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Master Direction - Know Your Customer (KYC) Direction 2016 (Updated as on December 08 2016)

FEMA - RBI/DBR/2015-16/18 - Dated:- 25-2-2016 - RBI/DBR/2015-16/18 Master Direction DBR.AML.BC.No.81/14.01.001/2015-16 aFebruary 25, 2016 (Updated as on December 08, 2016) (Updated as on July 08, 2016) Master Direction - Know Your Customer (KYC) Direction, 2016 In terms of the provisions of Prevention of Money-Laundering Act, 2002 and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005, Regulated Entities (REs) are required to follow certain customer identification procedure .....

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to do so, hereby, issues the Directions hereinafter specified. CHAPTER - I PRELIMINARY 1. Short Title and Commencement. (a) These Directions shall be called the Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016. (b) These directions shall come into effect on the day they are placed on the official website of the Reserve Bank of India. 2. Applicability (a) The provisions of these Directions shall apply to every entity regulated by Reserve Bank of India, more specifically as define .....

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ndards prescribed by the Reserve Bank of India and the host country regulators, branches/overseas subsidiaries of REs are required to adopt the more stringent regulation of the two. Branches/subsidiaries of foreign incorporated bank may adopt the stringent regulation of the two i.e. standards prescribed by the Reserve Bank of India and their host country regulators. Provided this rule shall not apply to small accounts referred to in Section 23 of Chapter VI. 3. Definitions In these Directions, u .....

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a company, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person, has/have a controlling ownership interest or who exercise control through other means. Explanation- For the purpose of this sub-clause- 1. Controlling ownership interest means ownership of/entitlement to more than 25 per cent of the shares or capital or profits of the company. 2. Control shall include the right to appoint majority of the directors or to contr .....

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, the beneficial owner is the natural person(s), who, whether acting alone or together, or through one or more juridical person, has/have ownership of/entitlement to more than 15 per cent of the property or capital or profits of the unincorporated association or body of individuals. Explanation: Term body of individuals includes societies. Where no natural person is identified under (a), (b) or (c) above, the beneficial owner is the relevant natural person who holds the position of senior managi .....

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digital form of a customer. iv. Designated Director" means a person designated by the RE to ensure overall compliance with the obligations imposed under chapter IV of the PML Act and the Rules and shall include:- a. the Managing Director or a whole-time Director, duly authorized by the Board of Directors, if the RE is a company, b. the Managing Partner, if the RE is a partnership firm, c. the Proprietor, if the RE is a proprietorship concern, d. the Managing Trustee, if the RE is a trust, e .....

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n the Companies Act, 2013. v. Non-profit organisations (NPO) means any entity or organisation 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. vi. Officially valid document (OVD) means the passport, the driving licence, the Permanent Account Number (PAN) Card, the Voter's Identity Card issued by the Election Commission of India, job card issued by NREGA du .....

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overnment Departments, Statutory/ Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions; Letter issued by a Gazetted officer, with a duly attested photograph of the person. Provided further that where simplified measures are applied for verifying, for the limited purpose of, proof of address the following additional documents are deemed to be OVDs : Utility bill, which is not more than two months old, of any service provider (electricit .....

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l banks, financial institutions and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation; and Documents issued by Government departments of foreign jurisdictions or letter issued by Foreign Embassy or Mission in India. vii. Person has the same meaning assigned in the Act and includes: a. an individual, b. a Hindu undivided family, c. a company, d. a firm, e. an association of persons or a body of individuals, whether incorporated or not, .....

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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 b. appears to be made in circumstances of unusual or unjustified complexity; or c. appears to not have economic rationale or bona-fide purpose; or d. 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 t .....

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point of time does not exceed rupees fifty thousand. xi. Transaction means a purchase, sale, loan, pledge, gift, transfer, delivery or the arrangement thereof and includes: a. opening of an account; b. deposit, withdrawal, exchange or transfer of funds in whatever currency, whether in cash or by cheque, payment order or other instruments or by electronic or other non-physical means; c. the use of a safety deposit box or any other form of safe deposit; d. entering into any fiduciary relationship .....

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ntion on Mutual Administrative Assistance in Tax Matters. ii. Customer means a person who is engaged in a financial transaction or activity with a Regulated Entity (RE) and includes a person on whose behalf the person who is engaged in the transaction or activity, is acting. iii. Walk-in Customer means a person who does not have an account based relationship with the RE, but undertakes transactions with the RE. iv. Customer Due Diligence (CDD) means identifying and verifying the customer and the .....

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ween the Governments of India and the USA to improve international tax compliance and to implement FATCA of the USA. viii. KYC Templates means templates prepared to facilitate collating and reporting the KYC data to the CKYCR, for individuals and legal entities. ix. Non-face-to-face customers means customers who open accounts without visiting the branch/offices of the REs or meeting the officials of REs. x. On-going Due Diligence means regular monitoring of transactions in accounts to ensure tha .....

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ians, senior government/judicial/military officers, senior executives of state-owned corporations, important political party officials, etc. xiii. Regulated Entities (REs) means a. all Scheduled Commercial Banks (SCBs)/ Regional Rural Banks (RRBs)/ Local Area Banks (LABs)/ All Primary (Urban) Co-operative Banks (UCBs) /State and Central Co-operative Banks (StCBs / CCBs) and any other entity which has been licenced under Section 22 of Banking Regulation Act, 1949, which as a group shall be referr .....

