Aadhar Linkage Concern
My daughter aged nearing 40 years has her PAN, Bank accounts Demat accounts & unlisted shares in her maiden name since a very long time (before marriage). She got married in 2008 & all the above continued in the same name and title.After her marriage her title changed and accordingly her title only on AADHAR changed. So there is a mis match in her PAN and AADHAR Title only.
The mis-match was accepted by Income Tax Department and accordingly IT Return could be filed in her maiden name as usual and assessment has also been done,
Now the problem is with the Bank account and Demat account linking with AADHAR and PAN. They are insisting for the same name (Title) on both to link the account. But I am unable to understand if Income Tax Department has been permitted to accept this mis match why RBI and SEBI has been not allowed to adopt same formula for the same mis match.
Adopting the new name with every asset has a lot of complications. For example a lot of unlisted shares purchased long back with old Title are lying in physical form Practically it is not possible to get changed name on physical shares.
What I feel is this is the problem of implementation which should be done away with to protect Law abiding & honest citizens from cumbersome procedures, undesirable hardship and harassement.
Vinod Kumar Tandon more
The mis-match was accepted by Income Tax Department and accordingly IT Return could be filed in her maiden name as usual and assessment has also been done,
Now the problem is with the Bank account and Demat account linking with AADHAR and PAN. They are insisting for the same name (Title) on both to link the account. But I am unable to understand if Income Tax Department has been permitted to accept this mis match why RBI and SEBI has been not allowed to adopt same formula for the same mis match.
Adopting the new name with every asset has a lot of complications. For example a lot of unlisted shares purchased long back with old Title are lying in physical form Practically it is not possible to get changed name on physical shares.
What I feel is this is the problem of implementation which should be done away with to protect Law abiding & honest citizens from cumbersome procedures, undesirable hardship and harassement.
Vinod Kumar Tandon more
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Your daughter can get her name changed on various securities by asking the companies/their registrar to do the same. Your application would be processed without any charge. more
Dec 03
The problem in India, it is reinventing itself everyday. Someone got an idea in the government "Oh OK, We should be better than America" But ground realities are not understood. Honestly speaking no one reads the policy documents. That is the problem. It is like a blind leading the bling. In the US, if there are policy changes, first all corporates puts their own SOP (Standard Operating Procedures, listing all the exceptions rules and then "Train the employees" This training documentation is so important. My brother a US Citizen returned to India, wanted to take a local exam for enhancing skills for local business. He was refused by the exam board. He then went and read all the laws and regulations pertaining to foreign citizens especially if they have OCI card. It is clearly stated that OCI card holders are as good as Indian citizens except for three areas which don't pertain to education and employment (unless seeking a government position). He approached a lawyer who then sent a letter to the exam board that their is no law to prevent my brother to take this exam as "OCI Card" holder. Then within a week they took my brother's application to appear the exam. The problem is no one wants to read the fine details and there are no corporate SOPS and training. It is a blind mass of people leading other blind. So, read the fine details yourself rather than a bank employee telling you. more
Dec 02
Do not trust citizen is the basis of formation of most rules and procedures. more
Nov 30
Logically others should also accept it. If proper explanation for the mismatch is given, it should be acceptable. At leas my Bank accepted the logic and my daughter ha not faced any problem. She did produce the marriage certificate and the reason for the change of name. more
Nov 29
Only the investigating officer needs to know all our details why shd any other officer in a private Banking or mobile company or private Insurance,credit card, etc know the details of any body's transaction. It is just absurd linking Aadhar with everything around a citizen.If a person confirms that the name mentioned is one and the same person what is the difficulty for the Investigating agencies to track him./her. This wholesome linking which is unique in the world seems to be a part of a larger conspiracy on the citizens which we will know in the future only. more
Nov 29
