Schedule for Withdrawal of Currency Notes in Circulation issued prior to 2005

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The Reserve Bank of India (RBI) has announced the decision to withdraw from circulation all currency notes printedprior to 2005. It is a standard international practice to withdraw old series of banknotes from time to time. The reason for withdrawal of banknotesprinted prior to 2005 is to remove them from the market as they have fewersecurity features compared to banknotes printed after 2005. It is expected that this will preventcounterfeiting of banknotes. The RBI has already been withdrawing these notes from the market in aroutine manner through banks. In RBI’s view, the volume of the banknotes printed prior to 2005 today, still in circulation, is not significant enough to impact general public in a large way.

The schedule of withdrawal announced by RBI is as under:

i) All older series of banknotes issued prior to 2005 would be acceptable for all kinds of monetary transactions only till March 31, 2014.

ii) Thereafter the public will be required to approach bank branches which would provide them exchange facilities on a ongoing basis.

iii) From July 1, 2014 onwards, members of public can exchange any number of these old series notes from the bank branches where they have their account. However, non-customers would have to furnish proof of their identity and residence to the Bank to exchange more than 10 pieces of Rs. 500.00 and Rs. 1000.00 notes.

iv) These notes will continue to be legal tender and, therefore, no end date has been specified for the exercise.

This information was given by the Minister of State for Finance Shri Namo Narain Meen in written reply to a question in Lok Sabha today.

CBDT identifies Income Tax Return non-filers

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Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes

Dated 21^st February, 2014

PRESS RELEASE

The Income Tax Department had initiated a business intelligence project in February, 2013 to identify PAN holders who have not filed Income TaxReturn and about whom specific information is available in Annual Information Return (AIR), Central Information Branch (CIB) data and TDS/TCS Returns. In the first round of data matching, 12.19 lakh non-filers were identified. Letters have been sent in these cases by the Compliance Management Cell and Assessing officers seeking the response of the taxpayer. The results of this initiative is very encouraging and 5,36,220 returns have been received from the target segment. Self assessment tax of Rs.1017.87 Cr. and advance tax of Rs. 898.22 Cr. has also been paid by the target segment.

The Income Tax Department has now conducted the second round of data matching which has identified additional 21.75 lakh potential non-filers. The Department has sent letters to the 50,000potential non filers in the first batch. The information relating to the 21.75 lakh new non filers has been made available on the ‘Compliance Module’ on the e-filing portal of the Income TaxDepartment. The information will be shown only to the specific PAN holder when the PAN holder logs into e-filing portal at https://incometaxindiaefiling.gov.in. The PAN holder will be able to submit the response electronically and keep a printout of the submitted response for record purposes.

While the Government urges all tax payers to disclose their true income and pay appropriate taxes, the Tax Department would continue to pursue the non filers vigorously till all the high potential non filers are covered.

Parking spaces cannot be sold by the builder

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IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

CIVIL APPEAL NO. 2544 OF 2010

Nahalchand Laloochand Pvt. Ltd. 

Versus

Panchali Co-operative Housing Society Ltd.

CIVIL APPEAL NO. 2545 OF 2010

CIVIL APPEAL NO. 2546 OF 2010

CIVIL APPEAL NO. 2547 OF 2010

CIVIL APPEAL NO. 2548 OF 2010

CIVIL APPEAL NO. 2449 OF 2010

CIVIL APPEAL NO. 2456 OF 2010

Date : August 31, 2010

The Supreme Court has upheld thatorder of the Bombay High Court and held that parking spaces cannot be sold by the builder. They are a part of the common areas and the cost of that land has to be charged to all the flat-owners in proportion to their carpet area. (Nahalchand Laloochand P.Ltd. vs Panchali Co-operative Housing Society Ltd. – JT 2010 (9) SC 414: 2010 AIR SCW 5549).

