TaxTMI 
TaxTMI 
TaxTMI 
Master Direction - Know Your Customer (KYC) Direction, 2016 (Updated as on August 14, 2025)
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.... Sole Proprietary firms Part III - CDD Measures for Legal Entities Part IV - Identification of Beneficial Owner Part V - On-going Due Diligence Part VI - Enhanced and Simplified Due Diligence Procedure Chapter VII Record Management Chapter VIII Reporting Requirements to Financial Intelligence Unit - India Chapter IX Requirements/obligations under International Agreements - Communications from International Agencies Chapter X Other Instructions Chapter XI Repeal Provisions Annex I Annex II Annex III Annex IV Appendix List of Circulars or part thereof repealed with the issuance of Master Direction 1INTRODUCTION In order to prevent banks and other financial institutions from being used as a channel for Money Laundering (ML)/Terrorist Financing (TF) and to ensure the integrity and stability of the financial system, efforts are continuously being made both internationally and nationally, by way of prescribing various rules and regulations. Internationally, the Financial Action Task Force (FATF) which is an inter-governmental body established in 1989 by the Ministers of its member jurisdictions, sets standards and promotes effective implementation of....
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....abroad, to the extent they are not contradictory to the local laws in the host country, provided that: * 4where applicable laws and regulations prohibit implementation of these guidelines, the same shall be brought to the notice of the Reserve Bank of India. RBI may advise further necessary action by the RE including application of additional measures to be taken by the RE to manage the ML/TF risks. * in case there is a variance in KYC/AML standards prescribed by the Reserve Bank of India and the host country regulators, branches/subsidiaries of REs are required to adopt the more stringent regulation of the two. * branches/subsidiaries of foreign incorporated banks may adopt the more stringent regulation of the two i.e., standards prescribed by the Reserve Bank of India and their home country regulators. Provided that this rule shall not apply to 'small accounts' referred to in paragraph 23 of Chapter VI. 3. Definitions In these Directions, unless the context otherwise requires, the terms herein shall bear the meanings assigned to them below: (a) Terms bearing meaning assigned in terms of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (M....
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....or managing official. d. 9Where the customer is a trust, the identification of beneficial owner(s) shall include identification of the author of the trust, the trustee, the beneficiaries with 10 percent or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership. v. 10"Certified Copy" - Obtaining a certified copy by the RE shall mean comparing the copy of the proof of possession of Aadhaar number where offline verification cannot be carried out or officially valid document so produced by the customer with the original and recording the same on the copy by the authorised officer of the RE as per the provisions contained in the Act. Provided that in case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), as defined in Foreign Exchange Management (Deposit) Regulations, 2016 {FEMA 5(R)}, alternatively, the original certified copy, certified by any one of the following, may be obtained: * authorised officials of overseas branches of Scheduled Commercial Banks registered in India, * branches of overseas banks with whom Indian banks have relationships, * Notary Public a....
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..... 15"Know Your Client (KYC) Identifier" means the unique number or code assigned to a customer by the Central KYC Records Registry. xiii. 16"Non-profit organisations" (NPO) means any entity or organisation, constituted for religious or charitable purposes referred to in clause (15) of section 2 of the Income-tax Act, 1961 (43 of 1961), that is registered as a trust or a society under the Societies Registration Act, 1860 or any similar State legislation or a company registered under Section 8 of the Companies Act, 2013 (18 of 2013). xiv. "Officially Valid Document" (OVD) means the passport, the driving licence, 17proof of possession of Aadhaar number, the Voter's Identity Card issued by the Election Commission of India, job card issued by NREGA duly signed by an officer of the State Government and letter issued by the National Population Register containing details of name and address. Provided that, a. where the customer submits his proof of possession of Aadhaar number as an OVD, he may submit it in such form as are issued by the Unique Identification Authority of India. b. 18where the OVD furnished by the customer does not have updated address, the following documen....
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....defined below, including an attempted transaction, whether or not made in cash, which, to a person acting in good faith: * gives rise to a reasonable ground of suspicion that it may involve proceeds of an offence specified in the Schedule to the Act, regardless of the value involved; or * appears to be made in circumstances of unusual or unjustified complexity; or * appears to not have economic rationale or bona-fide purpose; or * gives rise to a reasonable ground of suspicion that it may involve financing of the activities relating to terrorism. Explanation: Transaction involving financing of the activities relating to terrorism includes transaction involving funds suspected to be linked or related to, or to be used for terrorism, terrorist acts or by a terrorist, terrorist organization or those who finance or are attempting to finance terrorism. xx. 22A 'Small Account' means a savings account which is opened in terms of sub-rule (5) of rule 9 of the PML Rules, 2005. Details of the operation of a small account and controls to be exercised for such account are specified in paragraph 23. xxi. "Transaction" means a purchase, sale, loan, pledge, gift, transfer, deliv....
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....n the purpose and intended nature of the business relationship, where applicable * Taking reasonable steps to understand the nature of the customer's business, and its ownership and control; * Determining whether a customer is acting on behalf of a beneficial owner, and identifying the beneficial owner and taking all steps to verify the identity of the beneficial owner, using reliable and independent sources of identification. vi. "Customer identification" means undertaking the process of CDD. vii. "FATCA" means Foreign Account Tax Compliance Act of the United States of America (USA) which, inter alia, requires foreign financial institutions to report about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest. viii. "IGA" means Inter Governmental Agreement between the Governments of India and the USA to improve international tax compliance and to implement FATCA of the USA. ix. "KYC Templates" means templates prepared to facilitate collating and reporting the KYC data to the CKYCR, for individuals and legal entities. x. "Non-face-to-face customers" means customers who open accounts without ....
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.... of the information furnished by the customer through independent verification and maintaining audit trail of the process. Such processes complying with prescribed standards and procedures shall be treated on par with face-to-face CIP for the purpose of this Master Direction. xvii. 30"Wire transfer" related definitions: * Batch transfer: Batch transfer is a transfer comprised of a number of individual wire transfers that are being sent to the same financial institutions but may/may not be ultimately intended for different persons. * Beneficiary: Beneficiary refers to a natural or legal person or legal arrangement who / which is identified by the originator as the receiver of the requested wire transfer. * Beneficiary RE: It refers to a financial institution, regulated by the RBI, which receives the wire transfer from the ordering financial institution directly or through an intermediary RE and makes the funds available to the beneficiary. * Cover Payment: Cover Payment refers to a wire transfer that combines a payment message sent directly by the ordering financial institution to the beneficiary financial institution with the routing of the funding instruction (th....
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....ransactions that are conducted electronically without the need for manual intervention. * Unique transaction reference number: Unique transaction reference number refers to a combination of letters, numbers or symbols, determined by the payment service provider, in accordance with the protocols of the payment and settlement system or messaging system used for the wire transfer. Wire transfer: Wire transfer refers to any transaction carried out on behalf of an originator through a financial institution by electronic means with a view to making an amount of funds available to a beneficiary at a beneficiary financial institution, irrespective of whether the originator and the beneficiary are the same person. (c) All other expressions unless defined herein shall have the same meaning as have been assigned to them under the Banking Regulation Act, 1949, the Reserve Bank of India Act, 1935, the Prevention of Money Laundering Act, 2002, the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, the 31Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 and regulations made thereunder, any statutory modification or re-enactment ....
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....essment by the RE shall be properly documented and be proportionate to the nature, size, geographical presence, complexity of activities/structure, etc. of the RE. Further, the periodicity of risk assessment exercise shall be determined by the Board or any committee of the Board of the RE to which power in this regard has been delegated, in alignment with the outcome of the risk assessment exercise. However, it should be reviewed at least annually. (c) The outcome of the exercise shall be put up to the Board or any committee of the Board to which power in this regard has been delegated, and should be available to competent authorities and self-regulating bodies. 355B. REs shall apply a Risk Based Approach (RBA) for mitigation and management of the risks (identified on their own or through national risk assessment) and should have Board approved policies, controls and procedures in this regard. REs shall implement a CDD programme, having regard to the ML/TF risks identified and the size of business. Further, REs shall monitor the implementation of the controls and enhance them if necessary. 6. Designated Director: (a) A "Designated Director" means a person designated by the RE....