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ing customer due diligence in respect of customers, who are rated as low risk by the RE and who do not possess any of the six officially valid documents, with the alternate documents prescribed under the two provisos of Section 3(a)(vi) of this Directions. xv. Shell bank means a bank which is incorporated in a country where it has no physical presence and is unaffiliated to any regulated financial group. xvi. Wire transfer means a transaction carried out, directly or through a chain of transfers .....

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ross-border wire transfer. (c) All other expressions unless defined herein shall have the same meaning as have been assigned to them under the Banking Regulation Act or the Reserve Bank of India Act, or the Prevention of Money Laundering Act and Prevention of Money Laundering (Maintenance of Records) Rules, any statutory modification or re-enactment thereto or as used in commercial parlance, as the case may be. CHAPTER - II General 4. There shall be a Know Your Customer (KYC) policy duly approve .....

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pal Officer shall be nominated as the 'Designated Director'. 7. Principal Officer: a. The Principal Officer shall be responsible for ensuring compliance, monitoring transactions, and sharing and reporting information as required under the law/regulations. b. The name, designation and address of the Principal Officer shall be communicated to the FIU-IND. 8. Compliance of KYC policy REs shall ensure compliance with KYC Policy through: a. Specifying as to who constitute Senior Management fo .....

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Acceptance Policy. 10. Without prejudice to the generality of the aspect that Customer Acceptance Policy may contain, REs shall ensure that : No account is opened in anonymous or fictitious/benami name. No account is opened where the RE is unable to apply appropriate CDD measures, either due to non-cooperation of the customer or non-reliability of the documents/information furnished by the customer. No transaction or account based relationship is undertaken without following the CDD procedure. .....

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identity of the customer does not match with any person or entity, whose name appears in the sanctions lists circulated by Reserve Bank of India. 11. Customer Acceptance Policy shall not result in denial of banking/financial facility to members of the general public, especially those, who are financially or socially disadvantaged. CHAPTER - IV Risk Management 12. For Risk Management, REs shall have a risk based approach which includes the following. Customers shall be categorised as low, medium .....

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atement, the reports and guidance notes on KYC/AML issued by the Indian Banks Association (IBA), guidance note circulated to all cooperative banks by the RBI 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. Carrying out any international money transfer operations for a person who is not an account holder of the ba .....

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ingle 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. 14. For the purpose of verifying the identity of customers at the time of commencement of an account-based relationship, REs, shall at their option, rely on customer due diligence done by a third party, subject to the following condit .....

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nd record-keeping requirements in line with the requirements and obligations under the PML Act. The third party shall not be based in a country or jurisdiction assessed as high risk. The ultimate responsibility for customer due diligence and undertaking enhanced due diligence measures, as applicable, will be with the RE. 15. While undertaking customer identification, REs shall ensure that : Decision-making functions of determining compliance with KYC norms shall not be outsourced. Introduction s .....

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al address for correspondence, for which their proof of address is not available, shall be verified through positive confirmation such as acknowledgment of receipt of letter, cheque books, ATM cards, telephonic conversation, visits to the place, or the like. In case it is observed that the address mentioned as per proof of address has undergone a change, REs shall ensure that fresh proof of address is obtained within a period of six months. Chapter VI Customer Due Diligence (CDD) Procedure Part .....

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f account shall be treated as confidential and details thereof shall not be divulged for the purpose of cross selling, or for any other purpose without the express permission of the customer. Explanation: Customers, at their option, shall submit one of the six OVDs for proof of identity and proof of address. 17. The e-KYC service of Unique Identification Authority of India (UIDAI) shall be accepted as a valid process for KYC verification under the PML Rules, as the information containing demogra .....

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ed further that a RE may provide an option for One Time Pin (OTP) based e-KYC process for on-boarding of customers. Accounts opened in terms of this proviso i.e., using OTP based e-KYC, are subject to the following conditions: There must be a specific consent from the customer for authentication through OTP the aggregate balance of all the deposit accounts of the customer shall not exceed rupees one lakh. the aggregate of all credits in a financial year, in all the deposit taken together, shall .....

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leted within a year, in respect of deposit accounts, the same shall be closed immediately. In respect of borrowal accounts no further debits shall be allowed. A declaration shall be obtained from the customer to the effect that no other account has been opened nor will be opened using OTP based KYC either with the same RE or with any other RE. Further, while uploading KYC information to CKYCR, REs shall clearly indicate that such accounts are opened using OTP based e-KYC and other REs shall not .....

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place/source elsewhere, provided, the prospective customer is physically present in the branch of the RE. 19. A copy of the marriage certificate issued by the State Government or Gazette notification indicating change in name together with a certified copy of the officially valid document in the existing name of the person shall be obtained for proof of address and identity, while establishing an account based relationship or while undertaking periodic updation exercise in cases of persons who .....

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taying with him/her shall be obtained. 21. In cases where a customer categorised as low risk , expresses inability to complete the documentation requirements on account of any reason that the REs consider to be genuine, and where it is essential not to interrupt the normal conduct of business, REs shall, at their option, complete the verification of identity of the customer within a period of six months from the date of establishment of the relationship. 22. In respect of customers who are categ .....

