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Did you know?
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First Published: Thu, Dec 23 2010. 08 56 PM IST
Updated: Thu, Dec 23 2010. 08 56 PM IST
Effective 1 January 2011, you will need to comply with the know-your-customer (KYC) norms before you invest in a mutual funds (MF), irrespective of the amount. Earlier, you were required to be KYC-compliant only if you invested more than Rs 50,000.
WHAT IS KYC?
KYC norms are required under the Prevention of Money Laundering Act to keep a check on the legality of funds used for investment. Money laundering means converting illegal or “black” money into legitimate currency through various channels. KYC is done to prevent money laundering as key documents and details such as bank details, permanent account number (PAN) card, residence proof are captured by way of the KYC process to ensure that the investor is genuine and can be traced if need be.
HOW TO GET KYC DONE?
You can download the KYC form from websites of either the Association of Mutual Fund of India, or Amfi, MF industry’s trade body, (www.amfiindia.com) or from that of your fund house or any of the point of sale (POS) terminals that Amfi has appointed throughout the country. Amfi’s website has a list of POS terminals in your city.
Attach a self-certified copy of your PAN card and an address proof such as your telephone or electricity bills along with your KYC form and submit them to your nearest POS. Don’t forget to show your original PAN card at the POS; they’ll give it back to you instantly after verifying it with its copy. The POS will give you an acknowledgment across the counter on the same day.
Every time you invest in an MF, you need to submit a copy of this KYC acknowledgement, except in a systematic investment plan where you submit it only once—at the time of submitting your application form and not with every instalment. You may not submit a copy of your PAN card because once you are KYC-compliant, it is understood that you have a PAN card.
HOW TO CHECK
Visit www.cvlindia.com and click on “inquiry on KYC”. A small window will pop up on your screen that will ask for your PAN card number. Fill it up and submit it. If your KYC is approved, you will get a notification on the screen saying so. You need to take a printout of it as proof.
—Kayezad E. Adajania
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First Published: Thu, Dec 23 2010. 08 56 PM IST
More Topics: Mutual funds | KYC | PAN Card | POS | Money Matters |