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....hile opening an account and during the periodic updation, is specified. * 39Additional information, where such information requirement has not been specified in the internal KYC Policy of the RE, is obtained with the explicit consent of the customer. * 40REs shall apply the CDD procedure at the UCIC level. Thus, if an existing KYC compliant customer of a RE desires to open another account or avail any other product or service from the same RE, there shall be no need for a fresh CDD exercise as far as identification of the customer is concerned. * CDD Procedure is followed for all the joint account holders, while opening a joint account. * Circumstances in which, a customer is permitted to act on behalf of another person/entity, is clearly spelt out. * 41Suitable system is put in place to ensure that the identity of the customer does not match with any person or entity, whose name appears in the sanctions lists indicated in Chapter IX of this MD. 42Where Permanent Account Number (PAN) is obtained, the same shall be verified from the verification facility of the issuing authority. * 43Where an equivalent e-document is obtained from the customer, RE shall verify the digi....
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.... (IBA), and other agencies, etc., may also be used in risk assessment. Chapter V Customer Identification Procedure (CIP) 13. REs shall undertake identification of customers in the following cases: * Commencement of an account-based relationship with the customer. * 51Carrying out any international money transfer operations for a person who is not an account holder of the RE. * When there is a doubt about the authenticity or adequacy of the customer identification data it has obtained. * Selling third party products as agents, selling their own products, payment of dues of credit cards/sale and reloading of prepaid/travel cards and any other product for more than rupees fifty thousand. * Carrying out transactions for a non-account-based customer, that is a walk-in customer, where the amount involved is equal to or exceeds rupees fifty thousand, whether conducted as a single transaction or several transactions that appear to be connected. * When a RE has reason to believe that a customer (account- based or walk-in) is intentionally structuring a transaction into a series of transactions below the threshold of rupees fifty thousand. * REs shall ensure that introductio....
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....e offline verification cannot be carried out or any OVD or the equivalent e-document thereof containing the details of his identity and address; or 56(ac) the KYC Identifier with an explicit consent to download records from CKYCR; and (b) the Permanent Account Number or the equivalent e-document thereof or Form No. 60 as defined in Income-tax Rules, 1962; and (c) such other documents including in respect of the nature of business and financial status of the customer, or the equivalent e-documents thereof as may be required by the RE: Provided that where the customer has submitted, i) Aadhaar number under clause (a) above to a bank or to a RE notified under first proviso to sub-section (1) of section 11A of the PML Act, such bank or RE shall carry out authentication of the customer's Aadhaar number using e-KYC authentication facility provided by the Unique Identification Authority of India. Further, in such a case, if customer wants to provide a current address, different from the address as per the identity information available in the Central Identities Data Repository, he may give a self-declaration to that effect to the RE. ii) proof of possession of Aadhaar under cla....
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....lacks out his Aadhaar number through appropriate means where the authentication of Aadhaar number is not required as per proviso (i) above. Explanation 2: Biometric based e-KYC authentication, 58including Aadhaar Face Authentication can be done by bank official/business correspondents/business facilitators. Explanation 3: The use of Aadhaar, proof of possession of Aadhaar etc., shall be in accordance with the Aadhaar (Targeted Delivery of Financial and Other Subsidies Benefits and Services) Act, 2016 and the regulations made thereunder. 17. Accounts opened using Aadhaar OTP based e-KYC, in non-face-to-face mode, are subject to the following conditions: * There must be a specific consent from the customer for authentication through OTP. * 59As a risk-mitigating measure for such accounts, REs shall ensure that transaction alerts, OTP, etc., are sent only to the mobile number of the customer registered with Aadhaar. REs shall have a board approved policy delineating a robust process of due diligence for dealing with requests for change of mobile number in such accounts. * The aggregate balance of all the deposit accounts of the customer shall not exceed rupees one lakh. In ca....
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....e following minimum standards: (a) V-CIP Infrastructure i) The RE should have complied with the RBI guidelines on minimum baseline cyber security and resilience framework for banks, as updated from time to time as well as other general guidelines on IT risks. The technology infrastructure should be housed in own premises of the RE and the V-CIP connection and interaction shall necessarily originate from its own secured network domain. Any technology related outsourcing for the process should be compliant with relevant RBI guidelines. 64Where cloud deployment model is used, it shall be ensured that the ownership of data in such model rests with the RE only and all the data including video recording is transferred to the RE's exclusively owned/leased server(s) including cloud server, if any, immediately after the V-CIP process is completed and no data shall be retained by the cloud service provider or third-party technology provider assisting the V-CIP of the RE. ii) The RE shall ensure end-to-end encryption of data between customer device and the hosting point of the V-CIP application, as per appropriate encryption standards. The customer consent should be recorded in an audit....
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....er and act upon it. 66The liveness check shall not result in exclusion of person with special needs. ii) 67Disruption of any sort including pausing of video, reconnecting calls, etc., should not result in creation of multiple video files. If pause or disruption is not leading to the creation of multiple files, then there is no need to initiate a fresh session by the RE. However, in case of call drop / disconnection, fresh session shall be initiated. iii) The sequence and/or type of questions, including those indicating the liveness of the interaction, during video interactions shall be varied in order to establish that the interactions are real-time and not pre-recorded. iv) Any prompting observed at end of customer shall lead to rejection of the account opening process. v) The fact of the V-CIP customer being an existing or new customer, or if it relates to a case rejected earlier or if the name appearing in some negative list should be factored in at appropriate stage of work-flow. vi) The authorised official of the RE performing the V-CIP shall record audio-video as well as capture photograph of the customer present for identification and obtain the identification info....
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....e utilized. The ultimate responsibility for customer due diligence will be with the bank. xii) All accounts opened through V-CIP shall be made operational only after being subject to concurrent audit, to ensure the integrity of process and its acceptability of the outcome. xiii) All matters not specified under the paragraph but required under other statutes such as the Information Technology (IT) Act shall be appropriately complied with by the RE. (c) V-CIP Records and Data Management i) The entire data and recordings of V-CIP shall be stored in a system / systems located in India. REs shall ensure that the video recording is stored in a safe and secure manner and bears the date and time stamp that affords easy historical data search. The extant instructions on record management, as stipulated in this MD, shall also be applicable for V-CIP. ii) The activity log along with the credentials of the official performing the V-CIP shall be preserved. 19. 70Deleted 20. 71Deleted 21. 72Deleted 22. Deleted 23. 73Notwithstanding anything contained in paragraph 16 and as an alternative thereto, in case an individual who desires to open a bank account, banks shall open a 'Small A....
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....graph 16 or paragraph 18. 78(i) Foreign remittance shall not be allowed to be credited into the account unless the identity of the customer is fully established as per paragraph 16 or paragraph 18. 24. 79Simplified procedure for opening accounts by Non-Banking Finance Companies (NBFCs): In case a person who desires to open an account is not able to produce documents, as specified in paragraph 16, NBFCs may at their discretion open accounts subject to the following conditions: * The NBFC shall obtain a self-attested photograph from the customer. * The designated officer of the NBFC certifies under his signature that the person opening the account has affixed his signature or thumb impression in his presence. * 80The account shall remain operational initially for a period of twelve months, within which CDD as per paragraph 16 or paragraph 18 shall be carried out. * Balances in all their accounts taken together shall not exceed rupees fifty thousand at any point of time. * The total credit in all the accounts taken together shall not exceed rupees one lakh in a year. * The customer shall be made aware that no further transactions will be permitted until the full KYC pro....
