The government is pushing very hard to ensure all financial transactions are linked. I do think that this will help identifying areas where there is clearly tax and irregularities made by people.This will definitely help in reducing the black economy in the Indian market.
The most recent information is to update the AADHAAR number in all banks by Dec 31st 2017 and for mobile phones it is by March 31st 2018.
While I appreciate the effort by the government, it is a lot of pain for the individual investors - a lot of effort. Imagine the number of things we need to link our AADHAAR number to.
1. All bank accounts - even if they are in operative.
2. All mutual funds- - imagine the number of funds one needs to go to add the linkage.
3. Insurance- LIC or any other-- all needs to be linked to the AADHAAR
4. Demat accounts
5. Credit cards if they are not from the same bank that you bank with.
it is a significant effort - and does require clean up of your accounts and financials-- better that you do it as soon as possible vs waiting for Dec .
For mutual funds - most of the MFs are covered by either KARVY or CAMS. The great thing is that these two are helping you only update in one place and all of the MFs managed by them get updated at the same time. Of course some of them like franklin templeton, sundaram still need to updated separately because they are not managed by KARVY or CAMS.
Below are the quick links for you to go and update your aadhaar number
*CAMS -* http://www.camsonline.com/
The most recent information is to update the AADHAAR number in all banks by Dec 31st 2017 and for mobile phones it is by March 31st 2018.
While I appreciate the effort by the government, it is a lot of pain for the individual investors - a lot of effort. Imagine the number of things we need to link our AADHAAR number to.
1. All bank accounts - even if they are in operative.
2. All mutual funds- - imagine the number of funds one needs to go to add the linkage.
3. Insurance- LIC or any other-- all needs to be linked to the AADHAAR
4. Demat accounts
5. Credit cards if they are not from the same bank that you bank with.
it is a significant effort - and does require clean up of your accounts and financials-- better that you do it as soon as possible vs waiting for Dec .
For mutual funds - most of the MFs are covered by either KARVY or CAMS. The great thing is that these two are helping you only update in one place and all of the MFs managed by them get updated at the same time. Of course some of them like franklin templeton, sundaram still need to updated separately because they are not managed by KARVY or CAMS.
Below are the quick links for you to go and update your aadhaar number
*CAMS -* http://www.camsonline.com/
*KARVY -* _For Individuals-_ https://www.karvymfs.com/
_For Non-Individuals -_
*FRANKLIN TEMPLETON -* https://accounts.
While you are updating , it will be good for you to have the following handy with you ( each link has something different in terms of requirement)
1. Access to your email where you have the statemements coming. These are required when you get the confirmation
2. PAN numbers
3. Your / your family members date of birth
4. Bank account from which the money is going.
5. Access to your phone which is linked to your MF- the OTP will come there.
For insurance- one can do these in two ways.
1. If you have access , you can quickly add on the AADHAAR number- I was surprised that LIC enabled this to happen.. its quite easy.
2. Call up the customer service helpline and add the number.
3. Send the documents to the customer service- either vide email or through the post.
As you can see- time is ticking away- its best to get started and get it done asap-- Dec 31st is not far off...
Don't procrastinate- it will be more difficult to get the restrictions removed post the due date.. do it now.. its simplefinancialsense!
Posts
No comments:
Post a Comment