Is it mandatory for existing bank account holders to submit KYC (know your customer) forms? Can a bank debar a holder from operating an account without any notice for non-complying with the KYC formalities?
Anupam Sett, Calcutta
KYC has now been made mandatory not only for opening a bank account, but also for opening an account in a post office, buying insurance policies and so on to curb menaces such as money laundering and terrorist financing. Why are you averse to giving documents that verify your personal identity and residence proof? It is important because a bank passbook can now be considered KYC compliant document. So, give your KYC documents to the bank for your own benefit. However, a bank should give its customers a few days time to submit their KYC documents and update their identification particulars with the bank. Without a notice period, a bank cannot stop you from operating an account. If that happens, please contact the branch manager. If your complaint is not addressed, approach the banking ombudsman at the Reserve Bank's regional office.
I am a senior citizen. I invested Rs 20,000 in LandT Infrastructure Finance Company's infrastructure bonds for tax benefit. I had applied for 20 bonds. But I have not yet received any bond certificate nor any response from the company though my cheque (number 080916, dated October 21, 2010), drawn on United Bank of India's Barisha branch, was encashed on October 30, 2010. I had also sent a letter to the issue registrar, Sharepro Services (India) Private Ltd, on August 8, 2011. I have not yet got any reply to the letter. What should I do?
G B Banik, Barisha
On the application acknowledgement slip, you will find the contact details of the company secretary and compliance officer of LandT Infrastructure Finance Company. Write a mail (you can also send an e-mail) and follow up with a telephone call. If nothing happens even then, complain at the Sebi office in Camac Street (British Council building).
If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001.
