Banking Co’s/ FIs to register the details of non-profit organization clients on DARPAN Portal of NITI Aayog

  • Blog|News|FEMA & Banking|
  • < 1 minute
  • By Taxmann
  • |
  • Last Updated on 10 March, 2023

DARPAN Portal

Notification No. S.O. 1074(E)., Dated 07.03.2023

The Ministry of Finance has notified an amendment in the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. As per the amended norms, a new clause ‘db’, defining ‘Politically Exposed Persons’ has been introduced in Rule 2(1).

“Politically Exposed Persons” (PEPs) are the individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States or Governments, senior politicians, senior government or judicial or military officers, senior executives of state-owned corporations and important political party officials;”

Further, the rules now require every Banking Company or Financial Institution to register the details of non-profit organisation client on the DARPAN Portal of NITI Aayog. Also, they must maintain such records for a period of 5 years after the business relationship between a client and a reporting entity has ended or the account has been closed, whichever is later.

Click Here To Read The Full Notification

Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.

Leave a Reply

Your email address will not be published. Required fields are marked *

Everything on Tax and Corporate Laws of India

To subscribe to our weekly newsletter please log in/register on Taxmann.com

Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied