Deadline to file KYC extended
Posted on: 22/Sep/2018 3:33:08 PM
As lakhs of directors have still not abided by the requirement, the government has permitted the directors to get their KYC details filed at slashed price of Rs 500 until 5th October.
Over 21 lakh directors have still not submitted their details. To note, the Corporate Affairs Ministry had set September 15 as the last date.
So, as per the latest notification from the ministry dated 20th September, directors will now be allowed to get their details submitted by just paying Rs 500 till 5th of October.
For individuals who have failed to provide DIR-3 KYC on the original deadline, the Director Identification Numbers or DINs are being deactivated.
To note, DIN is a unique number that pertains to each and every individual who holds the directorship in the board of all companies registered. Once the required fees amount is paid, all the deactivated DINs can be activated back again. From the original, Rs 5000, the price is now reduced to Rs 500.
Starting from 6th October 2018, for reactivation, Rs 5000 will be applicable, says the ministry in its website notice.
In this regard about this lesser free and 15 day time, according to the Institute of Company Secretaries of India, there are positive results for the discussions held with the ministry. And the extension has also got possible with lesser fees of Rs 500.
There will be the needed relief to all the stakeholders with this extension of time period. The ICSI president says the stakeholders need to make the best use of this extended time period.
He further added that the hindrances and hardships with the stakeholders were presented to the Corporate Affairs Minister, Arun Jaitley, Corporate Affairs Secretary Injeti Srinivas and Minister of State for Corporate Affairs P P Chaudhray regarding the issue of KYC compliance.
To note, ICSI serves as the apex unit to all company secretaries. Recently in June, the ministry finalized to perform KYC procedures.
About 12.15 lakh directors have got the KYC process done within the earlier deadline which was 15th September. This is lesser than half of the original count – 33 lakh. About 21 lakh of them have not yet complied with the formality.
