CDSL Ventures Limited (CVL) has been formed by the Mutual Fund industry to create the necessary infrastructure to handle the KYC on behalf of the Mutual Fund Industry. CVL is handling the work of “Customer profiling and Record Keeping” for issuance of Know Your Client (KYC) acknowledgment to mutual fund investors.
In 1935, under the Paper Currency Act of 1861, the Raj was granted the monopoly of issuing notes, ending the practice of private and presidency banks. But these currencies continued to be in use till the RBI issued its own coins and notes. Interestingly, till about 50 years ago, other currencies besides the RBI’s existed in, for instance, Portuguese Goa and Hyderabad.