In para. 34 of the aforesaid judgementthe Hon’ble Supreme Court held that:

“34. We have now come to the last question namely– what are the rights of a promoter vis-a-vis society (of flat purchasers) in respect of stilt parking space/s. It was argued that the right of the promoter to dispose of the stilt parking space is a matter falling within the domain of the promoter’s contractual, legal and fundamental right and such right is not affected. This argument is founded on the premise, firstly, that stilt parking space is a `flat’ by itself within the meaning of Section 2(a-1) and in the alternative that it is not part of `common areas’. But we have already held that `stilt parking space’ is not covered by the term `garage’ much less a `flat’ and that it is part of `common areas’. As a necessary corollary to theanswers given by us to question nos. (i) to (iii), it must be held that stilt parking space/s being part of `common areas’ of the building developed by the promoter, the only right that the promoter has, is to charge the cost thereof in proportion to the carpet area of the flat from each flat purchaser. Such stilt parking space being neither `flat’ under Section 2(a-1) nor `garage’ within the meaning ofthat provision is not sellable at all.”

Electronic filing of annexure-less return of net wealth

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Enabling provisions for facilitating electronic filing of annexure-less return of net wealth

1 Section 14 of the Wealth-tax Actprovides for furnishing of return of net wealth as on the valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of the net wealth and such other particulars as may be prescribed. Currently, certain documents, reports are required to be furnished along with the return of net wealth under the provisions of Wealth-tax Act read with the provisions of Wealth-tax Rules.

2 Sections 139C and 139D of the Income-tax Act contain provisions for facilitating filing of annexure-less return of income in electronic form by certain class of income-tax assesses. In order to facilitate electronic filing of annexure-less return of net wealth, new sections 14A and 14B have been inserted vide Finance Act,2013 in the Wealth-tax Act on similar lines.

3 Consequently, the provisions of section 46 of the Wealth-tax Act which provide for rule making powers of the Board have also been amended.

4.  Applicability: - These amendments take effect from 1st June, 2013.

Amendment in the definition of Capital Asset wef A.Y. 2014-15

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Amendment in the definition ofCapital Asset

1 The provisions contained in clause (14) of section 2 of the Income-tax Act, 1961, before amendment by the Finance Act, 2013 define the term “capital asset” as property of any kind held by an assessee, whether or not connected with his business or profession. Certain categories of properties including agricultural land have been excluded from this definition. Sub-clause (iii) of clause (14) of section 2 provides that (a) agricultural land situated in any area within the jurisdiction of a municipality or cantonment board having population of not less than ten thousand according to last preceding census, or (b) agricultural land situated in any area within such distance not exceeding eight kilometers from the local limits of any municipality or cantonment board as notified by the Central Government having regard to the extent and scope of urbanization and other relevant factors, forms part of capital asset.

2 Item (b) of sub-clause (iii) of clause (14) of section 2 has been amended so as to provide that the land situated in any area within the distance, measured aerially (shortest aerial distance), (I) not being more than two kilometers, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometers, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in item (a) and which has a population of more than ten lakh, shall form part of capital asset.

3 The expression “population” has also been defined to mean population according to the last preceding census of which the relevant figures have been published before the first day of the previous year.

4 Similar amendments are also carried out in clause (IA) of section 2 of the Income-tax Act, 1961 relating to the definition of “agricultural income” and in respect of the definition of “urban land” in the Wealth-tax Act, 1957.

5 Applicability – These amendments take effect from 1st April, 2014 and accordingly, apply in relation to Assessment year 2014-15 and subsequent assessment years.

Penalty u/s. 271FA for non-filing of Annual Information Return (AIR)

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Section 285BA of the Income-tax Act mandates furnishing of annual information return by the specified persons in respect of specified transactions within the time prescribed under sub-section (2) thereof. Sub-section (5) of the section empowers the Assessing Officer to issue notice if the annual information return has not been furnished by the due date.

Section 271FA of the income-tax Act, prior to its amendment by the Act, provided that if a person who is required to furnish an annual information return, as required under sub-section (1) of section 285BA of the Income-tax Act, fails to furnish such return within the time prescribed under that sub-section, the income-tax authority prescribed under the said sub-section may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.

Section 271FA of the income-tax Act has been amended to provide that if a person who is required to furnish an annual information return, as required under sub-section (1) of section 285BA of the income-tax Act, fails to furnish such return within the time prescribed under sub-section (2) thereof, the income-tax authority prescribed under sub-section (1) of the said section may direct that such person shall pay, by way of penalty, a sum of one hundred rupees for every day during which the failure continues.

It is further provided that where such person fails to furnish the return within the period specified in the notice under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of five hundred rupees for every day during which the failure continues, beginning from the day immediately following the day on which the time specified in such notice for furnishing the return expires.

Applicability - This amendment takes effect from 1st April, 2014

CBDT kept Revised PAN Allotment procedure in Abeyance

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Source – Press Release by Ministry of Finance Dated 30.01.2014

————————–

Press Release by NSDL

Procedure for PAN application w. e. f. 03.02.2014

Central Board of Direct Taxes (CBDT), Ministry of Finance, Govt. of India, as informed vide press release dated December 30, 2014, has decided to keep in abeyance the decision to changeprocedure for PAN allotment till further orders. Accordingly, the guidelines issued by Income Tax Department (ITD) vide its letter ref no. F.No. oPAN/1/3/2003 /Part dated January 24, 2014, regardingself-attestation of documents and verification of these documents with original documents, has been put on hold till further orders.

However, the guidelines issued vide CBDT notification no. S. O. 3794(E) dated December 23, 2013 regarding changes in Rule 114(4) of Income Tax Rules, 1962  with regard to the listof Proof of Identity, Proof of Address and Proof of Date of Birth documents will be applicable from February 3, 2014.

ST : Change in Defination of governmental authority in Mega Exemption Notification

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Notification No. 02/2014 – Service Tax,  New Delhi, 30^th January, 2014

G.S.R….(E).­­- In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.25/2012-Service Tax, dated the 20th June, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide G.S.R. 467 (E), dated the 20th June, 2012, namely:-

In the said notification, in the paragraph 2, for clause (s), the following shall be substituted, namely:­­–

‘(s) “governmental authority” means an authority or a board or any other body;

(i)  set up by an Act of Parliament or a State Legislature; or

(ii) established by Government,

 with 90% or more participation by way of equity or control, to carry out any function entrusted to a municipality under article 243W of the Constitution;’.

[F.No. 354 /236/ 2013-TRU]

Know status of your PAN/ TAN on Phone

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Interactive Voice Response (IVR) for knowing the status of your PAN/ TAN application is now available at TIN call centre (TCC) in Hindi/English language. You may call on 020- 27218080 to check the status of your application.

Form 15CA only through ITD website from 12.02.2014

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With effect from February 12, 2014, functionality of furnishing the foreign remittance details in Form 15CA will be available on the e-filing portal of Income Tax Department . Contact e-filing portal  1800 4250 0025 for more details.

Source- https://www.tin-nsdl.com/

Clarification with regard to Section 185 of the Companies Act, 2013

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General Circular No 03/2014, Dated:14/2/2014

Subject: Clarification with regard toSection 185 of the Companies Act,2013.

This Ministry has received number of representations on the applicability of Section 185 of the Companies Act, 2013 with reference to loans made, guarantee given or security provided under Section 372A of the Companies Act, 1956. The issue has been examined with reference to applicability of Section 372A of the Companies Act, 1956 vis-a-vis Section185 of the Companies Act, 2013. Section 372A of the Companies Act, 1956, specifically exempts any loans made, any guarantee given or security provided or any investment made by a holding company to its wholly owned subsidiary. Whereas, Section 185 of the Companies Act, 2013 prohibits guarantee given or any security. provided by a holding company in respect of any loan taken by its subsidiary company except in the ordinary course of business.

In order to maintain harmony with regard to applicability of Section 372A of the Companies Act, 1956 till the same is repealed and Section 185 of the Companies Act, 2013 is notified, it is hereby clarified that any guarantee given or security provided by a holding company in respect of loans made by a bank or financial institution to its subsidiary company, exemption as provided in clause (d) of sub-section (8) of Section 372A of the Companies Act, 1956 shall be applicable till Section186 of the_. Companies Act, 2013 is notified. This clarification will, however, be applicable to cases where loans so obtained are exclusively utilized by the subsidiary for its principal business activities.

