The banks may soon ask you to mention your religion in the ‘Know Your Customer’ or KYC forms.
This step comes after changes were made to the Fema Act regulation, which is quite similar to the Citizenship Amendment Act. The act now makes it possible for immigrants from Pakistan, Bangladesh and Afghanistan to open a bank account in India and buy property.
Moreover, this only includes Hindus, Sikhs, Buddhists, Jains, Parsis and Christians, while excluding atheists, Muslims and immigrants from Myanmar, Sri Lanka and other neighbouring countries.
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The changes in Fema Act were made after the government of India recently amended the Citizenship Act 1955 to allow Indian citizenship to immigrants belonging to six minority communities from Pakistan, Bangladesh and Afghanistan.
Reported by Times of India the Fema (Acquisition and Transfer of Immovable Property in India) Regulations, states:
“A person being a citizen of Bangladesh, Pakistan or Afghanistan belonging to minority communities in those countries — Hindus, Sikhs, Buddhists, Jains, Parsis and Christians and granted an LTV, may purchase only one residential immovable property in India as dwelling unit for self-occupation and only one immovable property for carrying out self-employment.”
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