I think our FM is having good intention in insisting that MF investors produce pan card. But I also think that while investing, if PAN is not available, still Units shd be issued and on realisation, PAN shd be produced alongwith last three years return copy, duty attested by an Auditor. This means fund flow will not stop, economy will grow and overall national building will continue to prosper. AS for the investor, if it is black money, anyway he cannot claim it and even if claimed without PAN and Tax returns, he will have to pay 100% tax, 100% penalty and fine which means he will get zero on hand. Prosecution is the last otion of department but how many people they will put in jail. ATleast money will come out and goes to exchequer. otherwise, the said black will be invested in some other illegal instruments and get multiplied without any benefit to nation.