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....ed REs undertake contact point verification and collect such other information and clarification as would be required to establish the existence of such firm, and shall confirm and satisfy itself that the business activity has been verified from the address of the proprietary concern. Part III- CDD Measures for Legal Entities 30. 88For opening an account of a company, certified copies of each of the following documents or the equivalent e-documents thereof shall be obtained: * Certificate of incorporation * Memorandum and Articles of Association * 89Permanent Account Number of the company * A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf * 90Documents, as specified in paragraph 16, relating to beneficial owner, the managers, officers or employees, as the case may be, holding an attorney to transact on the company's behalf * 91the names of the relevant persons holding senior management position; and * 92the registered office and the principal place of its business, if it is different. 31. 93For opening an account of a partnership firm, the certified copies of each of the followin....
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.... to act on behalf of such juridical person or individual or trust, certified copies of the following documents or the equivalent e-documents thereof shall be obtained and verified: * Document showing name of the person authorised to act on behalf of the entity * Documents, as specified in paragraph 16, of the person holding an attorney to transact on its behalf and * Such documents as may be required by the RE to establish the legal existence of such an entity/juridical person. 108Provided that in case of a trust, the RE shall ensure that trustees disclose their status at the time of commencement of an account-based relationship or when carrying out transactions as specified in clauses (b), (e) and (f) of paragraph 13 of this MD. Part IV - Identification of Beneficial Owner 34. For opening an account of a Legal Person who is not a natural person, the beneficial owner(s) shall be identified and all reasonable steps in terms of sub-rule (3) of Rule 9 of the Rules to verify his/her identity shall be undertaken keeping in view the following: * 109Where the customer or the owner of the controlling interest is (i) an entity listed on a stock exchange in India, or (ii) it is an....
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....ught by the company and/or multiple small deposits (generally in cash) across the country in one bank account and/or where a large number of cheques are issued bearing similar amounts/dates, shall be immediately reported to Reserve Bank of India and other appropriate authorities such as FIU-IND. 38. 112Updation/Periodic Updation of KYC REs shall adopt a risk-based approach for periodic updation of KYC ensuring that the information or data collected under CDD is kept up-to-date and relevant, particularly where there is high risk. However, periodic updation shall be carried out at least once in every two years for high-risk customers, once in every eight years for medium risk customers and once in every ten years for low-risk customers from the date of opening of the account/last KYC updation. Policy in this regard shall be documented as part of REs' internal KYC policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated. 113Notwithstanding the provisions given above, in respect of an individual customer who is categorized as low risk, the RE shall allow all transactions and ensure the updation of KYC within one year of it....
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....al form by the customer. The BC shall authenticate the self-declaration and supporting documents submitted in person by the customer, and promptly forward the same to the concerned bank branch. The BC shall provide the customer an acknowledgment of receipt of such declaration /submission of documents. The bank shall update the customer's KYC records and intimate the customer once the records get updated in the system, as required under paragraph 38(c) of the Master Direction ibid. It is, however, reiterated that the ultimate responsibility for periodic updation of KYC remains with the bank concerned. * Accounts of customers, who were minor at the time of opening account, on their becoming major: In case of customers for whom account was opened when they were minor, fresh photographs shall be obtained on their becoming a major and at that time it shall be ensured that CDD documents as per the current CDD standards are available with the REs. Wherever required, REs may carry out fresh KYC of such customers i.e., customers for whom account was opened when they were minor, on their becoming a major. * 117Aadhaar OTP based e-KYC in non-face to face mode may be used for 118updation....
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....e REs and an intimation, mentioning the date of updation of KYC details, is provided to the customer. * In order to ensure customer convenience, REs may consider making available the facility of 122updation/periodic updation of KYC at any branch, in terms of their internal KYC policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated. * REs shall adopt a risk-based approach with respect to periodic updation of KYC. Any additional and exceptional measures, which otherwise are not mandated under the above instructions, adopted by the REs such as requirement of obtaining recent photograph, requirement of physical presence of the customer, requirement of periodic updation of KYC only in the branch of the RE where account is maintained, a more frequent periodicity of KYC updation than the minimum specified periodicity etc., shall be clearly specified in the internal KYC policy duly approved by the Board of Directors of REs or any committee of the Board to which power has been delegated. d) 123REs shall advise the customers that in order to comply with the PML Rules, in case of any update in the documents submitted by the c....
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....g account-based relationship with a RE gives in writing to the RE that he does not want to submit his Permanent Account Number or equivalent e-document thereof or Form No.60, RE shall close the account and all obligations due in relation to the account shall be appropriately settled after establishing the identity of the customer by obtaining the identification documents as applicable to the customer. Explanation - For the purpose of this paragraph, "temporary ceasing of operations" in relation an account shall mean the temporary suspension of all transactions or activities in relation to that account by the RE till such time the customer complies with the provisions of this paragraph. In case of asset accounts such as loan accounts, for the purpose of ceasing the operation in the account, only credits shall be allowed. Part VI - Enhanced and Simplified Due Diligence Procedure A. Enhanced Due Diligence 40. 126Enhanced Due Diligence (EDD) for non-face-to-face customer onboarding (other than customer onboarding in terms of paragraph 17): Non-face-to-face onboarding facilitates the REs to establish relationship with the customer without meeting the customer physically or through V....
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....pen an account for a PEP shall be obtained from the senior management; * all such accounts are subjected to enhanced monitoring on an on-going basis; * in the event of an existing customer or the beneficial owner of an existing account subsequently becoming a PEP, senior management's approval is obtained to continue the business relationship; B. These instructions shall also be applicable to family members or close associates of PEPs. 128Explanation: For the purpose of this paragraph, "Politically Exposed Persons" (PEPs) are individuals who are or have been entrusted with prominent public functions by a foreign country, including the Heads of States/Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials. 42. Client accounts opened by professional intermediaries: REs shall ensure while opening client accounts through professional intermediaries, that: * Clients shall be identified when client account is opened by a professional intermediary on behalf of a single client. * REs shall have option to hold 'pooled' accounts managed by professional interm....
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.... of the Reserve Bank for opening the account. 45. Simplified KYC norms for Foreign Portfolio Investors (FPIs) Accounts of FPIs which are eligible/ registered as per SEBI guidelines, for the purpose of investment under Portfolio Investment Scheme (PIS), shall be opened by accepting KYC documents as detailed in Annex IV, subject to Income Tax (FATCA/CRS) Rules. Provided that banks shall obtain undertaking from FPIs or the Global Custodian acting on behalf of the FPI that as and when required, the exempted documents as detailed in Annex IV will be submitted. Chapter VII Record Management 46. 131The following steps shall be taken regarding maintenance, preservation and reporting of customer information, with reference to provisions of PML Act and Rules. REs shall, (a) maintain all necessary records of transactions between the RE and the customer, both domestic and international, for at least five years from the date of transaction; (b) preserve the records pertaining to the identification of the customers and their addresses obtained while opening the account and during the course of business relationship, for at least five years after the business relationship is ended; (c....
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....ion and to specify the procedure and the manner of furnishing information. 48. The reporting formats and comprehensive reporting format guide, prescribed/ released by FIU-IND and Report Generation Utility and Report Validation Utility developed to assist reporting entities in the preparation of prescribed reports shall be taken note of. The editable electronic utilities to file electronic Cash Transaction Reports (CTR) / Suspicious Transaction Reports (STR) which FIU-IND has placed on its website shall be made use of by REs which are yet to install/adopt suitable technological tools for extracting CTR/STR from their live transaction data. The Principal Officers of those REs, whose all branches are not fully computerized, shall have suitable arrangement to cull out the transaction details from branches which are not yet computerized and to feed the data into an electronic file with the help of the editable electronic utilities of CTR/STR as have been made available by FIU-IND on its website http://fiuindia.gov.in. 49. 134While furnishing information to the Director, FIU-IND, delay of each day in not reporting a transaction or delay of each day in rectifying a mis-represented trans....
