MAIN PROCLAMATIONS IN KNOW YOUR CUSTOMER
The KYC is a very useful scheme which is started by the government. Not only consumers but the customers and businessmen are benefited by the scheme. Since everybody is using smart Technologies nowadays and so database to be maintained was the very much big amount. Government is in profit by the scheme of know your customer. Because the tax usually which was collected by the online businessman all the people who do trading online now the proper tax is paid by them. This brings transparency among the banks and online traders. It’s now mandatory for everyone to follow the KYC REGULATIONS.
DUTIES OF KYC
The know your customer scheme (KYC) run by the government to keep a check on the online transactions of people is also having many more duties than this. The KYC keeps an electronic check and insurance the government that there is no malfunctioning in the system of online transactions. If the malfunctioning in the system by any person is caught the brutal and the action according to the law is taken against him. The KYC also decreased the online threats.
The scheme of know your customer is having some demerits. And those demerits are that sometimes when a person shares his only single ID may get theft by fraud people online. This is called as online piracy to stop this government is working, but till now no outcomes are there. Sometimes due to network problems the transaction fails and the money do not receive by the receiver, but get deducted from the sender. Sometimes authentication of KYC takes a bit time due to which the customer has to face a delay in their transactions. But other than everything KYC is a very useful scheme for the people as well as the government.