KYC Guidelines - Accounts of Proprietary Concerns
RBI/2011-12/506
DBOD. AML.BC. No 93 /14.01.001/2011-12
April 17, 2012
The Chairmen / Chief Executive Officers
All Scheduled Commercial Banks (excluding RRBs)/
All India Financial institutions/ Local Area Banks
Dear Sir,
Know your Customer (KYC) Guidelines - Accounts of Proprietary Concerns
Please refer to our circulars DBOD. AML BC. No. 80/14.01.001/2009-10 dated March 26, 2010 and DBOD. AML.BC. No. 38 /14.01.001/2010 -11 dated August 31, 2010 regarding customer identification procedure for opening accounts of proprietary concerns.
2. On a review, it has been decided to include the following documents in the indicative list of required documents for opening accounts of proprietary concern:
i. The complete Income Tax return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/ acknowledged by the Income Tax Authorities.
ii. Utility bills such as electricity, water, and landline telephone bills in the name of the proprietary concern.
Yours faithfully,
(Sudha Damodar)
Chief General Manager
CAclubindia
Guest
Notification No : RBI/2011-12/506Published in Community & General