IRS Can Prevent Tax Evasion
“A Central KYC Records Registry” will mean a reporting entity, which is owned and controlled by the Federal & State Governments and authorized by these governments to receive, store, safeguard and retrieve the KYC records in digital form of a taxpayer in such a manner and to perform such other functions as may be required by the Federal Government
RBI/2016-17/177 DBR.AML.BC.47/14.01.01/2016- 17 dtd. 8 December 2016 All Scheduled Commercial Banks (SCBs) are required to invariably upload the KYC data pertaining to all new individual accounts opened on or after January 1, 2017, with Central KYC Records Registry. SCBs are allowed time up to February 1, 2017 for uploading date in respect of accounts opened during January 2017.