BANK ACCOUNT
Aaaaaa (student) (186 Points)
20 September 2017
form 60 submitted for opening account during year 2005.Whether its valid for 6 years.or its even valid today
RAJA P M
("Do the Right Thing...!!!")
(127453 Points)
Replied 20 September 2017
In my view it's not valid. Bcoz, after the years bank laws are amended KYC documents...
Futher way you can check it in Bank
Abisheik
(Articled Clerk)
(173 Points)
Replied 20 September 2017
As per existing KYC norms followed by banks, all KYC documents of a low risk profile customer is to be updated once in 10 years and so Form 60 given in 2005 is not valid now as it should have been reobtained in 2015 from the customer.
Aaaaaa
(student)
(186 Points)
Replied 20 September 2017
Abisheik
(Articled Clerk)
(173 Points)
Replied 20 September 2017
It is mandatory to obtain PAN or Form 60 from all customers as per KYC norms and if the bank has failed to do so, you may report the account as non KYC complied in the concurrent audit report, if you are doing the concurrent audit of that bank.
Aaaaaa
(student)
(186 Points)
Replied 20 September 2017
Aaaaaa
(student)
(186 Points)
Replied 26 September 2017
CAclubindia
