• How to open current a/c

I have not receive the RC of TIN .SO HOW is open current a/c as proprietor .
Can I use DP1 AS a provisional certificate.
or Verify dealer credentials .
please answer it
Asked 4 years ago in VAT from delhi, Delhi

Yes DP-1 & a printout of Dealers details from dvat website is sufficient evidence for opening bank a/c.
Say to Bank, Kindly refer KYC norms - issued by RBI on dated April 1,,2015 inwhich only ONE doc is sufficient for opening current a/c..

SK Agarwal

DCBR.BPD(PCB/RCB)Cir.No.24/14.01.062/2014-15 April 1, 2015 The Chief Executive Officer All Primary (Urban) Co-operative Banks / State and Central Co-operative Banks (StCBs / CCBs) Madam / Dear Sir, Know Your Customer (KYC) Guidelines – Accounts of Proprietary Concerns Please refer to paragraph 2.5(ii) of our Master Circular no. UBD.BPD.(PCB) MC.No.16/12.05.001/2014-15 dated July 1, 2014 and paragraph 2.5 (vi) of Master Circular RPCD. RRB.RCB.AML.BC. No. 02/07.51.018/ 2014-15 dated July 1, 2014 on KYC norms and our Circular UBD.BPD.CO/NSB1/11/12.03.000/2009-10 dated September 29, 2009 and RPCD Circular RPCD.CO.RF.AML.BC.No.83/07.40.00/2009-10 dated May 12, 2010 prescribing norms for opening of bank accounts in respect of sole proprietary firms and subsequent circulars issued in this regard. 2. Reserve Bank has been receiving representations pointing out difficulties in complying with the requirement of furnishing two documents as activity proof while opening accounts of sole proprietary firms in certain cases. It is possible that in some types of activities there is genuine difficulty in procuring two such documents. The matter has, therefore, been reviewed with a view to ease the process of opening bank accounts of proprietary concerns in such cases. The default rule is that any two documents, out of those listed in paragraphs of the Master Circulars mentioned above, should be provided as activity proof by a proprietary concern. However, in cases where the banks are satisfied that it is not possible to furnish two such documents, they would have the discretion to accept only one of those documents as activity proof. In such cases, the banks, however, would have to undertake contact point verification, collect such information as would be required to establish the existence of such firm, confirm, clarify and satisfy themselves that the business activity has been verified from the address of the proprietary concern. 3. It is also clarified here that the list of registering authorities indicated in paragraph 2.5(ii) of our Master Circular no. UBD.BPD.(PCB) MC. No.16/12.05.001/2014-15 dated July 1, 2014 and paragraph 2. 5 (vi) of Master Circular RPCD.RRB.RCB.AML.BC. No.02/07.51. 018/2014-15 dated July 1, 2014 on KYC norms is only illustrative and therefore includes license / certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute, as one of the documents to prove the activity of the proprietary concern. 4. UCBs/DCCBs/StCBs may revise their KYC policy in the light of the above instructions and ensure strict adherence to the same. Yours faithfully, (Suma Varma) Principal Chief General Manager

Shiv Kumar Agarwal
CA, Delhi
302 Answers
68 Consultations

5.0 on 5.0

it is not necessary that u deal in the items which attracts VAT. So VAT no is not applicable in all cases. In that case get registered with Shop & Establishment Act on the basis of certificate issued your bank a/c will be opened. U can contact me also for registration under Shop & Establishment. Mobile 9910094249

Vijay Kapoor
CA, Delhi
14 Answers
1 Consultation

3.8 on 5.0

Consult your banker for detail requirement

Shashank Surana
CA, Chennai
60 Answers
4 Consultations

4.3 on 5.0

I have already replied to this question, you may contact your local sales tax office for copy of Registration Certificate.

Swapnil Patil
CA, Navi Mumbai
30 Answers
4 Consultations

4.6 on 5.0

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