Shaadi.coms Anupam Mittal pleads with FM Sitharaman to ease KYC paperwork.

"Anupam Mittal, the creator of Shaadi.com, requested the Finance Ministry's help in streamlining the know-your-customer (KYC) documentation process for startups and angel investors, citing his concerns about the drawn-out and tiresome procedure. The Shark Tank India judge emphasized the importance of enacting laws that create an atmosphere that is favorable for Indian companies in his most recent article on X. The Income Tax Department responded to Anupam Mittal's post on X by asking him to send a letter containing a specific concern or question to the department so that the relevant personnel might ""get in touch"" with him. Even as we speak of being a startup nation, we require policymaking that is progressive. Every year, instead of concentrating on creating amazing businesses, the team spends an excessive amount of time providing KYC information to startups, who then work with several angel investors to get the paperwork submitted with @IncomeTaxIndia. ""Why is this harassment happening?,"" Anupam Mittal posted on X, tagging Finance Minister Nirmala Sitharaman and the Income Tax Department. Additionally, Mittal emphasized that extensive documentation is not necessary because the Income Tax department already has all the information on the majority of registered investors. Mittal commented, ""Madamji dekhiye pls, it's an unnecessary waste of time that sucks up countless unproductive hours of our time,"" tagging Finance Minister Nirmala Sitharaman's official X accounts. brightest in the nation at @PMOIndia.

"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,"" the IT department said in response to the founder of Shaadi.com's post. Fintech and startups facing KYC issues In response to the I-T department's statement, Mittal stated that his primary concern was the cumbersome process of completing KYC documentation with the I-T department, without highlighting a single problem. The founder of Shaadi.com made these remarks about onerous KYC paperwork at a time when Paytm Payments Bank is being investigated by the Reserve Bank of India for a number of reasons, including complaints about procedural errors in its KYC system. Recently, Nirmala Sitharaman chaired a meeting with start-up and fintech ecosystem organizations to address the digitization and simplification of KYC across all fintech segments. The cost of lending for important locations, ownership and control changes for fintech companies that are listed to help them comply with regulations, and cybercrime concerns were among the other topics covered in the conference."