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....dules to the Prevention and Suppression of Terrorism (Implementation of Security Council Resolutions) Order, 2007, as amended from time to time, shall be verified on daily basis and any modifications to the lists in terms of additions, deletions or other changes shall be taken into account by the REs for meticulous compliance. (b) Details of accounts resembling any of the individuals/entities in the lists shall be reported to FIU-IND apart from advising Ministry of Home Affairs (MHA) as required under UAPA notification dated 136February 2, 2021 (Annex II of this Master Direction). (c) Freezing of Assets under Section 51A of UAPA, 1967: The procedure laid down in the UAPA Order dated 137February 2, 2021 (Annex II of this Master Direction), shall be strictly followed and meticulous compliance with the Order issued by the Government shall be ensured. The list of Nodal Officers for UAPA is available on the website of MHA. 52. 138Obligations under Weapons of Mass Destruction (WMD) and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 (WMD Act, 2005): (a) 139REs shall ensure meticulous compliance with the "Procedure for Implementation of Section 12A of the Weap....
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....d Entities', as available at https://www.mea.gov.in/Implementation-of-UNSC-Sanctions-DPRK.htm, to take into account any modifications to the list in terms of additions, deletions or other changes and also ensure compliance with the 'Implementation of Security Council Resolution on Democratic People's Republic of Korea Order, 2017', as amended from time to time by the Central Government. 53A. 141In addition to the above, REs shall take into account - (a) other UNSCRs and (b) lists in the first schedule and the fourth schedule of UAPA, 1967 and any amendments to the same for compliance with the Government orders on implementation of Section 51A of the UAPA and Section 12A of the WMD Act. 53B. 142REs shall undertake countermeasures when called upon to do so by any international or intergovernmental organisation of which India is a member and accepted by the Central Government. 54. Jurisdictions that do not or insufficiently apply the FATF Recommendations (a) 143FATF Statements circulated by Reserve Bank of India from time to time, and publicly available information, for identifying countries, which do not or insufficiently apply the FATF Recommendations, shall be considered. REs ....
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....ompliance with the provisions of Foreign Contribution (Regulation) Act, 2010 Banks shall ensure adherence to the provisions of Foreign Contribution (Regulation) Act, 2010 and Rules made thereunder. Further, banks shall also ensure meticulous compliance with any instructions / communications on the matter issued from time to time by the Reserve Bank based on advice received from the Ministry of Home Affairs, Government of India. 56. 147CDD Procedure and sharing KYC information with Central KYC Records Registry (CKYCR) (a) Government of India has authorised the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), to act as, and to perform the functions of the CKYCR vide Gazette Notification No. S.O. 3183(E) dated November 26, 2015. (b) In terms of provision of Rule 9(1A) of the PML Rules, the REs shall capture customer's KYC records and upload onto CKYCR within 10 days of commencement of an account-based relationship with the customer. (c) Operational Guidelines for uploading the KYC data have been released by CERSAI. (d) REs shall capture the KYC information for sharing with the CKYCR in the manner mentioned in the Rules, as per ....
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....iodic updation, the customers are migrated to the current CDD standard. (j) 149For the purpose of establishing an account-based relationship, updation/ periodic updation or for verification of identity of a customer, the RE shall seek the KYC Identifier from the customer or retrieve the KYC Identifier, if available, from the CKYCR and proceed to obtain KYC records online by using such KYC Identifier and shall not require a customer to submit the same KYC records or information or any other additional identification documents or details, unless- * there is a change in the information of the customer as existing in the records of CKYCR; or * the KYC record or information retrieved is incomplete or is not as per the current applicable KYC norms; or * 150the validity period of downloaded documents has lapsed; or * the RE considers it necessary in order to verify the identity or address (including current address) of the customer, or to perform enhanced due diligence or to build an appropriate risk profile of the customer. 57. Reporting requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) Under FATCA and CRS, REs shall adhere to t....
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....osit accounts by recruiting third parties which act as "money mules." Banks shall undertake diligence measures and meticulous monitoring to identify accounts which are operated as Money Mules and take appropriate action, including reporting of suspicious transactions to FIU-IND. Further, if it is established that an account opened and operated is that of a Money Mule, but no STR was filed by the concerned bank, it shall then be deemed that the bank has not complied with these directions. 60. Collection of Account Payee Cheques Account payee cheques for any person other than the payee constituent shall not be collected. Banks shall, at their option, collect account payee cheques drawn for an amount not exceeding rupees fifty thousand to the account of their customers who are co-operative credit societies, provided the payees of such cheques are the constituents of such co-operative credit societies. 61. (a) 152A Unique Customer Identification Code (UCIC) shall be allotted while entering into new relationships with individual customers as also the existing individual customers by REs. (b) 153The REs shall, at their option, not issue UCIC to all walk-in/occasional customers provid....
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....ss to the accounts of the correspondent bank and is undertaking on-going 'due diligence' on them. * The correspondent bank shall ensure that the respondent bank is able to provide the relevant CDD information immediately on request. * Correspondent relationship shall not be entered into or continued with a shell bank. * It shall be ensured that the respondent banks do not permit their accounts to be used by shell banks. * Banks shall be cautious of correspondent banking relationships with institutions located in jurisdictions which have strategic deficiencies or have not made sufficient progress in implementation of FATF Recommendations. Banks shall ensure that respondent banks have KYC/AML policies and procedures in place and apply enhanced 'due diligence' procedures for transactions carried out through the correspondent accounts. 64. 156Wire Transfer A. Information requirements for wire transfers for the purpose of this Master Direction: i. All cross-border wire transfers shall be accompanied by accurate, complete, and meaningful originator and beneficiary information as mentioned below: * name of the originator; * the originator account number w....
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....ving such requests with appropriate legal provisions. vi. The wire transfer instructions are not intended to cover the following types of payments: * Any transfer that flows from a transaction carried out using a credit card/debit card/Prepaid Payment Instrument (PPI), including through a token or any other similar reference string associated with the card/PPI, for the purchase of goods or services, so long as the credit or debit card number or PPI id or reference number accompanies all transfers flowing from the transaction. However, when a credit or debit card or PPI is used as a payment system to effect a person-to-person wire transfer, the wire transfer instructions shall apply to such transactions and the necessary information should be included in the message. * Financial institution-to-financial institution transfers and settlements, where both the originator person and the beneficiary person are regulated financial institutions acting on their own behalf. It is, however, clarified that nothing within these instructions will impact the obligation of an RE to comply with applicable reporting requirements under PML Act, 2002, and the Rules made thereunder, or any other....
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.... and qualifying domestic wire transfers {viz., transactions as per clauses (iii) and (iv) of paragraph 'A' above}, that lack required originator information or required beneficiary information. * Beneficiary RE shall have effective risk-based policies and procedures for determining: (a) when to execute, reject, or suspend a wire transfer lacking required originator or required beneficiary information; and (b) the appropriate follow-up action follow-up action including seeking further information and if the transaction is found to be suspicious, reporting to FIU-IND in accordance with the PML Rules. iv. 159Money Transfer Service Scheme (MTSS) providers and other REs, are required to comply with all of the relevant requirements of this paragraph, whether they are providing services directly or through their agents. REs that control both the ordering and the beneficiary side of a wire transfer shall: * take into account all the information from both the ordering and beneficiary sides in order to determine whether an STR has to be filed; and * file an STR with FIU, in accordance with the PML Rules, if a transaction is found to be suspicious. C. Other Obligations i. Obligatio....
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....aft, pay order, banker's cheque, etc., by the issuing bank. These instructions shall take effect for such instruments issued on or after September 15, 2018. 66. 160Quoting of PAN Permanent account number (PAN) or equivalent e-document thereof of customers shall be obtained and verified while undertaking transactions as per the provisions of Income Tax Rule 114B applicable to banks, as amended from time to time. Form 60 shall be obtained from persons who do not have PAN or equivalent e-document thereof. 67. Selling Third party products REs acting as agents while selling third party products as per regulations in force from time to time shall comply with the following aspects for the purpose of these directions: (a) the identity and address of the walk-in customer shall be verified for transactions above rupees fifty thousand as required under paragraph 13(e) of this Direction. (b) 161transaction details of sale of third-party products and related records shall be maintained as prescribed in paragraph 46 of Chapter VII. (c) AML software capable of capturing, generating and analysing alerts for the purpose of filing CTR/STR in respect of transactions relating to third party ....
