Well let Govt or its independent agencies say what they want, the bottom line is they want to weild their power. Best way they can do this is creating more and more forms to fill, frustrate the people with longlines and then start queries on forms. In school we were taught rhyming words like cat ,rat ,mat now govt and its agencies are making investers learn the rhyming words UIN,MIN,PIN etc.
RE:Govt wants to teach the invester rhyming words- Hahaha
by Sanjay Bhakat on Feb 07, 2007 07:14 PM Permalink
I agree, available rhymes are AIN, BIN, CIN, DIN, EIN, FIN, GIN, HIN, JIN, LIN, NIN, OIN, QIN, RIN, TIN, VIN, XIN, YIN and ZIN. Please arrange, we can do some signature campaign and send to FIN to let us take our KIN and visit a IIN possibly with a MIN having a PIN to do some SIN with a UIN so we can WIN ... hahaha, See such a nice rhyme came out.
Each and every time the rules are changing. MF industry would lose most of the semi-urban/small towns due to MIN, till now they used to invest in MF as an alternate to Bank FDs. but with MIN mandatory for above 50,000 they would be reluctant to invest. Madhu
With his obsession to bring every citizen of India under the tax net PC is goiing overboard.Digital economy is certainly the order of the day, but first the Govt & the bureaucracy must put its house in order before making the lives of public to more misery. It is clear that the authorities are not even physically geared to handle the dictats from the North Bloc
Basically, PAN was introduced by Income Tax dept. and MIN is by some other dept, Every dept. in govt. want to show themselves as a independent entity and can't accept anything introduced by the other dept. This is a reflection of igo among the various dept. and common people are paying value for this. Govt. should come up with one uniqe identity mechanism and force to use it for all kind of activities like, Income Tax, Voters Id, Mutual Fund, Insurance, etc.....
I agree with the concept of One Card ie. PAN.With so many cards, numbers, doc proofs etc the authorities are making everyones life more complicated, as if it is not enough already.Are we moving towards a stronger & smarter economic power or moving towards some form of Card Raj
Thankfully MIN is issued free to investors. The UIN cost quite a bit as I got it for members of my family and myself (as required by the rules).
The manner of MIN initiation was a farce. It seemed to me the collective inmates of an insane asylum had congregated at AMFI. As the article mentions the first mails on the MIN requirement want out late - on December 21 (for a Jan 1 MIN requirement). Farcically, the POS attachment was Q&A - there were no Points of Service!
That AMFI did not push much earlier (they were snoring for the better part of 2 years in the knowledge of a looming KYC) for a PAN (or mandatory bank account) is a statement of the lack of interest in retail investors by the Organisation.
The lectures on reaching out to all potential investors in the country has been shown to be a sham. I cannot imagine rural investors coming to a city to get a MIN.
Honestly, I think people with money can exist without a Mutual Fund. A Mutual Fund cannot exist without investors. I hope the industry realises this, soon.
The main problem in India is that each institution takes up the responsibility of executing such things on a standalone basis without taking opinion from other departments linked with it. For eg. in this case, Income Tax dept. This is exactly what happens with out roads, Telecom, Electricity companies etc dig roads without co-ordinating with the BMC/MMRDA etc and resultant, the roads are always digged to hunt for gold. This not only results in a criminal waste of money, but also results in inconvenience to common man.
God knows how India is going to become No.2 in terms of economic growth without departments co-ordinating with each other and avoiding unwanted expenditure.
The honourable Finance Minister keeps increasing the service tax and the overall ambit of service tax. Never has he ever spoken about reducing the unplanned expenditure and the staff costs. Each and every department is over-staffed with significant number of personnel with no adequate skill. It feels good overall that government is providing opportunities. However, no one realises that it is you and I who are paying the costs of such inefficient people and inefficient policies of the government.
HI ALL, HOPLESS ARRANGEMENT FOR GETTING MIN. WITHOUT MAKING PROPER ARRANGEMENT THEY ARE ISSUING SUCH ORDERS.STAFF AT THAT CENTRE ALSO BEHAVING RUDELY. VIPUL SHETH
