KYC simplification: clients can open accounts once KYC completed; KRAs must promptly verify identity attributes. Clients may open accounts once proof of identity and address are obtained; KRAs must verify PAN (including PAN-Aadhaar linkage), name and address within two days and also verify mobile number and email ID. Where PAN is exempt, other attributes must be verified. Records verified against official databases will be treated as Validated Records and be portable between intermediaries, with KRAs required to adopt uniform guidelines and integrate systems for transfer and validation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
KYC simplification: clients can open accounts once KYC completed; KRAs must promptly verify identity attributes.
Clients may open accounts once proof of identity and address are obtained; KRAs must verify PAN (including PAN-Aadhaar linkage), name and address within two days and also verify mobile number and email ID. Where PAN is exempt, other attributes must be verified. Records verified against official databases will be treated as Validated Records and be portable between intermediaries, with KRAs required to adopt uniform guidelines and integrate systems for transfer and validation.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
