Monday, January 22, 2007

After PAN, its MIN now.

So, our esteemed and very intelligent bureaucrats under the able leadership of a celebrated Finance Minister has come up with a Gem. Those having Mutual Funds must apply for a yet another Identification Number called : Mutual Fund Itentification Number (MIN).

Now the question is: Why wasn't PAN good enough as identification? How many more such identification numbers are the sleepy Babu's going to come up with - just because one govt. department cannot integrate well with another one?

So - whenever this question comes up: What after all is merit? The answer is always the same: Merit is ability to come up with simple, practical, useful solutions to problems. The above move smacks of inefficiency, wastage of tax payers money and sheer foolhardiness. We have no respect for bureaucrats who take their citizens for granted - as if by virtue of their positions they can keep coming up with any crap they want. Sorry - pls show us efficiency - not arrogance.

Recently - a Politician was sprouting his wisdom on television such: We are elected representatives of people therefore we are entitled to bring about laws that we deem fit for people. By opposing our legislative actions - you are going against the will of the people. Wow ! Now this is what is called: Mish mashing words to suit the rhetoric and hidden agenda. The man ofcourse did not admit - that legislative is elected to carry out good work - not to turn to legal terrorism and mischief - in the name of greater good.


At 6:28 AM, Anonymous Sajith M said...

Thankfully some sane soul in the Finance Ministry raised some objections to this new number, and the proposal got trashed.

This was brought in to help the funds better handle the "know your customer" requirement. One of requirements for obtaining the MIN was the PAN number. Now, why could AFI not use the PAN number as the identifier instead of cooking up a new number is something that beats me...

At 12:26 PM, Blogger Giri said...

foolish idea to start with.good to know it was trashed

At 12:38 AM, Blogger pegasus said...

the FM has taken back the decision now.

At 5:15 AM, Anonymous Sajith M said...

Ah, being lazy does have its advantages. PAN to replace MIN tomorrow. Thanks to my laziness, I know that I dont need to apply for a MIN :)


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