Arjun: Oh, Lord! Oh, Lord! Please save me!
Shrikrishna (smiling): Yes, Paarth. What’s the matter? Everything is alright no?
Arjun: Bhagwan, You know everything. And You are Yourself asking this? Are You teasing me? It is Your habit to make fun of others.
Shrikrishna: No, Arjun. I am always there to protect those who have faith in me.
Arjun: I know You!
Shrikrishna: It is not enough that you know Me. In Kaliyug, you must know everybody you come across.
Arjun: This is one more cause of worry. See, You started with demonetisation, then GST, then RERA, corona – and lockdown. All monsters coming one after the other! They are killing our economy.
Shrikrishna: The only answer is, Know Me and Worship Me! Know everyone you meet. Sixty years ago, you did not know China and they invaded you. Again they are attacking the world.
Arjun: China is another demon.
Shrikrishna: Correct! So Know Your China! KYC!
Arjun: Oh! This KYC is another monster! Very irritating. I am a customer of my bank for over 50 years. Still every year, they trouble me.
Shrikrishna: But you never know when a closely known person will land you in trouble.
Arjun: But they have gone to the extent of stopping my account operations. I was very upset.
Shrikrishna: It is not the fault of your bank. The Reserve Bank insists on strict compliance. Your bankers also find it difficult to monitor it.
Arjun: That reminds me. Last month was the height! I did the tax audit of a CA firm. And they delayed the payment of my fees – for want of my KYC. Disgusting!
Shrikrishna: Are you not aware that your Institute also has issued specific guidelines for KYC? It is mandatory for all CAs.
Arjun: Oh! Is that so?
Shrikrishna: And your Institute is right in insisting on it. There were many disciplinary cases because of the misbehaviour of clients.
Arjun: But I am not a client of that CA firm. I am their tax auditor.
Shrikrishna: Agreed. KYC is just an acronym for convenience. It is wide enough to cover all persons. Arjun, please try to understand the spirit behind it. Don’t just treat it as compliance.
Arjun: I appreciate your point.
Shrikrishna: And keep in mind that it is your Institute’s guideline. Non-compliance with ICAI guidelines is a professional misconduct.
Arjun: Oh, really?
Shrikrishna: Of course! See the first clause of the second part of the second schedule of your CA Act.
Arjun: Oh, my God! I have never taken any KYC details of my clients.
Shrikrishna: Those details are prescribed in the guideline. Do it at least for audit clients in the first phase. But it will be better if you extend it to all your clients, vendors, service providers. I suggest that you should take it from your staff, too.
Arjun: I never knew this. So KYC does not merely mean ‘Know Your Customer’, but it also means ‘Know Your Compliance!’
Shrikrishna: You said it! So, Paarth, please wake up. Have a KYC drive. At least make a beginning. There will be some trouble in the beginning. But slowly, it will become a habit.
Arjun: Bhagwan, good that I know You. You opened my eyes by telling me about our ICAI KYC! I am obliged to you, as always! Please bless me.
Shrikrishna: Tathaastu!
|| Om Shanti ||
(This dialogue is based on the KYC Guidelines of the ICAI)
