Kyc Related Parties: Fill & Download for Free

Savings Bank and Current Account deposit accounts by nature are demand deposit accounts. When there are no transactions in the relative Current / Savings Bank account whether debit or credit induced by the customer or induced by a third party, for over a period of two years, other than the transactions by way of debit of applicable bank charges or credit of periodical interest by the Bank, the account is identified as Inoperative Account for the purpose of monitoring and close supervision.An Inoperative Account becomes Active/ Operative only when a debit transaction induced by the customer or by a third party is done manually. Prior to this, Bank ensures whether the account is KYC compliant or Non-KYC compliant.In case of KYC compliant accounts, Bank has to observe as to the customer’s authority for the first debit to an Inoperative Account. However, in case of a KYC Non- Compliant Inoperative Account, the account is activated only after obtaining fresh KYC documents.

There are various copycat apps which broker mortgages, insurance, crowd-funding, payments and remittance but they are not innovative.Of the two fintech platforms which I consider original, one is the digital payment on WeChat in China which is Whatsapp, Facebook, Uber, Amazon, PayPal, Apple Pay and Google all integrated into a a single mobile app.The payment part of the platform allows peer to peer payments and has replaced currency. One can pay for a bowl of noodles from a street vendor and express appreciation to a street busker by just scanning their QR code on Wechat and transfer payment and receive confirmation instantaneously. Or split a cab fare or dinner bill among friends. Between it and Ant Financial which is Alibaba’s payment platform, they transacted $5.5 trillion in total last year, fifty times the total e-payments in the USA and are scheduled to surpass Visa and Mastercard put together next year. They are the defacto consumer banks in China. It is the break neck speed of adoption and the integration of digital payment with other mobile apps that is fast changing the financial architecture of China into a mobile digital architecture that is leap frogging the US and EU.The other original fintech/regtech company is Datarama.com which provides business intelligence on companies and individuals in emerging markets. It uses web crawlers and. artificial intelligence to gather information in markets which are opaque and displays it on a fascinating map which lists shareholders, officers, subsidiaries, associates, customers and suppliers for each subject, out to five degrees of separation. Criminal and political affiliations, litigation etc are also provided. They even compute a reputation index for each company. It is a tool for KYC, AML, anti-terrorist checks, for suitability of local companies as business partners, for due diligence, investigation of hidden vested interest and related party conflicts of interest, for networks of influences as well as for understanding the repercussions of events on one party and how it may ripple through their network of relationships.Legal agreements often mean little and cannot be enforced effectively outside OECD countries. For the majority of countries in the world, the behavior and reputation of a company is all that stands between a good partnership or getting cheated. So having this amount of information on companies and individuals is critical to the assessment of the risk of doing business with them.[For full disclosure my employer is a seed investor in Datarama and we are also subscribers to its service. I use it frequently for my M&A practice.]

