MIN : Another twist in the tale
Further to my earlier post on the need for a MIN, it seems AMFI is working on a suggestion by the finance ministry to use the PAN number itself for this purpose. They have suggested making additions to the PAN number by adding a code at the end, which would indicate the nature of the transaction being carried out.
Apparently, the surge in demand for the MIN has led to serious problems in issuing the same from the POS, and giving it over the counter is just not possible now, as was originally promised. They are also likely to scan all the documents at some centralized place rather than the POS, which caused an inordinate delay.
All these bodies seem to lack the ability to think things through before implementing them, whether it is PAN, MAPIN/UIN and now the MIN. Inspite of having the benefit of hindsight, they insist on rushing to implement these new fangled regulations in a hasty manner and then withdraw them, leaving many of the original applicants a confused and angry lot.
Tags: MIN, PAN, Mutual Fund
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