Major Highlights of Interim Finance Budget 2014 on tax front

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TAX PROPOSALS

Excise Duty

o    The Excise Duty on all goods falling under Chapter 84 & 85 of the Schedule to the Central Excise Tariff Act is reduced from 12 percent to 10 percent for the period upto 30.06.20 14. The rates can be reviewed at the time ofregular Budget.

o    To give relief to the Automobile Industry, which is registering unprecended negative growth, the excise duty is reduced for the period up to 30.06.2014 as follows:

o    Small Cars, Motorcycle, Scooters  and Commercial Vehicles - from 12 % to 8% 

o    SUVs - from 30% to 24%

o    Large and Mid-segment Cars  – from 27/24% to 24/20%

o    It is also proposed to make appropriate reductions in the excise duties on chassis and trailors – The rates can 

    be reviewed at the time of regular Budget

o    To encourage domestic production of mobile handsets, the excise duties for all categories of mobile handset

     is restructured. The rates will be 6% with CENVAT credit or 1 percent without CENVAT credit.

Service Tax

o    The loading and un-loading, packing, storage and warehousing of rice is exempted from Service Tax.

o    The services provided by cord blood banks is exempted from Service Tax.

Custom Duty

o    To encourage domestic production of soaps and oleo chemicals, the custom duty structure on non-edible grade industrial oils and its fractions, fatty acids and fatty alcohols is rationalized at 7.5 percent.

o    To encourage domestic production of specified road construction machinery, the exemption from CVD on similar imported machinery is withdrawn.

o    A concessional custom duty 5 percent on capital goods imported by the Bank Note Paper Mill India Private Limited is provided to encourage domestic production of security paper for printingcurrency notes.

Income Tax

No changes in Direct tax laws in interim budget

Circular clariying appliability of Section 14A & Rule 8D in cases where taxpayer has not earned any exempt income

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Circular No. 5/2014, Dated – 11th February, 2014

Subject: – Clarification regardingdisallowance of expenses under section 14A of the Income-tax At in cases where corresponding exempt income has not been earned during the FY -regarding.

Section 14A of the Income-tax Act, 1961 (`Act’) provides for disallowance of expenditure in relation to income not “includible” in total income.

2. A controversy has arisen in certain cases as to whether disallowance can be made by invoking section 14A of the Act even in those cases where no income has been earned by an assessee which has been claimed as exempt during the financial-year.

3. The matter has been examined in the Board. It is pertinent to mention that section 14A of the Act was introduced by the Finance Act, 2001 with retrospective effect from 01.04.1962. The purpose for introduction of section 14A with retrospective effect since inception of the Act was clarified videCircular No. 14 of 2001 as under:

“Certain incomes are not includible while computing the total income, as these are exempt under various provisions of the Act. There have been cases where deductions have been claimed in respect of such exempt income. This in effect means that the tax incentive given by way of exemptions to certain categories of income is being used to reduce also the tax payable on the non-exempt income by debiting the expenses incurred to earn the exempt income against taxable income. This is against the basic principles of taxation whereby only the net income, i.e., gross income minus the expenditure, is taxed. On the same analogy, the exemption is also in respect of the net income. Expenses incurred can be allowed only to the extent they are relatable to the earning of taxable income”.

Thus, legislative intent is to allow only that expenditure which is relatable to earning of income and it therefore follows that the expenses which are relatable to earning of exempt income have to be considered for disallowance, irrespective’of the fact whether any such income has been earned during the financial-year or not.

4. The above position is further clarified by the usage of term ‘includible’ in the Heading to section 14A of the Act and also the Heading to Rule 8D of I.T.Rules, 1962 which indicates that it is not necessary that exempt income should necessarily be included in a particular year’s income, for disallowance to be triggered. Also, section 14A of the Act does not use the word “income of the year” but “income under the Act”. This also indicates that for invoking disallowance under section 14A, it is not material that assessee should have earned such exempt income during the financial year under consideration.

5. The above position is further substantiated by the language used in Rule 8D(2(ii) & 8D(2)(iii) of I.T.Rules which are extracted below:

“(ii) in a case where the assessee has incurred expenditure by way of interest during the previous year which is not directly attributable to any particular income or receipt an amount computed in accordance with the following formula, namely:-

 A*B/C Where……….