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ted at Section 3(a)( vi) of these Directions for proof of identity and proof of address immediately. In the event such a customer fails to submit such an OVD, REs shall initiate action as envisaged in Section 39 of these Directions. 23. In case an individual customer who does not possess either any of the OVDs or the documents applicable in respect of simplified procedure (as detailed at Section 22 above) and desires to open a bank account, banks shall open a Small Account , subject to the follo .....

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mits on aggregate of transactions and balance requirements in such accounts are not breached, before a transaction is allowed to take place. The account shall be monitored and when there is suspicion of money laundering or financing of terrorism activities or other high risk scenarios, the identity of the customer shall be established through the production of officially valid documents . Foreign remittance shall not be allowed to be credited into the account unless the identity of the customer .....

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on-Banking Finance Companies (NBFCs): In case a person who desires to open an account is not able to produce documents mentioned in 3(a)(vi) of Chapter I, NBFCs may at their discretion open accounts subject to the following conditions: Introduction from another account holder who has been subjected to full KYC procedure shall be obtained. The introducer s account with the NBFC shall be at least six month old and shows satisfactory transactions. Photograph of the customer who proposes to open the .....

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s completed in case Directions (iv) and (v) are breached by him. The customer shall be notified when the balance reaches rupees forty thousand or the total credit in a year reaches rupees eighty thousand that appropriate documents for conducting the KYC must be submitted otherwise the operations in the account shall be stopped when the total balance in all the accounts taken together exceeds the limits prescribed in direction (d) and (e) above. 25. If an existing KYC compliant customer of a RE d .....

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r Sole Proprietary firms 27. For opening an account in the name of a sole proprietary firm, a certified copy of an OVD as mentioned at Section 3(a) (vi) of Chapter I, containing details of identity and address of the individual (proprietor) shall be obtained. 28. In addition to the above, any two of the following documents as a proof of business/ activity in the name of the proprietary firm shall also be obtained: Registration certificate Certificate/licence issued by the municipal authorities u .....

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firm's income is reflected, duly authenticated/acknowledged by the Income Tax authorities. Utility bills such as electricity, water, and landline telephone bills. 29. In cases where the REs are satisfied that it is not possible to furnish two such documents, REs may, at their discretion, accept only one of those documents as proof of business/activity. Provided REs undertake contact point verification and collect such other information and clarification as would be required to establish the .....

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on its behalf. Officially valid documents in respect of managers, officers or employees holding an attorney to transact on its behalf. 31. For opening an account of a partnership firm, one certified copy of each of the following documents shall be obtained: Registration certificate. Partnership deed. Officially valid documents in respect of the person holding an attorney to transact on its behalf. 32. For opening an account of a trust, one certified copy of each of the following documents shall .....

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lding an attorney to transact on its behalf and such information as may be required by the RE to collectively establish the legal existence of such an association or body of individuals. Explanation: Unregistered trusts/partnership firms shall be included under the term unincorporated association . Explanation: Term body of individuals includes societies. 33A For opening accounts of juridical persons not specifically covered in the earlier part, such as Government or its Departments, societies, .....

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r 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 Rule 9(3) of the Rules to verify his/her identity shall be undertaken keeping in view the following: Where the customer or the owner of the controlling interest is a company listed on a stock exchange, or is a subsidiary of such a company, it is not necessary to identify and verify the identity of any shareholder or beneficial owner of such companie .....

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ir transactions are consistent with their knowledge about the customers, customers business and risk profile; and the source of funds. 36. Without prejudice to the generality of factors that call for close monitoring following types of transactions shall necessarily be monitored: Large and complex transactions including RTGS transactions, and those with unusual patterns, inconsistent with the normal and expected activity of the customer, which have no apparent economic rationale or legitimate pu .....

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eview of risk categorisation of accounts, with such periodicity being at least once in six months, and the need for applying enhanced due diligence measures shall be put in place. The transactions in accounts of marketing firms, especially accounts of Multi-level Marketing (MLM) Companies shall be closely monitored. Explanation: Cases where a large number of cheque books are sought by the company and/or multiple small deposits (generally in cash) across the country in one bank account and/or whe .....

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time of periodic updation, from customers who are categorised as low risk , when there is no change in status with respect to their identities and addresses and a self-certification to that effect is obtained. A certified copy of the proof of address forwarded by low risk customers through mail/post, etc., in case of change of address shall be acceptable. Physical presence of low risk customer at the time of periodic updation shall not be insisted upon. The time limits prescribed above would app .....

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uirements mentioned at Part I to V above, they shall not open accounts, commence business relations or perform transactions. In case of existing business relationship which is not KYC compliant, banks shall ordinarily take step to terminate the existing business relationship after giving due notice. (b) As an exception to the Rule, banks shall have an option to choose not to terminate business relationship straight away and instead opt for a phased closure of operations in this account as explai .....

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e disallowed, in case of the account being KYC non-compliant after six months of imposing partial freezing , The account holders shall have the option, to revive their accounts by submitting the KYC documents. (c) When an account is closed whether without partial freezing or after partial freezing , the reason for that shall be communicated to account holder. Part VI - Enhanced and Simplified Due Diligence Procedure A. Enhanced Due Diligence 40. Accounts of non-face-to-face customers: REs shall .....

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y members and close relatives is gathered on the PEP; the identity of the person shall have been verified before accepting the PEP as a customer; the decision to open an account for a PEP is taken at a senior level in accordance with the REs Customer Acceptance Policy; 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 .....