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....: high integrity and ethical standards, good understanding of extant KYC/AML/CFT standards, effective communication skills and ability to keep up with the changing KYC/AML/CFT landscape, nationally and internationally. REs shall also strive to develop an environment which fosters open communication and high integrity amongst the staff. * On-going employee training programme shall be put in place so that the members of staff are adequately trained in KYC/AML/CFT policy. The focus of the training shall be different for frontline staff, compliance staff and staff dealing with new customers. The front desk staff shall be specially trained to handle issues arising from lack of customer education. Proper staffing of the audit function with persons adequately trained and well-versed in KYC/AML/CFT policies of the RE, regulation and related issues shall be ensured. 71. 163Deleted Chapter XI Repeal Provisions 72. With the issue of these directions, the instructions/guidelines contained in the circulars mentioned in the Appendix, issued by the Reserve Bank stand repealed. 73. All approvals/acknowledgements given under the above circulars shall be deemed as given under these directions....
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....ponse (QR) code is available, such details can be auto-populated by scanning the QR code instead of manual filing the details. For example, in case of physical Aadhaar/e-Aadhaar downloaded from UIDAI where QR code is available, the details like name, gender, date of birth and address can be auto-populated by scanning the QR available on Aadhaar/e-Aadhaar. I. Once the above mentioned process is completed, a One Time Password (OTP) message containing the text that 'Please verify the details filled in form before sharing OTP' shall be sent to customer's own mobile number. Upon successful validation of the OTP, it will be treated as customer signature on CAF. However, if the customer does not have his/her own mobile number, then mobile number of his/her family/relatives/known persons may be used for this purpose and be clearly mentioned in CAF. In any case, the mobile number of authorized officer registered with the RE shall not be used for customer signature. The RE must check that the mobile number used in customer signature shall not be the mobile number of the authorized officer. J. The authorized officer shall provide a declaration about the capturing of the live photograph of c....
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....ged in terrorism; * prohibit any individual or entity from making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities listed in the Schedule to the Order or any other person engaged in or suspected to be engaged in terrorism; * prevent the entry into or the transit through India of individuals listed in the Schedule to the Order or any other person engaged in or suspected to be engaged in terrorism". The Unlawful Activities (Prevention) Act, 1967 defines "Order" as under: - "Order" means the Prevention and Suppression of Terrorism (Implementation of Security Council Resolutions) Order, 2007, as may be amended from time to time. 2. In order to ensure expeditious and effective implementation of the provisions of Section 51A, a revised procedure is outlined below in supersession of earlier orders and guidelines on the subject: 3. Appointment and communication details of the UAPA Nodal Officers: 3.1 The Joint Secretary (CTCR), Ministry of Home Affairs would be the Central [designated] Nodal Officer for the UAPA [Telephone Number: 011-23093124, 011-230923465 (Fax), email address: [email protected]]. 3....
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....fficer in Foreigners Division of MHA shall forward the designated list as mentioned in Para 4(i) above, to the immigration authorities and security agencies without delay. 4.5 The Regulators of the real estate agents, dealers in precious metals & stones (DPMS) and DNFBPs shall forward the list of designated persons as mentioned in Para 4(i) above, to the real estate agents, dealers in precious metals & stones (DPMS) and DNFBPs without delay. 5. Regarding funds, financial assets or economic resources or related services held in the form of bank accounts, stocks or Insurance policies etc. 5.1 The Financial Regulators will issue necessary guidelines to banks, stock exchanges/depositories, intermediaries regulated by the SEBI and insurance companies requiring them - (i) To maintain updated designated lists in electronic form and run a check on the given parameters on a daily basis to verify whether individuals or entities listed in the Schedule to the Order, hereinafter, referred to as designated individuals/entities are holding any funds, financial assets or economic resources or related services held in the form of bank accounts, stocks, Insurance policies etc., with them. (ii....
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....ermediaries regulated by SEBI and insurance companies are held by the designated individuals/entities. This verification would be completed expeditiously from the date of receipt of such particulars. 5.3 In case, the results of the verification indicate that the properties are owned by or are held for the benefit of the designated individuals/entities, an orders to freeze these assets under Section 51A of the UAPA would be issued by the Central [designated] nodal officer for the UAPA without delay and conveyed electronically to the concerned bank branch, depository and insurance company under intimation to respective Regulators and FIU-IND. The Central [designated] nodal officer for the UAPA shall also forward a copy thereof to all the Principal Secretaries/Secretaries, Home Department of the States/UTs and all UAPA nodal officers in the country, so that any individual or entity may be prohibited from making any funds, financial assets or economic resources or related services available for the benefit of the designated individuals/ entities or any other person engaged in or suspected to be engaged in terrorism. The Central [designated] Nodal Officer for the UAPA shall also forwar....
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.... by the Central [designated] Nodal Officer for the UAPA without delay and conveyed to the concerned Registrar performing the work of registering immovable properties and to FIU-IND under intimation to the concerned UAPA Nodal Officer of the State/UT. The order shall be issued without prior notice to the designated individual/entity. 6.6 Further, the UAPA Nodal Officer of the State/UT shall cause to monitor the transactions/ accounts of the designated individual/entity so as to prohibit any individual or entity from making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities listed in the Schedule to the Order or any other person engaged in or suspected to be engaged in terrorism. The UAPA Nodal Officer of the State/UT shall, upon becoming aware of any transactions and attempts by third party immediately bring to the notice of the DGP/Commissioner of Police of the State/UT for initiating action under the provisions of the Unlawful Activities (Prevention) Act, 1967. 7. Regarding the real-estate agents, dealers of precious metals/stones (DPMS) and other Designated Non-Financial Businesses and Professions (DNF....
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....procedure laid down in the paragraphs 6.2 to 6.5 above. (iv) The UAPA Nodal Officer of the State/UT shall also advise appropriate department of the State/UT, administering the operations relating to Casinos, to ensure that the designated individuals/ entities should not be allowed to own or have beneficial ownership in any Casino operation. Further, if any designated individual/ entity visits or participates in any game in the Casino and/ or if any assets of such designated individual/ entity is with the Casino operator, and of the particulars of any client matches with the particulars of designated individuals/ entities, the Casino owner shall inform the UAPA Nodal Officer of the State/UT without delay, who shall in turn follow the procedure laid down in paragraph 6.2 to 6.5 above. (v) The Ministry of Corporate Affairs shall issue an appropriate order to the Institute of Chartered Accountants of India, Institute of Cost and Works Accountants of India and Institute of Company Secretaries of India (ICSI) requesting them to sensitize their respective members to the provisions of Section 51A of UAPA, so that if any designated individual/entity approaches them, for entering/ invest....
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....dual/ entity is the Director/ Promoter/ Partner or beneficial owner of such company or firm and in case such a request received the ROC should inform the UAPA Nodal Officer in the Ministry of Corporate Affairs who in turn shall follow the similar procedure as laid down in paragraph 6.2 to 6.5 above. (ix) Any person, either directly or indirectly, holding any funds or other assets of designated individuals or entities, shall, without delay and without prior notice, cause to freeze any transaction in relation to such funds or assets, by immediately informing the nearest Police Station, which shall, in turn, inform the concerned UAPA Nodal Officer of the State/UT along with the details of the funds/assets held. The concerned UAPA Nodal Officer of the State/UT, would follow the same procedure as in para 6.2 to 6.6 above. 8. Regarding implementation of requests received from foreign countries under U.N. Security Council Resolution 1373 of 2001: 8.1 The U.N. Security Council Resolution No.1373 of 2001 obligates countries to freeze without delay the funds or other assets of persons who commit, or attempt to commit, terrorist acts or participate in or facilitate the commission of terro....