B= the average of value of investment, income from which does not or shall not form part of total income as appearing in the balance sheet of the assessee, on the first and last day of the previous year :

(iii) an amount equal to one-half percent of the average of the value of investment, income from which does not Or shall not form part of the total income, as appearing in the balance-sheet of the assessee, on the first day and ’tile last day of the previous year.”

(Emphasis added)

6. Thus, in light of above, Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act hereby clarifies that Rule 8D read with section 14A of the Act provides for disallowance of the expenditure even where taxpayer in a particular year has not earned any exempt income.

7.  This may be brought to the notice of all concerned.

SEBI Board Meeting

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The SEBI Board met in New Delhi today and inter-alia took the following important decisions:

I. Review of Corporate Governancenorms in India for listed companies

The Board has approved the proposals to amend the Listing Agreement with respect to corporate governance norms for listed companies. The amendments, inter-alia, propose to align the provisions of Listing Agreement with the provisions of the newly enacted Companies Act, 2013 and also provide additional requirements to strengthen the corporate governance framework for listed companies in India. The amendments shall be made applicable to all listed companies with effect from October 01, 2014.

The Board approved the following proposals:

 (i)         Exclusion of nominee Director from the definition of Independent Director

 (ii)        Compulsory whistle blower mechanism

 (iii)       Expanded role of Audit Committee

 (iv)       Prohibition of stock options to Independent Directors

 (v)        Separate meeting of Independent Directors

 (vi)       Constitution of Stakeholders Relationship Committee

 (vii)      Enhanced disclosure of remuneration policies

 (viii)     Performance evaluation of Independent Directors and the Board of Directors

 (ix)       Prior approval of Audit Committee for all material Related Party Transactions (RPTs)

 (x)        Approval of all material RPTs by shareholders through special resolution with related parties abstaining from voting

 (xi)       Mandatory constitution of Nomination and Remuneration Committee. Chairman of the said committees shall be independent.

 (xii)      At least one woman director on the Board of the company

 (xiii)     It has been decided that the maximum number of Boards an independent director can serve on listed companies be restricted to 7 and 3 in case the person is serving as a whole time director in a listed company

 (xiv)     To restrict the total tenure of an Independent Director to 2 terms of 5 years. However, if a person who has already served as an Independent Director for 5 years or more in a listed company as on the date on which the amendment to Listing Agreement becomes effective, he shall be eligible for appointment for one more term of 5 years only.

 (xv)      The scope of the definition of RPT has been widened to include elements of Companies Act and Accounting Standards.

 In addition to the above, the Board also approved the proposal to put in place principles ofCorporate Governance,  policy on dealing with RPTs, divestment of material subsidiaries, disclosure of letter of appointment of Independent Directors and the letter of resignation of all directors, risk management, providing training to Independent Directors, E-voting facility by top 500 companies by market capitalization for all shareholder resolutions and Boards of companies to satisfy themselves that plans are in place for orderly succession for appointments to the Board and senior management.

 II. Long Term Policy for Mutual Funds in India

SEBI Board has approved a Long Term Policy for Mutual Funds in India. The long term policy includes all aspects – including enhancing the reach and promoting financial inclusion, tax treatment, obligation of various stakeholders, etc. to deal with the public policy objectives of achieving sustainable growth of the mutual fund industry and mobilisation of household savings for the growth of the economy. The recommendations of long term policy has been bifurcated in two buckets, tax incentive related proposals and non-tax related proposals.

 (a) Tax related proposals:

The objective of giving tax benefits is to incentivize and channelize savings into long term investment products. Schemes offering tax benefits are a powerful approach world over that helps channelize household savings into long term investment products. The tax incentives for Mutual Fund schemesare recommended as under:

(i)         A long term product such as Mutual Fund Linked Retirement Plan (MFLRP) with additional tax incentive of Rs.50,000/- under 80C of Income Tax Act may be introduced.

