services with a single 14-digit identifier. Regulators have instructed all financial institutions to use the Central Know-Your-Customer Registry (CKYCR), managed by Central Registry of Securitisation Asset Reconstruction and Security Interest of India (Cersai) for new customers. Banks and insurance companies were asked to upload new client details to the platform from July 15 and brokerages and fund houses from August 1. Cersai has appointed DotEx International, a group company of the National Stock Exchange, to manage the project. But teething problems have partially stalled its implementation. "We are taking documents from customers but the account opening process will take time because of technical issues with the new system," said… News... News...
1. Excess payment of service tax can be adjusted in subsequent months.
2. Constitution (122nd) Amendment Bill, 2014 enabling levy of GST by Central Govt. as well as State Govts. is finally passed by Rajya Sabha with 100% in favour of the same. Now it shall go back to Lok Sabha to approve the amendments made by Rajya Sabha. Thereafter it shall be ratified by at least 16 States before being presented to the Hon'ble President for his assent.
3. 05.08.2016 is the last date to file IT returns for AY 2016-17 by individuals, HUF, Partnership firms (without audit). J & K assesses to file by 31.08.2016.
4. CBDT to come up with FAQs on Dispute Resolution Scheme, to settle appeals pending with IT commissioners.
5. Starting ICAI Certificate Course on Forex & Treasury Management in Delhi on 20.08.2016, visit & c_id=266Fee @17,500 #0120-3045945