KYC norms - a headache???

After the govt introduced this KYC norms its a headache filling forms.. they should stream line this fill it once or link it to pan or something liek that... a nice article on the same....

The Indian government’s efforts towards strengthening identification norms have had an adverse impact in the most unexpected quarters. Apparently, the much talked about know your customer (KYC) norms are proving quite a deterrent for the population to put its money into various investment channels. The hassles of KYC documentation are creating obstacles in the path of investors and advisors alike.

Industry sources reveal that they have been having problems mobilising savings of individuals only because of the complications created by the necessity to adhere to KYC norms. An independent financial advisor (IFA) disclosed to Moneylife, “I have a customer who wants to invest Rs50,000 each in five different funds. For this, I have to give five different KYC documents for him and his wife, which is absurd. The issue here is, if you know the person’s surname and father’s name, date of birth and PAN card, there can only be one person whose details match. So why is the need for this unnecessary repetitive work?”

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