DelhiDesk The Indian government has made it mandatory for individuals investing over INR 10 lakh ($13,500) in post office deposit schemes to provide proof of income source. The Department of Posts has issued a circular stating that customers will be classified based on the risk involved. High-risk customers will have to disclose the source of funds invested in addition to following know-your-customer and Prevention of Money Laundering Act requirements. The government has taken this step to prevent misuse for terrorist financing and money laundering activities.
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Here is the news bullets sorted by DelhiBreakings.com team.
– Post office deposit schemes now require mentioning source of income for deposits over Rs 10 lakh
– Government has made this system mandatory to prevent misuse for terrorist financing/money laundering activities
– Department of Posts has directed officers to take income proof from investors of small savings schemes
– Customers classified into low, medium, and high risk categories based on amount of investment
– High risk customers must disclose source of funds being invested along with KYC norms
– Customers must provide proof of income through bank/post office account details, income tax returns, or relevant documents
– Changes in post office schemes and new schemes being launched
– Increased interest rates in some post office schemes
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