Coming up next: KYC for Property Owners
Know Your Client (KYC) is usual norm for all bank account holder, Dmat Account holders and all credit or debit cards in the country. Any defunct account needs to be deleted with one year of last transactions. Any bank locker which is not opened during any financial year are been sealed by banker.
On the same norm, Benami Property Transactions is the next big agenda of the government. To catch black money which is been converted into real estate property, government is all set to bring in rules and regulations to curb the black money transactions in property transactions.
KYC will give identification to property owners. All owners of the properties will be requiring to identify themselves. Benami Properties will be identified and confiscated by the government if not identified and renewed periodically.
Source : The Accommodation Times
Source : The Accommodation Times
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