Now account verification even in post offices

Labels: POST OFFICE, VERIFICATION OF ACCOUNTS BEFORE OPENING



LUDHIANA: To check the inflow of black money and to keep a vigil on fake accounts, now even the postal department has started verifying its accounts under the Prevention of Money Laundering Act.



Sources said till now only the banks were verifying the antecedents of a person before opening any account or during the transaction but now even the customers, who will be dealing with the postal department have to submit various documents.



While giving the information, one of the postal officials said that under this system for an instance if the person was depositing Rs 50,000 then he had to deposit the license or I-card and if the transaction went beyond the Rs 5 lakh then income tax return along with the voter card or PAN card. The formalities will increase with rise in amount. While for the city residents the formalities were fine, but the rural people were facing problems, he added.



While the postal department authorities found it a good initiative in order to curb black money flow and also the opening of fake accounts. People’s view was that it was tough to complete the formalities. JR Nur, senior superintendent, postal department, said that the formalities would help in regulate the flow of money in the customer’s account. Nur added that already in banks the system had been adopted from the beginning but now the postal department would be working as per the new system.



Source : Times of India