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Business News/ Companies / Start-ups/  'Madamji, dekhiye please,' Shaadi.com's Anupam Mittal pleads with FM Sitharaman to ease KYC paperwork. I-T dept responds
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'Madamji, dekhiye please,' Shaadi.com's Anupam Mittal pleads with FM Sitharaman to ease KYC paperwork. I-T dept responds

In his latest post on X, Shaadi.com founder and the Shark Tank India judge Anupam Mittal highlighted the need to implement policies that provide a conducive environment for Indian startups.

In a post on X, Anupam Mittal flagged concerns over the inordinate amount of time spent on completing KYC paperwork.Premium
In a post on X, Anupam Mittal flagged concerns over the inordinate amount of time spent on completing KYC paperwork.

Raising concerns over the long and exhausting process of completing know-your-customer (KYC) paperwork, Shaadi.com founder Anupam Mittal sought the Finance Ministry's intervention to simplify the process for startups and angel investors. In his latest post on X, the Shark Tank India judge highlighted the need to implement policies that provide a conducive environment for Indian startups.

Also Read: Have Paytm and Byju's debacles dented Indian startups' prospects? Experts weigh in

Reacting to Anupam Mittal's post on X, the Income Tax Department asked him to write a mail to the department with a specific issue or query so that the officials concerned could “get in touch" with him.

Also Read: What do start-ups expect from govt and regulators amid crises at Byju's and Paytm Payments Bank? Read on to find out

 “While we talk about being a startup nation, we need policy-making that keeps up. Every year, team is spending inordinate amt of time sending KYC info to startups who in turn are coordinating with multiple angels to get kyc paperwork filed with @IncomeTaxIndia when they should be focusing on building great businesses. Why this harassment?," wrote Anupam Mittal on X, while tagging the Income Tax Department and Finance Minister Nirmala Sitharaman.

Mittal also pointed out that the Income Tax department has all the details of most of the registered investors and there is no need for intensive paperwork.

Tagging Finance Minister Nirmala Sitharaman's official X accounts, Mittal wrote, “Madamji dekhiye pls, it's an unnecessary waste of time that sucks up countless unproductive hours of our country’s brightest in @PMOIndia."

Also Read: Cashfree targeting return to profitability by Q1FY25: CEO

Addressing Shaadi.com founder's post, the I-T department commented, “Please write to us with your specific issue/query (along with PAN & your mobile number) via email at orm@cpc.incometax.gov.in so that our team can get in touch with you."

KYC trouble for startups and fintech

In response to the I-T department's comment, Mittal refrained from pointing out a single issue and mentioned the troublesome procedure of filing KYC documents with the I-T department as his main concern.

The Shaadi.com founder's comments on tedious KYC paperwork have come at a time when Paytm Payments Bank is facing Reserve Bank of India action for multiple reasons including complaint lapses in its KYC process.

Recently, the digitisation and simplification of KYC across all fintech segments was discussed at a meeting chaired by Nirmala Sitharaman with start-up and fintech ecosystem entities. The other issues discussed in the meeting were the cost of lending for critical areas, change of ownership holding and control of listed fintech companies to enable them to be in sync with regulatory compliance; and issues about cybercrime.

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Published: 29 Feb 2024, 08:22 PM IST
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