“And so it begins!”Before the last elections, this was their piece — Narendra Modi, a man with a massacre on his hands, is not the reasonable choice for IndiaThere are so many holes in this narrative that I am reminded of a really bad Harry Potter pun.It starts off by terming the Indian economy “spluttering”.Which is obviously an outright lie.India's Economy On Track To Beat China (Apr 2018)India's GDP grows at 8.2 per cent in 2018-19 Q1 (Aug 2018)This is the story of India's GDP growth (Apr 2018)India continues on its remarkable economic growth journey (Jan 2019)It then delves into a more caustic representation of India, labeling BJP as the “political wing of Hindu nationalism, a movement that is changing India for the worse”. The party stands for “flagrant social dominance” it says, citing this article from the lovely Print.The article claims that BJP has 65%+ Hindu upper-caste representatives.They claim to have studied “752 of the party’s district presidents across 24 states” but clarify that “The northeastern states, barring Assam and Tripura, are primarily tribal-dominated, and the BJP hierarchy reflects this social composition. Hence, they’ve been left out of this analysis.” That’s convenient.Convenient_count=1Also, it adds “Muslims, Buddhists and Christians have been included as minorities. Sikhs have not been classified as minorities as most of the community’s representatives in the BJP are in its Punjab unit, where they are not a minority.”Convenient_count=2A 2015 article[1][1][1][1] from Indian Express found that this underrepresentation of the minorities is not exclusive to BJP.In 2009, 44 per cent of Congress MPs from the Hindi belt came from the upper castes, and 57 per cent in 2014. The fewer MPs the Congress has, the higher the proportion of upper caste among them.The BJP’s case is the most interesting. The party has never had less that 40 per cent of its Hindi belt MPs coming from the upper castes. This proportion rose to 58.5 per cent in 2009. It dropped by 11 percentage points in 2014 to 47.5 per cent, but remained above the average.But who cares about facts?The Guardian piece then talks about Amit Shah’s comment calling Bangladeshi immigrant Muslims “termites”. But obviously, they forgot the first two words. (“On the campaign trail Muslims were denigrated as “termites” by Mr Modi’s right-hand man.”)Convenient_count=3Then it talks about cow lynchings (obviously). The article it links is one from Human Rights Watch[2][2][2][2] that based its analysis on data from Indiaspend, an utterly biased piece of shit that has been thoroughly decimated by journalist Swati Goel.She tried to get answers from the author of the article but was duly ignored.Since you hv said that "the data shows that Muslims are overwhelmingly the victims and Hindus the perpetrators of the cases reported", it becomes imp to note what cases @IndiaSpend is picking & what's it's leaving out. Why wud a trust a tracker that picks data selectively?— Swati Goel Sharma (@swati_gs) November 1, 2018The same Hate Tracker maintained by India Spend has been quoted by Rahul Gandhi, INC, and dozens of International Media Outlets to claim that Muslims are being oppressed in India and that Hate Crimes are increasing at an alarming rate.The tracker claims that of 57% of hate crimes are committed by Hindus, 11% by Muslims, and 32% by others. It also claims that the victims of the same are 59% Muslims.However, journalist Swati Goel analysed the dataset[3][3][3][3] and compiled a list of cases conveniently left out by IndiaSpend for the first 6 months of 2018 shows that this is pure propaganda.For example, in Jan 2018, IndiaSpend reported 15 cases:Perpetrators: Not known (5), Hindu (8), Muslims (4) - essentially meaning, perpetrators in ~50% cases were HindusVictims: Muslim (8), Hindu (5), Christians (2), Not known (1) - essentially meaning >50% victims were MuslimsHowever, Swati listed 12 cases that were simply left out:Perpetrators: Muslims (10), Not known (2)Victims: Hindus (9), Muslims (2), Not known (2)You combine both of them and get a more complete picture for Jan 2018.Total crimes: 27Perpetrators: Hindu (8), Muslim (14), Not Known (7)Victims: Muslim (10), Hindu (14), Christian (2), Not known (1)The picture completely flips.50% of the perpetrators are Muslims (and not Hindus). 50% of the victims are Hindus (not Muslims).Here’s a running tracker of cases that the Indian media conveniently ignores.With the bigoted Editor sacked & his pet Hate Tracker abandoned, had stopped updating this depressing thread on lynchings & mob violence ignored by the media, thinking the bigots had been shamed enough.It was a mistake. Media is teeming with such fiends. It's an assembly-line.— Anand Ranganathan (@ARanganathan72) December 8, 2017Then there is the hue about electoral bonds and increased opacity in the campaign financing. What the article fails to mention is that earlier one could donate upto 20,000 cash to political parties, but now the revised limit is 2000. Anything over that should be through electoral bonds which are anonymous. Except to the banks.[4][4][4][4] This makes the bonds less prone to laundering and anonymous donations than the previous system.You want to donate Rs.10,000 to the BJP? Just buy a bond worth that amount from the bank after having maintained a KYC compliant account and donate it to the party within 15 days.When the bond is encashed by the party, it doesn't know who donated that amount but rests assured that the money that reached it is white because it was bought via a KYC compliant account and the SBI has the details of the citizen or organization that bought it.So in terms of reducing the flow of black money in donations to political parties, this move is somewhat of a success. Somewhat, because money is not the only way in which parties are funded.But in terms of anonymity for the donor, electoral bonds are risky. Very risky.Why?See, earlier, you could donate up to Rs.20,000 to any political party by staying anonymous.But why is anonymity important you ask? Because when parties come to power, there is a tendency to punish corporates who give donations to the party on the other side.The earlier donation scheme though risk-prone to funneling and laundering of black money, provided great anonymity to donors. No matter how big of an amount they wanted to donate, they could do that by breaking it into multiples of Rs.20,000 and keeping themselves off the radar.But wait a minute. Didn't I just say at the beginning that electoral bonds are anonymous? Yes, I did.They are anonymous. Except to the banks.You buy the bonds with a KYC compliant account which means the bank knows exactly what and how much you bought. When the party of your choice enchashes it, the bank also knows to whom that money was sent to.Now, this is the SBI.It literally is owned by the government. It does not take a degree in economics to realize the fact that any government of the day could have easy access to the donors' names and the amount they donated and to which party they donated it to.Forget the government, even a skilled private investigator could pry out these details with relative ease.Fear of vindictive behavior from the government of the day would haunt donors and the end scenario would be such that electoral bonds would be lopsidedly in favor of the ruling government.Also, electoral bonds don’t get you any tax exemption or give you any kind of interest.For all of these reasons, I feel donors would rather donate money by breaking it into multiples of Rs.2000 and keep the safety of being anonymous than risk buying bonds that can easily be traced back to them.(courtesy Altaf Abdul Kalam)Convenient_count=4So, yeah. There’s that!Footnotes[1] The representation gap[1] The representation gap[1] The representation gap[1] The representation gap[2] Violent Cow Protection in India | Vigilante Groups Attack Minorities[2] Violent Cow Protection in India | Vigilante Groups Attack Minorities[2] Violent Cow Protection in India | Vigilante Groups Attack Minorities[2] Violent Cow Protection in India | Vigilante Groups Attack Minorities[3] Selective Data On Communal Violence In India: IndiaSpend, English Media Have A Lot To Answer For[3] Selective Data On Communal Violence In India: IndiaSpend, English Media Have A Lot To Answer For[3] Selective Data On Communal Violence In India: IndiaSpend, English Media Have A Lot To Answer For[3] Selective Data On Communal Violence In India: IndiaSpend, English Media Have A Lot To Answer For[4] Altaf Abdul Kalam's answer to What is the incentive for political donors to go for electoral bonds as opposed to cash donations?[4] Altaf Abdul Kalam's answer to What is the incentive for political donors to go for electoral bonds as opposed to cash donations?[4] Altaf Abdul Kalam's answer to What is the incentive for political donors to go for electoral bonds as opposed to cash donations?[4] Altaf Abdul Kalam's answer to What is the incentive for political donors to go for electoral bonds as opposed to cash donations?