Anti money laundering and counter terrorist financing: India joins Eurasian Group, committing to adopt and enforce international standards. India joined the Eurasian Group, a regional FATF style body, committing to adopt and enforce international AML/CFT standards, engage in peer cooperation, harmonise legal and regulatory frameworks, and strengthen financial sector transparency and safeguards against abuse by organised crime and terrorist groups.
Sustainable business: corporate governance and social responsibility urged to align corporate growth with inclusive, ethical practices. The address advocates an enabling regulatory framework to promote productive, responsible corporate conduct, noting Ministry initiatives: investor education programmes, MCA21 e governance for company registration, Competition Commission activity, Company Law updates, introduction of limited liability partnerships, and convergence with international accounting standards. It endorses voluntary corporate governance and CSR guidelines, defines sustainability to include economic, social and environmental dimensions, urges corporate-led skill development, rural engagement and responsible resettlement and environmental practices, and requires investigatory powers to be exercised under well defined rules with a Cabinet Secretary review.
PAN mandatory for mutual fund investments-investors must furnish PAN and KYC documents regardless of investment size. All mutual fund investors, new and existing, must furnish PAN as a mandatory element of revised KYC compliance; fund houses must collect PAN, address proof, and photograph from every investor irrespective of investment amount to align with anti-money laundering requirements and standardise investor identification.
Tracking foreign remittances: joint monitoring mechanism to flag NGOs and share negative list with reporting entities. An interagency monitoring framework has been established to track inward foreign remittances to NGOs, with 77 NGOs on a prima facie adverse notice list and no FEMA contraventions reported by the Enforcement Directorate. A CEIB sub committee recommended that the Intelligence Bureau share a negative list with the Financial Intelligence Unit for dissemination to reporting entities to enable targeted tracking, and the Government has directed continued joint monitoring to ensure timely legal and procedural follow up of flagged cases.
Information sharing on money laundering: FIU IND authorised to exchange intelligence with foreign FIUs under MOUs for cross border investigations. Authorization permits FIU IND to conclude Memoranda of Understanding with foreign FIUs to exchange information on money laundering and terror financing; FIU IND has signed MOUs with several countries and some MOUs explicitly reference crimes relating to money laundering, establishing the criminal scope for information exchange.
New Delhi, Dec 5 (PTI) All mutual fund investors, new as well as existing, will need to mandatorily furnish their PAN (Permanent Account Number) details from next year irrespective of the size of their investment.
The move is part of the revised Know-Your-Customer (KYC) compliance norms to be adopted by fund houses from next year in order to comply with money laundering prevention rules.
Currently, individual investors need to quote PAN only for investments of Rs 50,000 or more, although non-individual investors are required to quote their PAN for all amounts.
All the fund houses have been asked by industry body Amfi to comply with new KYC norms, which would include collecting details like PAN, address proof and photograph of all their new and existing investors, with effect from January 1, 2011.
PAN mandatory for mutual fund investments-investors must furnish PAN and KYC documents regardless of investment size.
All mutual fund investors, new and existing, must furnish PAN as a mandatory element of revised KYC compliance; fund houses must collect PAN, address proof, and photograph from every investor irrespective of investment amount to align with anti-money laundering requirements and standardise investor identification.
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