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FM Nirmala Sitharaman Says Govt to Allow Aadhaar-based KYC for Retail Investors

Necessary notification for amendments in Prevention of Money Laundering Act will be issued, the finance minister said.

PTI

Updated:August 23, 2019, 11:04 PM IST
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FM Nirmala Sitharaman Says Govt to Allow Aadhaar-based KYC for Retail Investors
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New Delhi: The government will allow Aadhaar-based KYC for domestic retail investors, and necessary amendments to the rules under the Prevention of Money Laundering Act will be issued.

Announcing a slew of measures to boost the economy, the government said the Depository Receipt Scheme 2014 is expected to be operationalised soon by Sebi.

"This will give Indian companies increased access to foreign funds through American Depository Receipt (ADR)/ Global Depository Receipt (GDR)," Finance Minister Nirmala Sitharaman said.

In order to improve market access for the domestic retail investors, Aadhaar-based KYC will be permitted for the opening of demat account and making an investment in mutual funds. In this regard, necessary notification for amendments in PMLA rules would be issued.

Besides, steps would be taken with regard to the offshore rupee market.

"To bring offshore rupee market to domestic stock exchanges and permit trading of USD-INR derivatives in GIFT IFSC, Ministry of Finance is working with RBI to introduce this measure shortly," the government said.

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