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client. REs shall have option to hold 'pooled' accounts managed by professional intermediaries on behalf of entities like mutual funds, pension funds or other types of funds. REs shall not open accounts of such professional intermediaries who are bound by any client confidentiality that prohibits disclosure of the client details to the RE. All the beneficial owners shall be identified where funds held by the intermediaries are not co-mingled at the level of RE, and there are 'sub-ac .....

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Simplified Due Diligence 43. Simplified norms for Self Help Groups (SHGs) KYC verification of all the members of SHG shall not be required while opening the savings bank account of the SHG KYC verification of all the office bearers shall suffice. No separate KYC verification of the members or office bearers shall be necessary at the time of credit linking of SHGs. 44. Procedure to be followed by banks while opening accounts of foreign students (a) Banks shall, at their option, open a Non Residen .....

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address, the account shall be operated with a condition of allowing foreign remittances not exceeding USD 1,000 or equivalent into the account and a cap of rupees fifty thousand on aggregate in the same, during the 30-day period. (b) The account shall be treated as a normal NRO account, and shall be operated in terms of Reserve Bank of India s instructions on Non-Resident Ordinary Rupee (NRO) Account, and the provisions of FEMA. 1999. (c) Students with Pakistani nationality shall require prior a .....

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d, the exempted documents as detailed in Annex II will be submitted. Chapter VII Record Management 46. The following steps shall be taken regarding maintenance, preservation and reporting of customer account 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 ide .....

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in all necessary information in respect of transactions prescribed under PML Rule 3 so as to permit reconstruction of individual transaction, including the following: the nature of the transactions; the amount of the transaction and the currency in which it was denominated; the date on which the transaction was conducted; and the parties to the transaction. (f) evolve a system for proper maintenance and preservation of account information in a manner that allows data to be retrieved easily and q .....

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nation: In terms of Third Amendment Rules notified September 22, 2015 regarding amendment to sub rule 3 and 4 of rule 7, Director, FIU-IND shall have powers to issue guidelines to the REs for detecting transactions referred to in various clauses of sub-rule (1) of rule 3, to direct them about the form of furnishing information 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 .....

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ose 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. While furnishing information to the Director, FIU-IND, delay of each day in not reporting a transaction or delay of each day in rectifying a m .....

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all be put in to use as a part of effective identification and reporting of suspicious transactions. Chapter IX Requirements/obligations under International Agreements Communications from International Agencies - 51. REs shall ensure that in terms of Section 51A of the Unlawful Activities (Prevention) (UAPA) Act, 1967, they do not have any account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by and .....

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ion A of the consolidated list) and entities (Section B) associated with the Taliban which is available at https://scsanctions.un.org/fop/fop?xml=htdocs/resources/xml/en/consolidated.xml&xslt=htdocs/resources/xsl/en/taliban-r.xsl. 52. 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 as required under UAPA notification dated August 27, 2009. 53. In addition to the above, other UNSCRs circulate .....

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tements 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. Risks arising from the deficiencies in AML/CFT regime of the jurisdictions included in the FATF Statement shall be taken into account. Special attention shall be given to business relationships and transactions with persons (including legal persons and other financial institutions) from or .....

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ies that do not or insufficiently apply the FATF Recommendations shall be examined, and written findings together with all documents shall be retained and shall be made available to Reserve Bank/other relevant authorities, on request. Chapter X Other Instructions 56. Secrecy Obligations and Sharing of Information: (a) Banks shall maintain secrecy regarding the customer information which arises out of the contractual relationship between the banker and customer. (b) While considering the requests .....

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the customer. (d) NBFCs shall maintain confidentiality of information as provided in Section 45NB of RBI Act 1934. 57. CDD Procedure and sharing KYC information with Central KYC Records Registry (CKYCR) REs shall capture the KYC information for sharing with the CKYCR in the manner mentioned in the Rules, as required by the revised KYC templates prepared for individuals and Legal Entities as the case may be. Government of India has authorised the Central Registry of Securitisation Asset Reconstr .....

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RSAI in terms of the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. SCBs are, however, allowed time upto February 1, 2017 for uploading date in respect of accounts opened during January 2017. REs other than SCBs shall upload the KYC data pertaining to all new individual accounts opened on or after from April 1, 2017 with CERSAI in terms of the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. Operational Guidelines (ver .....

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r complying with the reporting requirements: (a) Register on the related e-filling portal of Income Tax Department as Reporting Financial Institutions at the link https://incometaxindiaefiling.gov.in/ post login -> My Account -> Register as Reporting Financial Institution, (b) Submit online reports by using the digital signature of the Designated Director by either uploading the Form 61B or NIL report, for which, the schema prepared by Central Board of Direct Taxes (CBDT) shall be referred .....

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audit for the IT framework and compliance with Rules 114F, 114G and 114H of Income Tax Rules. (e) Constitute a High Level Monitoring Committee under the Designated Director or any other equivalent functionary to ensure compliance. (f) Ensure compliance with updated instructions/ rules/ guidance notes/ Press releases/ issued on the subject by Central Board of Direct Taxes (CBDT) from time to time and available on the web site http://www.incometaxindia.gov.in/Pages/default.aspx. REs may take note .....

