New Delhi, December 21: Depositors may soon be asked for their religious background by banks in 'Know Your Customer' or KYC forms. This requirement has arisen in the wake of permission granted to immigrants belonging to six minority communities from Pakistan, Bangladesh and Afghanistan for opening a bank account or purchasing properties in India. This facility is not made for atheists, Muslim migrants as well as those from other neighbouring countries such as Myanmar, Sri Lanka and Tibet. Aadhaar Can be Used For KYC Verification by Banks, Says RBI.

Amendments have been made to the Foreign Exchange Management Regulations, allowing Hindus, Sikhs, Buddhists, Jains, Parsis and Christians from Pakistan, Bangladesh and Afghanistan to buy residential property and open bank accounts in India, Times of India reported. Since the benefits are limited to select religious communities, banks are likely to introduce a column in KYC forms for their depositors and clients to mention their religion. How to Unlink Aadhaar With Bank Account, Mobile Number and Private Wallet Services.

"A person being a citizen of Bangladesh or Pakistan belonging to minority communities in those countries, namely, Hindus, Sikhs, Buddhists, Jains, Parsis and Christians who is residing in India and has been granted a Long Term Visa (LTV) by the central government is permitted to open with an authorized dealer only one NRO Account. The said NRO account shall be converted to a resident account once the person becomes a citizen of India within the meaning of the Citizenship Act, 1955," read an amendment.

The Fema (Acquisition and Transfer of Immovable Property in India) Regulations, says "A person being a citizen of Bangladesh, Pakistan or Afghanistan belonging to minority communities in those countries — Hindus, Sikhs, Buddhists, Jains, Parsis and Christians and granted an LTV, may purchase only one residential immovable property in India as dwelling unit for self-occupation and only one immovable property for carrying out self-employment."

The changes are similar to the Citizenship Amendment Act 2019 which provides Indian citizenship to Hindus, Sikhs, Buddhists, Jains, Parsis and Christians from Pakistan, Afghanistan and Bangladesh. Prior to these changes, a foreign national, irrespective of his religion and the country was allowed to open FA resident accounts for longer durations and NRO accounts for a short period of six months.

(The above story first appeared on LatestLY on Dec 21, 2019 08:36 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).