How many of you have faced this problem of Investors sending FDI money without a 6-pointer KYC?
I have had several cases where in spite of telling the investors to key in 6 pointer KYC in SWIFT, their banks miss it.
In my view, 6 Pointer KYC does not serve any purpose except it creates more confusion as it is a non-standard request. Out of the 6 questions, 3 are already answered in different fields.
What is the view of the members?
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Forwarded Query:
We have received FDI in India under an automatic route. 6 pointer kyc was missed while sending these funds; therefore the bank in India has sent a swift 6 pointer kyc request to the remitter's bank again and it is under process.
But at the same time, we keep receiving these disposal instructions from the Indian Bank
Ideally, the bank should have aligned this internally; when funds are awaiting 6 pointer kyc, the bank is not supposed to ask us for disposal instructions.
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