The rules were disclosed as part of two gazette notifications by the Union ministry of finance late on Tuesday, with the one related to politically exposed persons (PEP) covering individuals working for a foreign country, senior politicians, functionaries of political parties, senior bureaucrats, judges, and military personnel.
For these people as well as NGOs, banks will need to maintain records on the nature and value of transactions, the new rules add, while also laying down the procedure for how this information will be shared, the time for which such data will be retained, and the manner in which identity records of such clients will be maintained by banking companies, financial institutions and intermediaries.
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