Let us get to the point straight away: how many photo identity cards is an ordinary mortal expected to carry?
Most of us have to have a driving license, voter's ID card, PAN card, etc. Those of us who work in commercial premises are required to carry identity cards issued by employers. Now, thanks to the people who govern us, there will be more!
As per new regulations of the Securities Exchange Board of India, investors who wish to carry out transactions worth Rs 100,000 or above, either in the primary or secondary markets in any listed securities, mutual fund units or collective investment schemes, will be required to hold a Unique Identification Number under MAPIN -- a central data base of 'Market Participants.'
There is also a proposal to introduce an identity card for subscribers of EPF (Employees Provident Fund), which will effectively imply adding one more card to our already burgeoned card holders.
So this is what the list would look like:
- Driver's license
- Election Photo Identity Card
- PAN Card
- MAPIN Card
- EPF Card
- Employee ID Card
This modus operandi is rather queer: a unique photo identity card for every purpose under the sun! To be fair to the policymakers some of the requirements like a driving license will have to be fulfilled with distinct photo IDs, but surely there is place for rationalisation in the total number of photo IDs an individual is required to carry.
Or is that asking for too much considering that we are yet to see any significant rationalisation in the tax structure or even the small savings segment for that matter?
Most of us would agree that retail investors/individuals should concentrate their energies on daily chores, investments, tax and legal matters rather than worrying about the safekeeping of the right photo identity card.
Wouldn't life be a lot simpler if we had a competent government authority (sounds like an oxymoron, doesn't it?) issuing a single photo identity card that could be used for multiple purposes.
All the relevant information and details pertaining to the individual could be compiled in a single card. This card would bear a unique number that, in turn, could be used for various purposes like investments in markets, filing of tax returns, opening bank accounts, applying for loans and even for voting.
Till policymakers introduce a multi-purpose card as discussed above, individuals will be left with no choice but to maintain a plethora of photo identity cards.
But there might be the proverbial 'silver lining' in this situation as well -- in the form of an investment opportunity. Investors should contemplate getting invested in stocks from the photography industry: with so many individuals requiring so many photographs for every card, one can safely assume a spurt in demand in the days to come!
And here's the disclaimer: the author of this article was under considerable duress on account of non-receipt of his PAN card. Readers are advised to take all investment-related advice and the author's views with a bagful of salt.
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