Can’t freeze accounts if KYC papers not supplied: HC

The Gujarat High Court has ruled that banks cannot freeze accounts nor can they stop issuing cheque book or providing ATM facility where the account holder has not supplied KYC documents

Written by Press Trust Of India | Ahmedabad | Published:April 2, 2012 2:59 am

The Gujarat High Court has ruled that banks cannot freeze accounts nor can they stop issuing cheque book or providing ATM facility where the account holder has not supplied KYC (Know Your Customer) documents. The court has further ruled that presence of the account holder was not a ‘must’ for production of documents required for KYC.

The ruling was given by a Division Bench of Justices Jayant Patel and Paresh Upadhyay last week while hearing a petition seeking temporary bail filed by one of the convicts of the 2008 Patan gangrape case,serving a life term.

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