The Reserve Bank of India has issued new norms to banks in a bid to keep check on money laundering. RBI has instructed banks apart from getting certification by employer, they should ask for valid documents at the time of opening accounts of salaried employees.
A circular issued by RBI stated to reduce the risk of fraud banks have to rely on certification only from corporate and other entities of repute and so they must have proper information of the competent authority designated by the concerned employer to issue such certificate or letter.
Besides the certification from employer, banks must mandatorily ask for at least one of the officially valid documents as provided in the Prevention of Money Laundering Rules namely passport, driving license, PAN Card, Voter’s Identity card, etc, it said.
The circular stated banks can accept utility bills as valid document for know your customers (KYC) purposes for opening bank account of salaried employees of corporates and other entities.
It said, in case of any violation or non-compliance of the norms by any bank will attract penalties under Banking Regulation Act.
RBI said, it has been noticed that some banks for opening bank account of salaried employees of corporates, rely on certificate or letter issued by the employer as the only KYC document for the purposes of certification of identity as well as address proof.
Wednesday, October 27, 2010
Wednesday, October 13, 2010
New Rs 5 and Rs 2 coins to bear CWG logo
The Reserve Bank of India (RBI) will be launching new Rs 5 and Rs 2 coins bearing the 19th Commonwealth Games logo.
The RBI said on the reverse side of both the coins logo will be embossed at the centre, with the words - ‘‘XIX Commonwealth Games, 2010-Delhi” — in English and on the left upper periphery, it will be written in Hindi. Below the logo in international numerals and English the date will be written – “3-14 October 2010”.
As per Indian Coinage Act, 1906 coins are legal tenders. The RBI said, ‘‘The existing Rs 5 and Rs 2 coins in circulation will also continue to be legal tenders.”
The RBI said on the reverse side of both the coins logo will be embossed at the centre, with the words - ‘‘XIX Commonwealth Games, 2010-Delhi” — in English and on the left upper periphery, it will be written in Hindi. Below the logo in international numerals and English the date will be written – “3-14 October 2010”.
As per Indian Coinage Act, 1906 coins are legal tenders. The RBI said, ‘‘The existing Rs 5 and Rs 2 coins in circulation will also continue to be legal tenders.”
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