Here are the key points of the Punjab National Bank (PNB) Common CIF cum Account Opening Form for Non-Individuals (businesses, trusts, partnerships, societies, etc.), summarized directly from the provided document:

• Bilingual Kit: The document is a standard corporate banking kit available in both Hindi and English (PNB-1251R3… pp. 1-2).
• Filling Restrictions: Must be clearly filled in legible BLOCK letters (PNB-1251R3… pp. 1-2). Signatures must be executed in black ink (PNB-1251R3… p. 1).
• Mandatory Annexures: Non-individual accounts must fill out mandatory declaration annexures for tax transparency (FATCA/CRS) and beneficial ownership (PNB-1251R3… pp. 1-2).

• Entity Architecture: Valid for various entity structures including Sole Proprietorship, Partnership Firms, HUF, Private/Public Limited Companies, Societies, Trusts, and NGOs (PNB-1251R3… pp. 11-12).
• Registration Details: Requires registration identifiers such as PAN (mandatory for companies/partnerships), Form 60 (for others if PAN is absent), CIN (for companies), and GSTN (PNB-1251R3… pp. 1-2).
• Core Documentation: Depending on the structure, the entity must submit standard incorporation papers like a Certificate of Incorporation, Partnership Deed, Trust Deed, or Memorandum and Articles of Association (MoA/AoA) (PNB-1251R3… pp. 1-2, 17-18).

• Beneficial Owner (BO) Thresholds: Natural persons with ultimate controlling stakes must be declared based on specific ownership percentages (PNB-1251R3… pp. 19-20):
  • Companies & Partnerships: Individual stake exceeding 10% (PNB-1251R3… pp. 19-20).
  • Unincorporated Associations/Societies: Individual stake exceeding 15% (PNB-1251R3… pp. 19-20).
  • Trusts: Individual interest equal to or exceeding 10% (PNB-1251R3… pp. 19-20).
• Related Persons Data: Personal details, photographs, and independent KYC updates are required for all Directors, Promoters, Kartas, Trustees, Partners, and Authorized Signatories via Annexure-II (PNB-1251R3… pp. 1-2, 23-24).

• RBI Credit Exposure Restrictions: PNB strictly regulates current accounts based on total banking credit limits to prevent divergence of funds (PNB-1251R3… pp. 31-32):
  • Under ₹5 Crore Exposure: Entities can open current accounts but must submit an explicit undertaking to notify PNB instantly if their total banking system credit reaches or surpasses ₹5 Crore (PNB-1251R3… pp. 31-32).
  • ₹5 Crore to ₹50 Crore Exposure: Current accounts can be opened by lending banks. Non-lending banks can only maintain Collection Accounts, where debits are capped exclusively for remitting funds to the lending bank (PNB-1251R3… pp. 31-32).
  • ₹50 Crore or More Exposure: A mandatory Escrow Mechanism is triggered. Only the specific escrow-managing bank is authorized to open and maintain the active operational Current Account (PNB-1251R3… pp. 31-32).

• Cryptocurrency Restrictions: The authorized signatories must explicitly declare that the entity will not transact in or facilitate operations involving Virtual/Cryptocurrencies through this account (PNB-1251R3… pp. 7-8).
• Multi-Level Marketing (MLM): Businesses must explicitly sign a declaration affirming whether they are an MLM or Direct Selling entity and guarantee complete compliance with the Direct Selling Guidelines, 2016 (PNB-1251R3… pp. 3-4).
• Global Tax Compliance (Annexure-VI): Mandatory residency check for tax purposes. If the entity or its beneficial owners hold tax residencies outside India (including US Persons), complete FATCA & CRS boxes with valid Tax Identification Numbers (TIN) must be submitted (PNB-1251R3… pp. 5-6, 33-34).

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