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....and public utility charges, or exclusively for payment of reasonable professional fees and reimbursement of incurred expenses associated with the provision of legal services or fees or service charges for routine holding or maintenance of frozen funds or other financial assets or economic resources, after notification by the MEA of the intention to authorize, where appropriate, access to such funds, assets or resources and in the absence of a negative decision within 48 hours of such notification; (b) necessary for extraordinary expenses, provided that such determination has been notified by the MEA; 10.2. The addition may be allowed to accounts of the designated individuals/ entities subject to the provisions of paragraph 10 of: (a) interest or other earnings due on those accounts, or (b) payments due under contracts, agreements or obligations that arose prior to the date on which those accounts became subject to the provisions of resolutions 1267 (1999), 1333 (2000), or 1390 (2002), Provided that any such interest, other earnings and payments continue to be subject to those provisions; 10.3 (a): The designated individual or organization may submit a request to the Centr....
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....nder intimation to the concerned bank, stock exchanges/depositories, intermediaries regulated by SEBI, insurance company, Registrar of Immovable Properties, ROC, Regulators of DNFBPs and the UAPA Nodal Officer of State/UT. However, if it is not possible for any reason to pass an Order unfreezing the assets within 5 working days, the Central [designated] Nodal Officer for the UAPA shall inform the applicant expeditiously. 11A. Regarding procedure for unfreezing of funds, financial assets or economic resources or related services of individuals/organisations in the event of delisting by the UNSCR 1267 (1999), 1988 (2011) and 1989 (2011) Committee Upon making an application in writing by the concerned individual/organisation, to the concerned bank, stock exchanges/depositories, intermediaries regulated by SEBI, insurance companies, Registrar of Immovable Properties, RoC, Regulators of DNFBPs, Department of Posts and the UAPA Nodal Officers of all States/UTs., who in turn shall forward the application along with the full details of the assets frozen to the Central [Designated] Nodal Officer for UAPA within two working days. The Central [Designated] Nodal Officer for UAPA shall examin....
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.... immovable properties through the UAPA Nodal Officer of the State/UT. 15. All concerned are requested to ensure strict compliance of this order. (Ashutosh Agnihotri) Joint Secretary to the Government of India To, 1) Governor, Reserve Bank of India, Mumbai 2) Chairman, Securities & Exchange Board of India, Mumbai 3) Chairman, Insurance Regulatory and Development Authority, Hyderabad. 4) Foreign Secretary, Ministry of External Affairs, New Delhi. 5) Finance Secretary, Ministry of Finance, New Delhi. 6) Revenue Secretary, Department of Revenue, Ministry of Finance, New Delhi. 7) Secretary, Ministry of Corporate Affairs, New Delhi 8) Chairman, Central Board of Indirect Taxes & Customs, New Delhi. 9) Director, Intelligence Bureau, New Delhi. 10) Additional Secretary, Department of Financial Services, Ministry of Finance, New Delhi. 11) Chief Secretaries of all States/Union Territories 12) Principal Secretary (Home)/Secretary (Home) of all States/ Union Territories 13) Directors General of Police of all States & Union Territories 14) Director General of Police, National Investigation Agency, New Delhi. 15) Commissioner of Police, Delhi. 16) Joint Secretary (Foreigners....
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....who has been assigned the power under sub-section (1) of section 7." II In order to ensure expeditious and effective implementation of the provisions of Section 12A of the Act, the procedure is outlined below. 1. Appointment and communication details of Section 12A Nodal Officers: 1.1 In exercise of the powers conferred under Section 7(1) of the Act, the Central Government assigns Director, FIU-India, Department of Revenue, Ministry of Finance, as the authority to exercise powers under Section 12A of the Act. The Director, FIU-India shall be hereby referred to as the Central Nodal Officer (CNO) for the purpose of this order. [Telephone Number: 011-23314458, 011-23314435, 011-23314459 (FAX), email address: [email protected]]. 1.2 Regulator under this order shall have the same meaning as defined in Rule 2(fa) of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005. Reporting Entity (RE) shall have the same meaning as defined in Section 2 (1) (wa) of Prevention of Money-Laundering Act, 2002. DNFPBs is as defined in section 2(1) (sa) of Prevention of Money-Laundering Act, 2002. 1.3 The Regulators, Ministry of Corporate Affairs and Foreigners Division of MHA shall....
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....Institutions shall - * Verify if the particulars of the entities/individual, party to the financial transactions, match with the particulars of designated list and in case of match, REs shall not carry out such transaction and shall immediately inform the transaction details with full particulars of the funds, financial assets or economic resources involved to the CNO by email, FAX and by post, without delay. * Run a check, on the given parameters, at the time of establishing a relation with a customer and on a periodic basis to verify whether individuals and entities in the designated list are holding any funds, financial assets or economic resources or related services, in the form of bank accounts, stocks, Insurance policies etc. In case, the particulars of any of their customers match with the particulars of designated list, REs shall immediately inform full particulars of the funds, financial assets or economic resources or related services held in the form of bank accounts, stocks or insurance policies etc., held on their books to the CNO by email, FAX and by post, without delay. * The REs shall also send a copy of the communication, mentioned in 3.1 (i) and (ii) above,....
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....tate Nodal Officer, without delay. * Verify from the records in their respective jurisdiction, without delay, on given parameters, if the details match with the details of the individuals and entities in the designated list. In case, the designated individuals/entities are holding financial assets or economic resources of the nature of immovable property, and if any match with the designated individuals/entities is found, the Registrar shall immediately inform the details with full particulars of the assets or economic resources involved to the State Nodal Officer, without delay. * In case there are reasons to believe beyond doubt that assets that are held by an individual/entity would fall under the purview of clause (a) or (b) of sub-section (2) of Section 12A, Registrar shall prevent such individual/entity from conducting transactions, under intimation to the State Nodal Officer by email, FAX and by post, without delay. 4.2 the State Nodal Officer would cause communication of the complete particulars of such individual/entity along with complete details of the financial assets or economic resources to the CNO without delay by email, FAX and by post. 4.3 The State Nodal Off....
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....old any assets or funds of the designated individual/entity, they shall freeze the same without delay and inform the Section 12A Nodal officer in the CBIC, who will, in turn, follow procedure similar to as laid down for State Nodal Officer in the paragraphs 4.2 to 4.6. (ii) Registrar of Societies/ Firms/ non-profit organizations are required to ensure that if any designated individual/ entity is a shareholder/ member/ partner/ director/ settler/ trustee/ beneficiary/ beneficial owner of any society/ partnership firm/ trust/ non-profit organization, then the Registrar shall freeze any transaction for such designated individual/ entity and shall inform the State Nodal Officer, without delay, and, if such society/ partnership firm/ trust/ non-profit organization holds funds or assets of designated individual/ entity, follow the procedure as laid down for State Nodal Officer in the paragraphs 4.2 to 4.6 above. The Registrar should also ensure that no societies/ firms/ non-profit organizations should be allowed to be registered if any of the designated individual/ entity is a director/ partner/ office bearer/ trustee/ settler/ beneficiary or beneficial owner of such juridical person an....
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....Officer in the Ministry of Corporate Affairs. (vi) In addition, a member of the ICSI shall, if he/she is Company Secretary or is holding any managerial position where any of designated individual/ entity is a Director and/or Shareholder or having beneficial ownership of any such juridical person, convey the complete details of such designated individual/ entity to Section 12A Nodal Officer in the Ministry of Corporate Affairs, who shall follow the similar procedure as laid down in paragraph 4.2 to 4.6 above for State Nodal Officer, if such company, limited liability firm, partnership firm, society, trust, or association holds funds or assets of the designated individual/entity. (vii) In case any designated individual/ entity is a shareholder/ director/ whole time director in any company registered with the Registrar of Companies (ROC) or beneficial owner of such company or partner in a Limited Liabilities Partnership Firm registered with ROC or beneficial owner of such firm, the ROC should convey the complete details of such designated individual/ entity to section 12A Nodal officer of Ministry of Corporate Affairs. If such company or LLP holds funds or assets of the designated i....
