Bank KYC to Start Ask For Religion
According to the new FEMA Act amendments NRO accounts will be granted Hindus, Sikhs, Buddhists, Jains, Parsis or Christians from Pakistan, Bangladesh and Afghanistan. However, Muslim immigrants will n
Banks may soon start asking customers to tell which religion they belong to. What's the need for this? Many changes have been made to Foreign Exchange Management Act (FEMA). Now the FEMA Act allows immigrants in India of religions such as Hindus, Sikhs, Buddhists, Jains, Parsis or Christians from Pakistan, Bangladesh, or Afghanistan can now open Non-Resident Ordinary Rupee (NRO) accounts and purchase property in India.
An NRO account is a savings or current account held in India that helps NRIs manage income earned in India such as rent, dividends, or pension from abroad. The NRIs can deposit and manage their Rupee funds through an NRO account.Now Muslims can not use these benefits. Immigrants living in India from countries, such as Myanmar, Sri Lanka, and Tibet cannot use this as well.This why Banks will start asking people their religions in the 'Know-Your-Customer' (KYC) forms.The Finance Ministry said that the changed to FEMA were made by the Reserve Bank of India last year.
However, everyone was too focused on various financial problems which is why no one noticed. People are saying that for the first time a rule related to religion has been introduced in Banking. Many are saying this is very similar to the Citizenship Amendment Act (CAA)