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minimise the operations of Money Mules which are used to launder the proceeds of fraud schemes (e.g., phishing and identity theft) by criminals who gain illegal access to deposit accounts by recruiting third parties which act as money mules. If it is established that an account opened and operated is that of a Money Mule, it shall be deemed that the bank has not complied with these directions. 61. Collection of Account Payee Cheques Account payee cheques for any person other than the payee const .....

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. (b) The banks/NBFCs shall, at their option, not issue UCIC to all walk-in/occasional customers such as buyers of pre-paid instruments/purchasers of third party products provided it is ensured that there is adequate mechanism to identify such walk-in customers who have frequent transactions with them and ensure that they are allotted UCIC. 63. Introduction of New Technologies - Credit Cards/Debit Cards/ Smart Cards/Gift Cards/Mobile Wallet/ Net Banking/ Mobile Banking/RTGS/ NEFT/ECS/IMPS etc. A .....

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ded by the Chairman/CEO/MD to lay down parameters for approving correspondent banking relationships subject to the following conditions: Sufficient information in relation to the nature of business of the bank including information on management, major business activities, level of AML/CFT compliance, purpose of opening the account, identity of any third party entities that will use the correspondent banking services, and regulatory/supervisory framework in the bank s home country shall be gathe .....

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respondent bank shall ensure that the respondent bank is able to provide the relevant customer identification data immediately on request. Correspondent relationship shall not be entered into with a shell bank. It shall be ensured that the correspondent banks do not permit their accounts to be used by shell banks. Banks shall be cautious with correspondent banks located in jurisdictions which have strategic deficiencies or have not made sufficient progress in implementation of FATF Recommendatio .....

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rence number, as prevalent in the country concerned in the absence of account. Exception: Interbank transfers and settlements where both the originator and beneficiary are banks or financial institutions shall be exempt from the above requirements. Domestic wire transfers of rupees fifty thousand and above shall be accompanied by originator information such as name, address and account number. Customer Identification shall be made if a customer is intentionally structuring wire transfer below ru .....

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he transfer. The receiving intermediary bank shall transfer full originator information accompanying a cross-border wire transfer and preserve the same for at least five years if the same cannot be sent with a related domestic wire transfer, due to technical limitations. All the information on the originator of wire transfers shall be immediately made available to appropriate law enforcement and/or prosecutorial authorities on receiving such requests. Effective risk-based procedures to identify .....

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sue and Payment of Demand Drafts, etc., Any remittance of funds by way of demand draft, mail/telegraphic transfer/NEFT/IMPS or any other mode and issue of travellers cheques for value of rupees fifty thousand and above shall be effected by debit to the customer s account or against cheques and not against cash payment. 67. Quoting of PAN Permanent account number (PAN) of customers shall be obtained and verified while undertaking transactions as per the provisions of Income Tax Rule 114B applicab .....

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etails of sale of third party products and related records shall be maintained as prescribed in Chapter VII Section 46. (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 products with customers including walk-in customers shall be available. (d) transactions involving rupees fifty thousand and above shall be undertaken only by: debit to customers account or against cheques; and obtaining and .....

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ing credit risk and reputational risk arising therefrom. (b) The right to verify the records maintained by the customer cooperative banks/ societies for compliance with the extant instructions on KYC and AML under such arrangements shall be retained by banks. (c) Cooperative Banks shall: i. ensure that the at par cheque facility is utilised only: for their own use, for their account-holders who are KYC complaint, provided that all transactions of rupees fifty thousand or more are strictly by deb .....

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d account payee irrespective of the amount involved. 70. Issuance of Prepaid Payment Instruments (PPIs): PPI issuers shall ensure that the instructions issued by Department of Payment and Settlement System of Reserve Bank of India through their Master Direction are strictly adhered to. 71. Hiring of Employees and Employee training Adequate screening mechanism as an integral part of their personnel recruitment/hiring process shall be put in place. On-going employee training programme shall be put .....

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Customer (KYC) guidelines by NBFCs/RNBCs and persons authorised by NBFCs/RNBCs including brokers/agents etc. Persons authorised by NBFCs/ RNBCs for collecting the deposits and their brokers/agents or the like, shall be fully compliant with the KYC guidelines applicable to NBFCs/RNBCs. All information shall be made available to the Reserve Bank of India to verify the compliance with the KYC guidelines and accept full consequences of any violation by the persons authorised by NBFCs/RNBCs including .....

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knowledgements given under the above circulars shall be deemed as given under these directions. 75. All the repealed circulars are deemed to have been in force prior to the coming into effect of these directions. Annex I Government Order on Procedure for Implementation of Section 51A of The Unlawful Activities (Prevention) Act, 1967 File No.17015/10/2002-IS-VI Government of India Ministry of Home Affairs Internal Security - I Division New Delhi, Dated 27th August, 2009 To, 1. Governor, Reserve B .....

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of all States / Union Territories Order Procedure for Implementation of Section 51A of The Unlawful Activities (Prevention) Act, 1967 The Unlawful Activities (Prevention) Act, 1967 (UAPA) was amended and notified on 31.12.2008, which, inter-alia, inserted Section 51A to the Act. Section 51A reads as under : "51A. For the prevention of, and for coping with terrorist activities, the Central Government shall have power to - (a) freeze, seize or attach funds and other financial assets or econom .....

