In May 2021, RBI had informed banks and other regulated entities that, in respect of customer accounts where periodic updation of KYC is due and pending as on date, no restriction on operation of such account till December 31, 2021 Will go Because of this alone. The exception was for necessary action under the directions of any regulatory/enforcement agency/court.
The waiver was granted after several customers complained that their accounts were being forced to visit the branch amid a second wave of threats threatening to freeze them. The banks had said that they were not left with any option as the law requires them to update records with new identity and address proofs from time to time.
The relaxation is timely as industry executives said the action was likely, at any point, to have hundreds of customers whose KYC validity is expiring. The requirement to update KYC norms is enforced by regulators globally and is part of anti-money laundering initiatives. Entities that comply with KYC norms include finance companies, mutual funds, broking houses and depositories.
The regularity with which customers are required to update their records depends on how their accounts are classified by their banks. For customers in low risk accounts, KYC needs to be updated once in every 10 years. However, those classified as high risk will have to update their account once every two years. In addition, new KYC updates are required to unfreeze or reactivate inactive and inactive accounts as well.
Center has also extended the date of annual filing GST Returns by business for 2020-21 for two months up to February 28. “The due date for submission of annual return in the form of self-attested reconciliation details in GSTR-9 and Form GSTR-9C for the financial year 2020-21 has been extended from December 31, 2021 to February 28, 2022,” Central Board of Indirect Taxes and Customs said on micro-blogging site Twitter.
In another relief for subscribers, retirement fund body Employees’ Provident Fund Organization (EPFO) has said that members can now file their nominations beyond the December 31 deadline. The EPFO has not announced the new deadline but urged members to file their nominations.
There has been a demand to extend the deadline for filing income tax returns from December 31, but tax department So far and urging the taxpayers to file their returns immediately.
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