New Delhi: The ‘Know Your Customer’ (KYC) forms issued by banks may soon have a column seeking the religion of depositors and clients, stated a report. This development has come in the wake of the changes made in the rules of Foreign Exchange Management Act.
As per the FEMA Act regulations, select religious minorities excluding Muslims will be able to open Non Resident Ordinary (NRO) accounts in the country and buy residential properties. The benefits under the amendments issued by the Reserve Bank of India in 2018 to the FEMA Act regulations are applicable only to those migrants from minority communities namely Hindus, Sikhs, Buddhists, Jains, Parsis and Christians who have long-term visas and hail from Pakistan, Bangladesh and Afghanistan.
A report stated that atheists, Muslim migrants and those from neighbouring countries like Myanmar, Sri Lanka and Tibet cannot avail any benefits as under Schedule 3 of the RBI-amended FEMA (Deposit) regulations. Note that the recently passed Citizenship Amendment Act is very much similar to the amendments issued by RBI in the FEMA Act rules.