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....ehalf of, or at the direction of designated persons or entities. 5.2 No person shall finance any activity related to the 'designated list' referred to in Para 2.1, except in cases where exemption has been granted as per Para 6 of this Order. 5.3. Further, the State Nodal Officer shall cause to monitor the transactions / accounts of the designated individual/entity so as to prohibit any individual or entity from making any funds, financial assets or economic resources or related services available for the benefit of the individuals or entities in the designated list. The State Nodal Officer shall, upon becoming aware of any transactions and attempts by third party, without delay, bring the incidence to the notice of the CNO and the DGP/Commissioner of Police of the State/UT for initiating suitable action. 5.4 Where the CNO has reasons to believe that any funds or assets are violative of Section 12A (1) or Section 12A (2)(b) of the Act, he shall, by order, freeze such funds or Assets, without any delay, and make such order available to authorities, Financial Institutions, DNFBPs and other entities concerned. 5.5 The CNO shall also have the power to issue advisories and gu....
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....r any other relevant Act for the time being in force, or by an order issued under any such Act, in relation to weapons of mass destruction and their delivery systems; (ii) the CNO has determined that the payment is not directly or indirectly received by an individual or entity in the designated list under this Order; and (iii) the MEA has submitted prior notification to the UNSC or its Committee, of the intention to make or receive such payments or to authorise, where appropriate, he unfreezing of funds, other financial assets or economic resources for this purpose, ten working days prior to such authorization 7. Regarding procedure for unfreezing of funds, financial assets or economic resources or related services of individuals/entities inadvertently affected by the freezing mechanism upon verification that the individual or entity is not a designated person or no longer meet the criteria for designation: 7.1 Any individual/entity, if it has evidence to prove that the freezing of funds, financial assets or economic resources or related services, owned/held has been inadvertently frozen, an application may be moved giving the requisite evidence, in writing, to the relevant R....
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....HQ) To, 1) Governor, Reserve Bank of India, Mumbai 2) Chairman, Securities & Exchange Board of India, Mumbai 3) Chairman, Insurance Regulatory and Development Authority, Hyderabad. 4) Foreign Secretary, Ministry of External Affairs, New Delhi. 5) Finance Secretary, Ministry of Finance, New Delhi. 6) Revenue Secretary, Department of Revenue, Ministry of Finance, New Delhi. 7) Secretary, Ministry of Corporate Affairs, New Delhi 8) Chairman, Central Board of Indirect Taxes & Customs, New Delhi. 9) Director, Intelligence Bureau, New Delhi. 10) Additional Secretary, Department of Financial Services, Ministry of Finance, New Delhi. 11) Chief Secretaries of all States/Union Territories 12) Principal Secretary (Home)/Secretary (Home) of all States/ Union Territories 13) Directors General of Police of all States & Union Territories 14) Director General of Police, National Investigation Agency, New Delhi. 15) Commissioner of Police, Delhi. 16) Joint Secretary (Foreigners), Ministry of Home Affairs, New Delhi. 17) Joint Secretary (Capital Markets), Department of Economic Affairs, Ministry of Finance, New Delhi. 18) Joint Secretary (Revenue), Department of Revenue, Ministry ....
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.... and Government related foreign investors such as Foreign Central Banks, Governmental Agencies, Sovereign Wealth Funds, International/ Multilateral Organizations/ Agencies. II. a) Appropriately regulated broad based funds such as Mutual Funds, Investment Trusts, Insurance /Reinsurance Companies, Other Broad Based Funds etc. b) Appropriately regulated entities such as Banks, Asset Management Companies, Investment Managers/ Advisors, Portfolio Managers etc. c) Broad based funds whose investment manager is appropriately regulated. d) University Funds and Pension Funds. e) University related Endowments already registered with SEBI as FII/Sub Account. III. All other eligible foreign investors investing in India under PIS route not eligible under Category I and II such as Endowments, Charitable Societies/Trust, Foundations, Corporate Bodies, Trusts, Individuals, Family Offices, etc. Appendix List of Circulars or part thereof repealed with the issuance of Master Direction Sr.No. Circular No. Date 1 DBOD.BP.BC.92/C.469-76 August 12, 1976 2 DBOD.GC.BC.62/c.408(A)/87 November 11, 1987 3 DBOD.BP.BC.114/C.469 (81)-91 April 19, 1991 4 DBOD.FMC.No.153/27.01.003/93-94 ....
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....2012 47 DBOD.AML.BC. No.65/14.01.001/2012-13 December 10, 2012 48 DBOD.AML.BC. No.71/14.01.001/2012-13 January 18, 2013 49 DBOD.AML.BC. No. 78/14.01.001/2012-13 January 29, 2013 50 DBOD.AML.BC. No.87/14.01.001/2012-13 March 28, 2013 51 DBOD. AML.BC. No.101/14.01.001/2011-12 May 31, 2013 52 DBOD.AML.BC. No.29/14.01.001/2013-14 July 12, 2013 53 DBOD.AML.BC. No.34/14.01.001/2013-14 July 23, 2013 54 DBOD.AML.BC.No.44/14.01.001/2013-14 September 2, 2013 55 DBOD.AML.BC.No.45/14.01.001/2013-14 September 2, 2013 56 DBOD. AML.BC. No.50/14.01.001/2013-14 September 3, 2013 57 DBOD.AML.BC.No.63/14.01.001/2013-14 October 29, 2013 58 DBOD.AML.BC. No.80/14.01.001/2013-14 December 31, 2013 59 DBOD.AML.BC.No.100/14.01.001/2013-14 March 4, 2014 60 DBOD. AML. No. 16415/14.01.001/2013-14 March 28, 2014 61 DBOD.AML.BC.No.103/14.01.001/2013-14 April 3, 2014 62 DBOD.AML.BC. No. 119/14.01.001/2013-14 June 9, 2014 63 DBOD. AML.BC. No.124/14.01.001/2013-14 June 26, 2014 64 DBOD.AML.BC.No.26/14.01.001/2014-15 July 17, 2014 65 DBOD.AML.BC.No. 39/14.01.001/2014-15 September 4, 2014 66 DBOD. AML. BC. No.44/14.01.001/2014-15 October 21, 2014 67 DBR.AM....
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....001/2010-11 January 10, 2011 107 UBD.BPD.(PCB).No.32/12.05.001/2010-11 December 28, 2010 108 UBD.BPD.(PCB).Cir.No.17/14.01.062/2010-11 October 25, 2010 109 UBD.BPD.(PCB).Cir.No.12/12.05.001/2010-11 September 15, 2010 110 UBD.BPD.(PCB)No.11/12.05.001/2010-11 August 25, 2010 111 UBD.BPD.(PCB).No.10/12.05.001/2010-11 August 23, 2010 112 UBD.BPD.(PCB).No.9/12.05.001/2010-11 August 23, 2010 113 UBD.BPD.(PCB).Cir.No.7/ 14.01.062/2010-11 August 12, 2010 114 UBD.BPD(PCB).Cir.No.71/12.05.001/2009-10 June 15, 2010 115 UBD.BPD.CO.53/14.01.062/ 2009-2010 April 1, 2010 116 UBD. BPD. (PCB).Cir. No.41/12.05.001/2009-10 February 3, 2010 117 UBD.BPD.CO.NSB1/38/1203.000/2009-10 December 23, 2009 118 UBD.(PCB).CO.BPD.Cir.No.36/14.01.062/2009-10 December 18, 2009 119 UBD.(PCB).CO.BPD.Cir.No.35/14.01.062/2009-10 December 17, 2009 120 UBD.(PCB).CO.BPD.Cir.No.33/14.01.062/2009-10 December 17, 2009 121 UBD.CO.BPD.PCB.Cir.No.23/12.05.001/2009-10 November 16, 2009 122 UBD.CO.BPD.PCB.Cir.No.21/12.05.001/2009-10 November 16, 2009 123 UBD.BPD.CO./NSB1/11/12.03.000/2009-10 September 29, 2009 124 UBD.CO.BPD.PCB.Cir.No.9/12.05.001/2009-10 September 16, 2009 ....
