Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: VAT RATES :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company :: cpt :: list of goods taxed at 4% :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: form 3cd
« News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

PAN source code for investor identities
January, 19th 2007

Whats in a number? For all those who have difficulty in remembering multiple numbers resulting from various identification codes, theres lot. The finmin is now here to their rescue.

The ministry has written to all regulators and associations in the financial sector to go for codes based on permanent account numbers (PAN). Thus, your depository participant code or mutual fund identification number (MIN) could become PAN-based if the proposal goes through.

The proposal comes close on the heels of Association of Mutual Funds of India (Amfi) move to issue a unique identification number to investors putting in more than Rs 50,000 in a mutual fund. Amfi move to implement MIN from January 1 has not gone down well with the industry.

Officials said the ministry was of the view that PAN should be the mother of all unique identification numbers. The ministry has already written to Sebi and Amfi to either use PAN as the suffix or prefix, they said, adding that the proposal would be discussed with them in depth before it is rolled out. In fact, they said, the association would talk to the participants for feedback and give their inputs to the ministry.

At present, unique identification numbers are issued by banks, depository participants and Sebi. Since most of the identification numbers have PAN card as a pre-requisite, sources said there should not a problem in the code reflecting it. Even MIN has PAN as one of the requisites.

Value Research CEO Dhirendra Kumar has questioned the logic behind MIN. What is the logic behind MIN? You need a PAN to get it, you need a proof of residence which is already there in your PAN, and PAN is a photo card. So, why should a photo be given? There is no rationale behind the move, he said.

He pointed out that PAN had to be quoted at all places where the transaction value was above Rs 50,000, and the finance ministry could get data on investors from any fund under know-your-customer provision. A mutual fund is supposed to simplify the life of the investor and not complicate it. The MIN is only increasing an investors headache, it is felt.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions