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KYC procedure for opening of Bank Accounts for Foreign students studying in India

Foreign students arriving in India are facing difficulties in complying with the Know Your Customer (KYC) norms while opening a bank account due to non-availability of any proof of local address therefore it has been decided to lay down a procedure for opening accounts of foreign students who are not able to provide an immediate address proof while approaching a bank for opening bank account.

The Companies Act, 2013 has acquired assent by President of India on August 29, 2013.

The new Companies Bill has received President’s assent, that will make it into a law replacing the nearly six-decade old regulations that govern corporates in the country.

The Companies Bill 2013 received assent from the President Pranab Mukherjee on August 29 2013.

The new Bill, providing for sweeping changes in the way companies operate and are regulated in the country.

The draft rules, expected to be ready in two weeks, would be put out on the Ministry’s website. After this, stakeholders and general public, among others, would have up to 60 days to provide their comments.

Corporate Affairs Minister Sachin Pilot had earlier said the government plans to adopt a transparent and interactive process to finalise a detailed set of rules to be adopted under the new Companies Bill.

The new Bill requires companies to spend on social welfare activities, empowers investors against any frauds committed by promoters, encourages companies to have women directors, and seeks to bring in greater transparency in corporate governance matters.

It also provides about three dozen new definitions, including for terms such as frauds, promoters, turnover, small companies, associate companies and employee stock options.

Gift received by assessee on occasion of his daughter’s marriage won’t be exempt as the word individual appearing in proviso to sub-clause (vi) of sec. 56(2) relates to marriage of assessee and not of his daughter.

The High Court held as under:

1) Proviso to sec. 56(2)(vi) provides that gift received on the occasion of the marriage of an individual would be exempt from tax. There is no ambiguity in such proviso;

2) The expression “individual” appearing in proviso (b) to section 56(2)(vi) of the Act, is preceded by the word “marriage” and, therefore, relates to the marriage of the individual concerned, i.e., the assessee and not to the marriage of any other person related to him in whatsoever degree, whether as his daughter or son;

3) The expression “marriage of the individual” is unambiguous in its intent and does not admit of an interpretation, that it would include an amount received on the marriage of a daughter;

4) If the Legislature had intended that gifts received on the occasion of marriage of the assessee’s children would be exempted, nothing would prevent the Legislature from adding the words “or his children”, after the words “marriage of the individual”;

5) Thus, in view of unambiguous legislative intent appearing in the proviso, the addition made to the appellant’s income on account of gifts received on the occasion of his daughter’s marriage was to be affirmed – RAJINDER MOHAN LAL V. DY.CIT (2013) 36 250 (Punjab & Haryana)

Oral Tuition Classes

The contents on this page are meant for the Oral Tuition Batch of Group II Intermediate Stage of EIRC of ICSI. This is for reference of students of ICSI as mentioned earlier, and should not be printed, produced, reproduced for any other use. The content is provided in good faith, however there is no liability of the author whatsoever for a person acting on the basis of these contents.

  1. Schedule of classes
  2. Capital Market instruments
  3. Money market instruments
  4. ICDR Guidelines
  5. Draft Consolidated FDI Policy
  6. Listing Agreement Clauses
  7. Delisting Regulations
  8. Notes on Certain terms
  9. Clause 49 Corporate Governance