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y 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 define "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. In order to expeditiously and effectively implement the provisions of Section 51A, the foll .....

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EBI, IRDA (hereinafter referred to as Regulators) shall appoint a UAPA nodal officer and communicate the name and contact details to the IS-I Division in MHA. (iii) The States and UTs should appoint a UAPA nodal officer preferably of the rank of the Principal Secretary / Secretary, Home Department and communicate the name and contact details to the IS-I Division in MHA. (iv) The IS-I Division in MHA would maintain the consolidated list of all UAPA nodal officers and forward the list to all other .....

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ficers to be circulated to the nodal officers of Ministry of External Affairs, Department of Economic affairs, Foreigners Division of MHA, RBI, SEBI, IRDA and FIU-IND. Communication of the List of Designated Individuals / Entities 3. As regards communication of the list of designated individuals / entities - (i) The Ministry of External Affairs shall update the list of individuals and entities subject to UN sanction measures on a regular basis. On any revision, the Ministry of External Affairs w .....

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HA would forward the designated lists to the immigration authorities and security agencies. Regarding Funds, Financial Assets or Economic Resources or related Services held in the Form of Bank Accounts, Stocks or Insurance Policies etc. 4. As regards funds, financial assets or economic resources or related services held in the form of bank accounts, stocks or Insurance policies etc., the Regulators would forward the designated lists to the banks, stock exchanges / depositories, intermediaries re .....

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ny funds, financial assets or economic resources or related services held in the form of bank accounts, stocks or Insurance policies etc., with them. (ii) In case, the particulars of any of their customers match with the particulars of designated individuals / entities, the banks, stock exchanges / depositories, intermediaries regulated by SEBI and insurance companies shall immediately, not later than 24 hours from the time of finding out such customer, inform full particulars of the funds, fina .....

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hall also send a copy of the communication mentioned in (ii) above to the UAPA nodal officer of the state / UT where the account is held and Regulators and FIU-IND, as the case may be. (iv) In case, the match of any of the customers with the particulars of designated individuals / entities is beyond doubt, the banks, stock exchanges / depositories, intermediaries regulated by SEBI and insurance companies would prevent designated persons from conducting financial transactions, under intimation to .....

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as per the prescribed format. 5. On receipt of the particulars referred to in paragraph 3 (ii) above, IS-I Division of MHA would cause a verification to be conducted by the State Police and / or the Central Agencies so as to ensure that the individuals / entities identified by the Banks, stock exchanges / depositories, intermediaries regulated by SEBI and Insurance Companies are the ones listed as designated individuals / entities and the funds, financial assets or economic resources or related .....

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51A of the UAPA would be issued within 24 hours of such verification and conveyed electronically to the concerned bank branch, depository, branch of insurance company branch under intimation to respective Regulators and FlU-IND. The UAPA nodal officer of IS-I Division of MHA shall also forward a copy thereof to all the Principal Secretary / Secretary, Home Department of the States or UTs, so that any individual or entity may be prohibited from making any funds, financial assets or economic resou .....

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individuals / entities. Regarding Financial Assets or Economic Resources of the Nature of Immovable Properties 7. IS-I Division of MHA would electronically forward the designated lists to the UAPA nodal officer of all States and UTs with the request to have the names of the designated individuals / entities, on the given parameters, verified from the records of the office of the Registrar performing the work of registration of immovable properties in their respective jurisdiction. 8. In case, th .....

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hours at Fax No.011-23092569 and also convey over telephone on 011-23092736. The particulars apart from being sent by post would necessarily be conveyed on e-mail id :jsis@nic.in. 9. The UAPA nodal officer of the state / UT may cause such inquiry to be conducted by the State Police so as to ensure that the particulars sent by the Registrar performing the work of registering immovable properties are indeed of these designated individuals / entities. This verification would be completed within a .....

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necessarily be conveyed on e-mail id :jsis@nic.in. MHA may have the verification also conducted by the Central Agencies. This verification would be completed within a maximum of 5 working days. 11. In case, the results of the verification indicate that the particulars match with those of designated individuals / entities, an order under section 51A of the UAPA would be issued within 24 hours, by the nodal officer of IS-I Division of MHA and conveyed to the concerned Registrar performing the wor .....

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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 coming to his notice, transactions and attempts by third party immediately bring to the notice of the DGP / Commissioner of Police of the State / UT for also initiating action under the provisions of Unlawful Activities (Prevention) Act. Implementation of Requests Received from Foreign Countries unde .....

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generated from property owned or controlled, directly or indirectly, by such persons and associated persons and entities. Each individual country has the authority to designate the persons and entities that should have their funds or other assets frozen. Additionally, to ensure that effective cooperation is developed among countries, countries should examine and give effect to, if appropriate, the actions initiated under the freezing mechanisms of other countries. 14. To give effect to the reque .....

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signation is supported by reasonable grounds, or a reasonable basis, to suspect or believe that the proposed designee is a terrorist, one who finances terrorism or a terrorist organization, and upon his satisfaction, request would be electronically forwarded to the nodal officers in Regulators, FIU-IND and to the nodal officers of the States / UTs. The proposed designee, as mentioned above would be treated as designated individuals / entities. 16. Upon receipt of the requests by these nodal offi .....

