This is the most stupid move of the government of India. It infact is not the MIN number, but shows the Minimum intelligence of the government. Why does not the government deviate from its philosophy of SARAL, or simple?
Somebody tell me how having another number MIN checks the flow of black money into the data. For all financial transactions government should use PAN. (A single unified number which helps government keep track of taxes, income, and high value purchase/sale) Why cannot PAN be used to keep track the mutual fund investment of an individual?
Indian TAX laws, and controls are already the most complicated on this planet. Lets not make it any more complicated.
Categories
19 replies on “Mutual Fund Identification Number (MIN)”
You might remember me as trespasser. I suppose you have my email address.
The PAN should have been more than sufficient for all financial transactions. I really don’t get the need for MIN. PAN already identifies each investor uniquely . But then it is gonna be mandatory form tomorrow. So I have got the form all ready. I just need to get the photo with white background! And then I’ll be all set to invest in MFs in the new year 🙂
thats the whole problem…. MIN is an unnecessary hassle. saying that it is free of cost (PAN costs 30/-) does not reduce any hassle for a common man.
What about the NRI investor? He doesn’t have a
PAN. It is a hassle all right – but how do you
keep the cheaters at bay?
NRI or not, if you are investing in india you have to pay income tax… and for that you require PAN.
and regarding keeping cheaters at bay…. i see no added advantage of MIN over PAN… except more paper work and hassle.
This is another stupid brainwave of the brainless bureaucracy! Since they do not have adequate intelligence to govern well, nor the desire to do so, they can only keep coming up with new ideas to befuddle the public, make life more difficult for them and in the process make their own position more secure and lucrative by building up a maze which gives them immense power! The more the rules, the more the forms, the more the complications the better are the chances for them to interpret rules by that very interesting principle, “Show me the face (actually how warm the pocket is) and I will show you the rule!” Long live the Indian bureaucracy! Long live conceited people like Chidambaram!!
I think they are making people fool. I am in Singapore we have one number for
1, Income Tax
2, Driving licence
3, Hospital
4, Policy
5, Bank
you name it and it is with this single IC number. This identity cards come with
photograph so no other proof is valid. If you change address and inform them every where your address will change . you have to inform near police station for this .They will change sticker on your card for address that is all.
Nobody can make govt fool. Cannot escaped. I think in our country complicated system created for getting benefit to rich people and goverment officer
I totally agree with you a national social security number is all that is required for any citizen… the government can use it for any tax, passport, employment, driving license, electrol records or cencus purposes.
the more complicated they make the things.. more likely is there a room for curruption and harasment
25 January 2007
http://www.rediff.com/money/2007/jan/25pan.htm#mb
Having read the above article it appears that AMFI has realised that it has made a mistake by insisting on the introduction of the MIN number instead of using the already standard set up PAN numbers. Rather then gracefully withdrawing the MIN and implimenting a simpler KYC procedure it is further compunding the error. Logic dictates that 10,000 distributed workers operating a system over a wide area do the job faster & efficiently then 1,000 workers in a centralised place. But then when has logic and common sense prevailed in Government and Bureaucratic Circles … Circles … Circles … Circles … Circles … Circles …
Thanks Nellie for updating us on this issue. It feels good to know that our voices are being heard
It is really ridiculous for the govt. to have brought out a necessary evil like MIN number. Already big shots like Mr. Captain XYZ Kanth with a PAN number, is living a good life with no filing even returns, we poor fools who have to work for a living, IIMs, even u guys, I mean, are harassed pillar to post by these Babus..who need only to open their palms to get munny in them, are going all hog doing silliest of silly things when other important things need to be taken care of. Long live the Great Indian Tamasha.
This is really brainless work by indian govt.. Why do we need other one when only PAN is sufficient. How many card records we need to keep in future? Indian GOVT Only knows.
This is the most ridiculous work done by the govt,well it seems clearly how ignorant out govt is in taking hasty decisions and to find out the ways to harass public.
Indian Government has no brain really.
Wish there were sense in the way things are done. If there is a social sec number and also there is transperency by way of third party information provider, things will be fine
3rd party provider… No way.. why will you want to share your sensitive earning, tax returns, and investment details with a non governmental agency?
BTW this budget govt ruled that PAN is going to be the sole identification number for all taxation and financial transactions…. A big victory for my cause… and thanks guys for your support
Flash Update
PC decides that PAN is the ultimate card. Look, how the AMFI made those early investors look like fools.
Wow,i am realy happy by this decision…Big Cheers to Chidambram..
more than mere confusing for NRIs as investors.
I am not eligible or qualified for PAN.
do I need a MIN or not.?
I have submitted my application two months back to a POS (Point of Service) office.
Till today he didn´t care to send a reply or issue a MIN.
There is no eligibility criteria for PAN… anybody even NRI, minors, and non nationals can apply for it.
MIN.. as the comment chain emphasizes has been withdrawn because PC also agreed with us and thought it was a ridiculous idea.