The Reserve Bank of India (RBI) through its recent circular (Ref. no. DBR.AML.BC.48/14.01.01/2016-17) dated December 15, 2016 has informed all Banks to disallow debit transactions in accounts where PAN or Form 60 (in terms of Rule 114B of the Income Tax Rules) have not been provided. The Reserve Bank of India has also clearly mentioned that the periodic updation for every customer should be done. KYC means 'Know Your Customer'. It is a process by which banks obtain information about the identity and address of the customer.
NRI Accounts
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