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....ctober 17, 2011 162 RPCD.CO.RRB.AML.BC.No.21/03.05.33(E)/2011-12 October 13, 2011 163 RPCD.CO.RRB.AML.BC.No.15/03.05.33(E)/2011-12 August 8, 2011 164 RPCD.CO.RCB.AML.BC.No.63/07.40.00/2010-11 April 26, 2011 165 RPCD.CO.RCB.AML.BC.No.50/07.40.00/2010-11 February 2, 2011 166 RPCD.CO.RRB.AML.BC.No.46/03.05.33(E)/2010-11 January 12, 2011 167 RPCD.CO.RCB.AML.BC.No.39/07.40.00/2010-11 December 27, 2010 168 RPCD.CO.RRB.AML.BC.No.40/03.05.33(E)/2010-11 December 24, 2010 169 RPCD.CO.RCB.AML.BC.No.37/07.40.00/2010-11 December 10, 2010 170 RPCD.CO.RRB.AML.BC.No.31/03.05.33(E)/2010-11 December 6, 2010 171 RPCD.CO.RF.AML.BC.No.20/07.40.00/2010-11 September 13, 2010 172 RPCD.CO.RRB.AML.BC.No.19/03.05.33(E)/2010-11 September 9, 2010 173 RPCD.CO.RF.AML.BC.No.12/4007.40.00/2010-11 July 20, 2010 174 RPCD.CO.RRB.AML.BC.No.13/03.05.33(E)/2010-11 July 22, 2010 175 RPCD.CO.RF.AML.BC.No.11/07.40.00/2010-11 July 20, 2010 176 RPCD.CO.RF.AML.BC.No.89/07.40.00/2009-10 June 25, 2010 177 RPCD.CORRB.AML.BC.No.87/03.05.33(E)/2009-10 June 23, 2010 178 RPCD.CO.RF.AML.BC.No.88/07.40.00/2009-10 June 25, 2010 179 RPCD.CO.RRB.AML.BC.No.86/03.05.33(E)/2009-10 June 2....
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....DNBS (PD).CC. No 242/03.10.42/2011-12 September 15, 2011 218 DNBS (PD).CC. No 244/03.10.42/2011-12 September 22, 2011 219 DNBS (PD).CC. No 251/03.10.42/2011-12 December 26, 2011 220 DNBS (PD).CC. No 257/03.10.42/2011-12 March 14, 2012 221 DNBS (PD).CC. No 264/03.10.42/2011-12 March 21, 2012 222 DNBS(PD).CC. No.270/03.10.42/2011-12 April 4, 2012 223 DNBS (PD).CC. No 275/03.10.42/2011-12 May 29, 2012 224 DNBS (PD).CC. No 294/03.10.42/2012-13 July 5, 2012 225 DNBS (PD).CC. No 295/03.10.42/2012-13 July 11, 2012 226 DNBS (PD).CC. No 296/03.10.42/2012-13 July 11, 2012 227 DNBS (PD).CC. No 298/03.10.42/2012-13 July 26, 2012 228 DNBS (PD).CC. No 302/03.10.42/2012-13 September 7, 2012 229 DNBS (PD).CC. No 304/03.10.42/2012-13 September 17, 2012 230 DNBS (PD).CC. No 305/03.10.42/2012-13 October 3, 2012 231 DNBS (PD).CC. No 306/03.10.42/2012-13 October 3, 2012 232 DNBS (PD).CC. No 310/03.10.42/2012-13 November 22, 2012 233 DNBS (PD).CC. No 313/03.10.42/2012-13 December 10, 2012 234 DNBS (PD).CC. No 318/03.10.42/2012-13 December 28, 2012 235 DNBS (PD).CC. No 319/03.10.42/2012-13 December 28, 2012 236 DNBS (PD).CC. No 321/03.10.42/2012-13....
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....2019-20 dated January 9, 2020. 12. Inserted vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 13. Inserted vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 14. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 15. Inserted vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 16. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 17. Inserted vide circular DBR.AML.BC.No.39/14.01.001/2018-19 dated May 29, 2019. 18. Amended vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 19. Amended vide DBR.AML.BC.No.39/14.01.001/2018-19 dated May 29, 2019. 20. Deleted vide circular DOR.AML.REC.66/14.01.001/2023-24 dated January 04, 2024. 21. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 22. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 23. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 24. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 25. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated Oc....
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....54. Deleted vide circular DBR.AML.BC.No. 39/14.01.001/2018-19 dated May 29, 2019. 55. Amended vide circular DOR.AML.BC.No. 27/14.01.001/2019-20 dated January 9, 2020. 56. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 57. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 58. Amended vide circular DOR.AML.REC.46/14.01.001/2025-26 dated August 14, 2025. 59. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 60. Amended vide circular DOR.AML.REC.No.15/14.01.001/2021-22 dated May 10, 2021. 61. Amended vide circular DBR.AML.BC.No.39/14.01.001/2018-19 dated May 29, 2019. 62. Amended vide circular DOR.AML.REC.No.15/14.01.001/2021-22 dated May 10, 2021. 63. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 64. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 65. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 66. Amended vide circular DOR.AML.REC.46/14.01.001/2025-26 dated August 14, 2025. 67. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 68. Amended vide ....
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....0 dated April 20, 2020. 77. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 78. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 79. Amended vide circular DBR.AML.BC.No.39/14.01.001/2018-19 dated May 29, 2019. 80. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 81. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 82. Deleted vide amendment dated April 20, 2018 and shifted to paragraph 10. Deleted/shifted portion read as: "If an existing KYC compliant customer of a RE desires to open another account with the same RE, there shall be no need for a fresh CDD exercise." 83. Amended vide Gazette Notification G.S.R. 538(E) regarding PML Second amendment Rules dated June 1, 2017. Deleted portion of paragraph 26 is as follows: "and a self-declaration from the account holder about his/her current address is obtained in such cases. 84. Amended vide circular DBR.AML.BC.No.39/14.01.001/2018-19 dated May 29, 2019. 85. Amended vide circular DBR.AML.BC.No.39/14.01.001/2018-19 dated May 29, 2019. 86. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated ....
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....7, 2023. 115. Inserted vide circular DOR.AML.REC. 49/14.01.001/2024-25 dated November 6, 2024. 116. Amended vide circular DOR.AML.REC. 30/14.01.001/2025-26 dated June 12, 2025. 117. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 118. Inserted vide circular DOR.AML.REC.49/14.01.001/2024-25 dated November 6, 2024. 119. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 120. Inserted vide circular DOR.AML.REC.49 /14.01.001/2024-25 dated November 6, 2024. 121. Inserted vide circular DOR.AML.REC.49/14.01.001/2024-25 dated November 6, 2024. 122. Inserted vide circular DOR.AML.REC.49/14.01.001/2024-25 dated November 6, 2024. 123. Inserted vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 124. Amended vide circular DOR.AML.REC. 30/14.01.001/2025-26 dated June 12, 2025. 125. Amended vide circular DOR.AML.BC.No.27/14.01.001/2019-20 dated January 9, 2020. 126. Amended vide circular DOR.AML.REC.111/14.01.001/2023-24 dated April 28, 2023. 127. Amended vide circular DOR.AML.REC.44/14.01.001/2023-24 dated October 17, 2023. 128. Inserted vide circular DOR.AML.REC.66/14.01.001/2023-24 dated Ja....