Banks in India may soon introduce a new column in ‘Know Your Customer (KYC) forms for their depositors and clients to enter their religion. The new move came as the recent changes in the Foreign Exchange Management Regulations Act (FEMA Act) Regulations, which extends the benefits of opening NRO accounts and holding property to select religious minorities excluding Muslims.
Like the Citizenship Amendment Act the revised FEMA Act allows Hindus, Sikhs, Parsis, Jains and Christians from Pakistan, Bangladesh and Afghanistan to buy property and open bank accounts in India. So the banks may soon include a column asking the religion of their clients.
As per the new FEMA Act Hindus, Sikhs, Parsis, Jains and Christians from Pakistan, Bangladesh and Afghanistan who were residing in India in long time Visa can open only one NRO account. This NRO account will be converted to a resident account as the person get Indian citizenship. Likewise these people can buy one residential immovable property and one immovable property for self-employment.