What is KYC ("Know" Your Customer)

Background

The main purpose of KYC norms was to restrict money laundering and terrorist financing when it was introduced in late the 1990s in the United States. The US government turned very strict after 9/11 and all regulations were finalized before 2002 for KYC.Taking a leaf out of the US book, the Reserve Bank of India (RBI) too directed all banks to implement KYC guidelines for all new accounts in the 2nd half of 2002.

What is in a Gift - Know about Gift Tax in India

Most of us consider giving and taking gifts as a normal tradition in India and may not have ever bothered to even look at the fact that this could also have some serious tax implications. The last thing that you want to think of while receiving a gift from your loved one is about its tax implications.