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  1. Black money crackdown: How to open a bank account in different city; rules may change, what you must know

Black money crackdown: How to open a bank account in different city; rules may change, what you must know

Black money crackdown: For those of you planning to shift to a new city, here is the news you really must look into as the process may turn really difficult.

By: | New Delhi | Published: December 5, 2017 4:40 PM
Black money crackdown, bank account, aadhar, aadhaar link up with bank account, banks, rbi, central bank The requirement has been necessitated after a change in the anti-money laundering norms as notified by the Finance Ministry.

Black money crackdown: For those of you planning to shift to a new city, here is the news you really must look into as the process may turn really difficult. After moving to a new place, you will have to submit proof of your new address as is given in your IDs like passport, voter card or driving license, within three months of opening a bank account. The requirement has been necessitated after a change in the anti-money laundering norms as notified by the Finance Ministry that has made it compulsory to submit five specific documents as a proof of present address to a bank branch in order to open a new account.

Earlier on June 1, the revenue department issued a notification that five valid document including driving licence, passport, voter’s identity card, job card issued by NREGA, which is signed by an State government officer, letter issued by the National Population Registrar having name and address details which can be accepted by banks as proof of current address, a Hindu report stated.

The latest norms were created by amending Prevention of Money Laundering (Maintenance of Records) Rules, 2005, and is now known as Prevention of Money Laundering (Maintenance of Records), Second Amendment Rules, 2017.

However, considering that the norm may led to difficulties for those who change their cities frequently.the RBI is yet to come up with operational guidelines even six months after the notification. The normal practice is that the operational guidelines are issued within days after a notification is out.

In October, the RBI made it compulsory to link all bank accounts with Aadhaar. In its clarification, after some media reports suggested that the Supreme Court did not issue any such order to link Aadhaar with bank accounts, the central bank said in a statement, “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Official Gazette on June 1, 2017.”

In June, the government had made Aadhaar compulsory for opening bank accounts as also for for any financial transaction of Rs 50,000 or more.

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