A leading business newspaper has said that AMFI and CVL are in talks with the Finance Ministry to make use of PAN number as the Mutual Fund Identification Number. The idea is to use PAN number as a code number for MIN as well.
The duo is also proposing of scanning documents at central data centre instead of at the Point of Sale points.
1 commentJanuary 28th, 2007
MIN is necessary if you are planning to an investment of Rs. 50,000 made after January 1, 2007.
Generally, it suggested you take the MIN number now itself even if you do not have an immediate plan of making a Rs.50,000+ investment. MIN number is free, given over the counter as soon as you submit your application form and requires you to provide some minimum documentation.
The number is similar to a PAN number and would come handy later when rules change, particularly when MIN is made compulsory for investments of any amount or size. Further MIN could get the same weightage as a PAN number and could probably be accepted as a address-proof or photo-proof though this is not stated anywhere and this is not the purpose for which it is being issued.
Add commentJanuary 19th, 2007
Mutual Fund Identification Number or MIN is available as a free download from websites of AMFI or of leading mutual fund houses. You can take a print of the same and submit duly filling it. Alternatively, you can also get the MIN application forms at the Point of Sale counters. Your Tax Consultant or your Investment Advisor too can provide this.
Add commentJanuary 19th, 2007
MIN Application Form is available as a free download. Currently, the applications are given free of cost.
Add commentJanuary 19th, 2007
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