Question
According to RBI’s KYC Directions, which account type can have relaxed identification requirements under specific circumstances?
Solution
Under RBI’s KYC Directions, "Small Accounts" can have relaxed KYC requirements, allowing individuals with limited documentation to open an account with certain restrictions on transaction limits and usage.
More Accounts Questions
- Under AS 6, which of the following cannot be considered a method of depreciation?
- Under the Liberalised Remittance Scheme (LRS), a resident individual can remit up to __________Â per financial year for permitted capital and current accou...
- Opening Stock               ₹ 2,00,000 Closing Stock                ₹ 2,20,000 Purchases during the year       ₹ 14,00...
- When an individual is unable to repay the overdraft availed from a bank, which type of risk is the bank primarily exposed to?
- What are the four generic business-level strategies that Porter identified?
- The accounting for 'Government Grants' is prescribed under:
- A company has Net Sales of ₹1,000 lakhs, Net Profit of ₹80 lakhs, Total Assets of ₹750 lakhs, and Equity of ₹250 lakhs. Calculate Return on Equity (ROE) u...
- Which statement is correct?
- U/s 208, it is obligatory for an assessee to pay advance tax where the tax payable is
- Forfeiture of shares occurs when a shareholder:
Relevant for Exams:
