Mumbai / New Delhi: Authority has extended the deadline raft, quoting uncertainty triggered by a new Covid variant.
Reserve Bank of India (RBI) has been extended three months until March 2022 restrictions on banks and supervising companies that freeze customers for KYC’s desires (recognize your customers).
RBI said it expanded this relaxation due to uncertainty that was common because of the omicron variant.
In May 2021, the RBI had told other regulated banks and entities that, in connection with customer accounts where KYC periodic updates matured and delayed at this time, no restrictions on the operation of the account would be applied until 31 December 2021 for this reason alone.
Exceptions are for an action that is guaranteed based on instructions from each regulator / law enforcement agency / law court.
Relaxation was given after several customers complained that they were forced to visit branches in the middle of the second wave under the threat of their accounts frozen.
The bank said that they had no choice because laws required them to update notes regularly with fresh identity and proof of address.
Relaxation on time when industrial officials say that there is a possibility of many actions, at some point, there are hundreds of customers who are validity of KYC expiration.
The requirements for updating Norma KYC are applied by regulators globally and are part of the anti-money laundering initiative.
Entities that must follow KYC norms include financing companies, mutual funds, home and deposit intermediaries.
The order with the customer must update their records depending on how their account is classified by their bank.
For customers in low risk accounts, KYC needs to be updated every 10 years.
However, those who are classified as high risk need to update their account every two years.
In addition, an inactive and inactive account also requires a fresh KYC update to revoke or reactivate them.
Although there are several options now for an entity set to comply with KYC norms (KYC videos, sharing documents via DigiLocker), many are still not fulfilling.
This center has also extended the date to submit an annual GST return based on business for 2020-21 by two months to 28 February.
“The due date for annual returns in the GSTR-9 form & self-certified reconciliation statement in the GSTR-9C form.
For the financial year 2020-21 has been extended from December 31, 2021 to 28 February 2022,” the Council of the Tax Center is indirect and the habit of saying at Micro Blogging Twitter site.
In another relief for customers, the Providential Fund Organization of Pension Body Funds (EPFO) said that members can now fill their nominations outside the December 31 deadline.
Epfo has not announced a new deadline but has urged their members to submit their nominations.
There are demands to extend the deadline for submitting a return on income tax exceeding December 31, but the tax department has so far not relented and has urged taxpayers to immediately submit their return.