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vidence to prove that the freezing of funds, financial assets or economic resources or related services, owned / held by them has been inadvertently frozen, they shall move an application giving the requisite evidence, in writing, to the concerned bank, stock exchanges / depositories, intermediaries regulated by SEBI, insurance companies, Registrar of Immovable Properties and the State / UT nodal officers. 18. The banks, stock exchanges / depositories, intermediaries regulated by SEBI, insurance .....

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the nodal officer for IS-I Division of MHA shall cause such verification as may be required on the basis of the evidence furnished by the individual / entity and if he is satisfied, he shall pass an order, within 15 working days, unfreezing the funds, financial assets or economic resources or related services, owned / held by such applicant, under intimation to the concerned bank, stock exchanges / depositories, intermediaries regulated by SEBI, insurance company and the nodal officers of States .....

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s regulated by SEBI, insurance companies through respective Regulators, and to all the Registrars performing the work of registering immovable properties, through the state / UT nodal officer by IS-I Division of MHA. Regarding Prevention of Entry into or Transit through India 21. As regards prevention of entry into or transit through India of the designated individuals, the Foreigners Division of MHA, shall forward the designated lists to the immigration authorities and security agencies with a .....

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sion and Foreigners Division of MHA shall furnish the details of funds, financial assets or economic resources or related services of designated individuals / entities frozen by an order, and details of the individuals whose entry into India or transit through India was prevented, respectively, to the Ministry of External Affairs for onward communication to the United Nations. 24. All concerned are requested to ensure strict compliance of this order. (D. Diptivilasa) Joint Secretary to Governmen .....

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d Mandatory Mandatory Mandatory Financial Data Exempted * Exempted * Mandatory SEBI Registration Certificate Mandatory Mandatory Mandatory Board Resolution@@ Exempted * Mandatory Mandatory Senior Management (Whole Time Directors/ Partners/ Trustees/ etc.) List Mandatory Mandatory Mandatory Proof of Identity Exempted * Exempted * Entity declares* on letter head full name, nationality, date of birth or submits photo identity proof Proof of Address Exempted * Exempted * Declaration on Letter Head * .....

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atory (can declare no UBO over 25% ) Mandatory Proof of Identity Exempted * Exempted * Mandatory Proof of Address Exempted * Exempted * Declaration on Letter Head * Photographs Exempted Exempted Exempted * * Not required while opening the bank account. However, FPIs concerned may submit an undertaking that upon demand by Regulators/Law Enforcement Agencies the relative document/s would be submitted to the bank. @@ FPIs from certain jurisdictions where the practice of passing Board Resolution for .....

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mpanies, 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, .....

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BOD.No.GC.BC.46/17.04.001 April 22, 1994 8 DBOD.BP.BC.106/21.01.001/94 September 23,1994 9 DBOD.BP.BC.102/21.01.001/95 September 20, 1995 10 DBOD.BP.BC.42/21.01.001/96 April 6, 1996 11 DBOD.No.BP.BC.12/21.01.023/98 February 11, 1998 12 DBOD.BP.52/21.01.001/2001-02 December 5, 2001 13 DBOD.AML.BC.89/14.01.001/2001-02 April 15, 2002 14 DBOD.AML.BC.No.102/14.01.001/2001-02 May 10, 2002 15 DBOD.AML.BC.18/14.01.001/2002-03 August 16, 2002 16 DBOD.NO.AML.BC.58/14.01.001/2004-05 November 29, 2004 17 DB .....

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OD.AML.BC.No.68/14.01.001/2009-10 January 12, 2010 27 DBOD.AML.BC.No.80/14.01.001/2009-10 March 26, 2010 28 DBOD.AML.BC.No.95/14.01.001/2009-10 April 23, 2010 29 DBOD.AML.BC.No.108/14.01.001/2009-10 June 9, 2010 30 DBOD.AML.BC.No.109/14.01.001/2009-10 June 10, 2010 31 DBOD.AML.BC.No.111/14.01.001/2009-10 June 15, 2010 32 DBOD.AML.BC.No.113/14.01.001/2009-10 June 29, 2010 33 DBOD.AML.BC.No.38/14.01.001/2010-11 August 31, 2010 34 DBOD.AML.BC.No.50/14.01.001/2010-11 October 26, 2010 35 DBOD.AML.BC. .....

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4 DBOD. AML.BC. No 110/14.01.001/2011-12 June 08, 2012 45 DBOD.AML.BC. No. 39/14.01.001/2012-13 September 7, 2012 46 DBOD.AML.BC. No.49/14.01.001/2012-13 September 7, 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 .....

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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.AML.BC.No.77/14.01.001/2014-15 March 13, 2015 68 DBR.AML. BC. No.104/ 14.01.001/ 2014-15 June 11, 2015 69 DBR.AML.BC.No.36/14.01.001/2015-16 August 28, 2015 70 DBR. AML.BC. No.46/14.01.001/2015-16 .....

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ril 7, 2014 80 UBD.BPD.(PCB).Cir.No.50/14.01.062/2013-14 March 6, 2014 81 UBD.BPD.(PCB).Cir.No.48/14.01.062/2013-14 February 18, 2014 82 UBD.BPD.(PCB).Cir.No.32/14.01.062/2013-14 October 22, 2013 83 UBD.BPD.(PCB).Cir.No.15/14.01.062/2013-14 September 17, 2013 84 UBD.BPD(AD).Cir.No.4/14.01.062/2013-14 September 10, 2013 85 UBD.BPD.(PCB).Cir.No.11/14.01.062/2013-14 September 05, 2013 86 UBD.BPD.(PCB).Cir.No.2/14.01.062/2013-14 July 31, 2013 87 UBD.BPD(PCB)Cir.No.54/14.01.062/2012-13 June 6, 2013 8 .....