(ii)        Alternatively, the limit of section 80C of the Income Tax Act, 1961, may be enhanced from INR 1 lakh to INR 2 lakh to make mutual funds products (ELSS, MFLRP etc.) as priority for investors among the different investment avenues. RGESS may also be brought under this enhanced limit.

(iii)       Similar to merger/consolidation of companies, the merger/consolidation of equity mutual funds schemes also may not be treated as transfer and therefore, may be exempted from capital gain taxation.

(b) Non-Tax incentive proposals:

In the long run, the objective is to ensure that Mutual Funds achieve a reasonable size and play an important role in achieving the objective of financial inclusion while further enhancing the transparency so that investors can take informed decision. Towards this objective the following has been decided:

(i)            Capital Adequacy i.e. minimum networth of the Asset Management Companies (AMC) be increased to INR 50 crore.

(ii)           The concept of seed capital to be introduced i.e. 1% of the amount raised (subject to a maximum of Rs.50 lacs) to be invested by AMCs in all the open ended schemes during its life time.

(iii)         EPFOs be allowed to invest upto 15% of their corpus in Equities and Mutual Funds. Further, the members of EPFOs who are earning more than INR6500 per month be offered an option for a part of their corpus to be invested in a Mutual Fund product of their choice.

(iv)         Presently, Navratna and Miniratna Central Public Sector Enterprises (CPSEs) are permitted to invest in Public Sector Mutual Funds regulated by SEBI. It has been recommended that all CPSEs be allowed to choose from any of the SEBI registered Mutual Funds for investingtheir surplus funds.

(v)          In order to enhance transparency and improve the quality of the disclosures, it has been decided that AUM from different categories of schemes such as equity schemes, debt schemes, etc., AUM from B-15 cities, contribution of sponsor and its associates in AUM of schemes of their mutual fund, AUM garnered through sponsor group/ non-sponsor group distributors etc. are to be disclosed on monthly basis on respective website of AMCs and on consolidated basis on website of AMFI.

(vi)         In order to improve transparency as well as encourage Mutual Funds to diligently participate in corporate governance of the investee companies and exercise their voting rights in the best interest of the unit holders, voting data along with rationale supporting their decision (for, against or abstain) be disclosed on quarterly basis on their website. This is to be certified by Auditor annually and reviewed by board of AMC and Trustees.

(vii)        Towards achieving the goal of financial inclusion, a gradual approach to be taken such that initially the banked population of the country may be targeted with respect to Mutual Funds investing.  SEBI will work towards achieving the goal that the basics of capital markets and financial planning may be introduced as core curriculum in schools and colleges. Printed literature on Mutual Funds in regional languages be mandatorily made available by Mutual Funds. Investor awareness campaign in print and electronic media on Mutual Funds in regional languages to be introduced.

(viii)      In order to develop and enhance the distribution network PSU banks may be encouraged to distribute schemes of all Mutual Funds. Online investment facility need to be enhanced to tap the internet savvy users to invest in Mutual Funds. Also,  the burgeoning mobile-only internet users need to be tapped for direct distribution of Mutual Funds products.

The proposals relating to tax incentives, allowing EPFO to invest in equities/mutual funds and allowing all CPSEs to invest their surplus fund in mutual funds will be sent to the Government for its decision.

III. Amendment to SEBI {KYC (Know Your Client) Registration Agency} Regulations, 2011

SEBI (KYC Registration Agency) system (‘KRA system’) has evolved and stabilized over a period of two years and with inter-operability in place, there is easy exchange of KYC data among five SEBI registered KRAs. The client who has already done the KYC with any SEBI registered intermediary need not undergo the same process again when he approaches another intermediary. The system has benefited the investors as well as the intermediaries.

However, as per existing KRA Regulations, there is an option available to the intermediary that he may access the centralised KRA system in case of a client who is already KYC compliant or carry our fresh KYC process. As the KRA system has been working well, it is felt that there may not be a need to provide this option in the Regulations.

Board has now approved the amendment to KRA Regulations and the option of taking fresh KYC has been done away with.   However, as provided in the Regulations, the intermediary can undertake enhanced KYC measures commensurate with the risk profile of its clients.

This would further facilitate the KYC process for the investors.