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5.001/2011-12 March 5, 2012 97 UBD.BPD.(PCB).Cir.No.20/14.01.062/ 2011-12 March 01, 2012 98 UBD.CO.BPD.No.10/12.05.001/2011-12 November 09, 2011 99 UBD.BPD.PCB.No.8/12.05.001/2011-12 November 9, 2011 100 UBD.CO.BPD.(PCB).Cir.No.9/ 14.01.062/2010-11 May 2, 2011 101 UBD.CO.BPD.(PCB).Cir.No.8/ 14.01.062/2010-11 May 2, 2011 102 UBD.CO.BPD.(PCB).Cir.No.7/14.01.062/2010-11 March 17, 2011 103 UBD.CO.BPD.(PCB)Cir.No.6/14.01.062/2010-11 March 17, 2011 104 UBD.BPD (PCB) No.38/12.05.001/2010-11 March 15, 2 .....

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o.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.N .....

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05-06 August 23, 2005 130 UBD.PCB.Cir.No.6/09.161.00/2005-06 August 03, 2005 131 UBD.PCB.Cir. 30/09.161.00/2004-05 December 15, 2004 132 UBD.BPD.PCB.Cir.02/09.161.00/2004-05 July 09, 2004 133 UBD.BPD.PCB.Cir.48/09.161.00/2003-04 May 29, 2004 134 UBD.No.BPD.PCB.Cir.41/09.161.00/2003-04 March 26, 2004 135 UBD.No.DS.PCB.Cir.17/13.01.00/2002-03 September 18, 2002 136 RPCD.RRB.RCB.AML.BC.No.112/07.51.018/2013-14 June 16, 2014 137 RPCD.RRB.RCB.AML.BC.No.111/07.51.018/2013-14 June 12, 2014 138 RPCD.RRB .....

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3 146 RPCD.RCB.RRB.AML.BC.No.76/07.51.018/2012-13 June 4, 2013 147 RPCD.RCB.RRB.AML.BC.No.71/07.51.018/2012-13 April 1, 2013 148 RPCD.RRB.RCB.BC.No.63/07.51.018/2012-13 30.01.2013 149 RPCD.RRB.RCB.BC.No.59/07.51.018/2012-13 January 22, 2013 150 RPCD.CO.RRB.RCB.AML.No.6097/7.51.018/2012-13 December 13, 2012 151 RPCD.CO.RRB.RCB.AML.BC.No.36/03.05.33(E)/2012-13 October 15, 2012 152 RPCD.CO.RRB.RCB.AML.BC.No.29/03.05.33(E)/2012-13 September 18, 2012 153 RPCD.CO.RRB.RCB.AML.BC.No.82/03.05.33(E)/2011- .....

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3/07.40.00/2011-12 October 17.10.2011 162 RPCD.CO.RRB.AML.BC.No.21/03.05.33(E)/2011-12 October 13.10.2011 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. .....

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CD.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 21, 2010 180 RPCD.CO.RF.AML.BC.No.84/07.40.00/2009-10 May 14, 2010 181 RPCD.CO.RF.AML.BC.No.83/07.40.00/2009-10 May 12, 2010 182 RPCD.CO.RRB.AML.No.67/03.05.33(E)/2009-10 April 9, 2010 183 RPCD.CO.RF.AML.BC.No.83/07.40.00/2009-10 March 3, 2010 184 RPCD.CO.RRB.No.39/03.05.33(E)/2009-10 November 5, 2009 185 RPCD.CO.RF.AML.BC.No.34/ .....

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.00/2006-07 May 18, 2007 194 RPCD.CO.RRB.AML.BC.68/03.05.33(E)/2005-06 March 9, 2006 195 RPCD.CO.RF.AML.BC.No.65/07.40.00/2005-06 March 3, 2006 196 RPCD.No.RRB.BC.33/03.05.33(E)/2005-06 August 23, 2005 197 RPCD.RF.AML.BC.No.30/07.40.00/2005-06 August 23, 2005 198 RPCD.AML.BC.No.80/07.40.00/2004-05 February 18, 2005 199 RPCD.No.RRB.BC.81/03.05.33 (E)/2004-05 February 18, 2005 200 DNBS (PD) CC.No.46/02.02(RNBC)/2004-05 December 30, 2004 201 DNBS(PD). CC 48/10.42/2004-05 February 21, 2005 202 DNBS( .....

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4, 2010 211 DNBS(PD).CC.No209/03.10.42/2010- 11 January 28, 2011 212 DNBS(PD).CC.No210/03.10.42/2010-11 February 14, 2011 213 DNBS.(PD)CCNo212/03.10.42/2010-11 March 8.3. 2011 214 DNBS(PD).CC. No.216/03.10.42/2010-11 May 2, 2011 215 DNBS(PD).CC.No218/03.10.42/2010-11 May 4, 2011 216 DNBS.(PD)CC No215/03.10.42/2010-11 April 5, 2011 217 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 Dec .....

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