[deathwalkr]

Originally Posted by Aviator_guy

Just came across this news which mentions about process for KYC update.

Is that site working for you? I get "this page is not working" error.

[Aviator_guy]

Originally Posted by deathwalkr

Is that site working for you? I get "this page is not working" error.

Sorry I have not tried it myself as my tag doesn't need KYC update. Just shared the article.

[carboy]

Originally Posted by binand

2. Fastag needs to be tied to a person because they are issued by banks and current banking regulations require relationships to undergo the defined KYC process. The defined KYC process came into existence because of worldwide concern about money laundering, drug money entering banking system, terror funding etc. It came out of this document:

Why does fastag need to be issued by Banks? Why can't it be issued by Transport Ministry & charged through any bank or with cash, just like we charge prepaid cell phones.

And for your first reason, I don't think half the things happen in reality through fastag.

[binand]

Originally Posted by carboy

That's the only reason for this stupid KYC - it's nothing to do with Financial Product etc. They are mandating Fastag & KYC for Fastag for surveillance rather than for any other reason.

Originally Posted by carboy

Why does fastag need to be issued by Banks? Why can't it be issued by Transport Ministry & charged through any bank or with cash, just like we charge prepaid cell phones.

So in summary - we think Fastags, even though they are issued by banks, might be used for surveillance by the government, therefore we want a government department to be in charge of issuing and maintaining them? Did I get that right?

[carboy]

Originally Posted by binand

So in summary - we think Fastags, even though they are issued by banks, might be used for surveillance by the government, therefore we want a government department to be in charge of issuing and maintaining them? Did I get that right?

Since the excuse for the KYC is that KYC is required because a bank issued it, then a KYC won't be required if any non-Govt entity including the Govt issued it - i.e. even if the Govt issued it, it would be anonymous & wouldn't require KYC. And it need not be the Govt - it can be anyone who doesn't require KYC. It could be any toll booth operator since all the toll booths use the same standard.

At some point, one should wonder if it requires KYC because it was issued by a Bank or if it was issued by a bank & not anyone else so that it would require KYC.

P.S. Since the topic has gone a little tangential, I have requested the admins to move this part of the conversation to a separate or a more appropriate thread.

[binand]

Originally Posted by carboy

Since the excuse for the KYC is that KYC is required because a bank issued it, then a KYC won't be required if any non-Govt entity including the Govt issued it - i.e. even if the Govt issued it, it would be anonymous & wouldn't require KYC.

See: the Fastag does two things:

1. It identifies the vehicle approaching the toll booth, allowing the software to compute the toll amount to charge.

2. It triggers a transaction that results in a sum of money being moved from an account owned by someone (the tag/vehicle owner, let us say) to the toll booth operator's account.

If you read through the Fastag specs you will see that #1 above happens as you approach the toll gate (before the boom barrier) and #2, after you have crossed the toll gate.

In your worldview you certainly can have the government issuing the tags and thus performing role #1. But as per current regulatory regime in India, only entities governed by RBI and therefore mandated to do KYC are allowed to do #2.

For example, when Paytm started issuing Fastags backed by their wallet (pre-UPI days), one could sign up for Fastag with them without any KYC, just the way you want it (they only asked for vehicle RC, I think). But in 2017 RBI started regulating pre-paid wallets and mandated KYC for them too. So now you can't get a tag from them without KYC. There is no way getting around this.

Ref: https://www.rbi.org.in/Scripts/BS_Vi....aspx?id=12156 (see direction 6.1).

[unknownartist01]

I think this applies to those who've bought their Fastags at POC near the toll plazas or the nearby shops who just issues fastags without any documentation. These Fastags are activated on car's registration or chassis no (in case its a new car and registration number is not issued yet).

I checked with Paytm customer care and they confirmed that since I have already done KYC with Paytm, the fastag issued to me by them is KYC compliant and I wouldn't need to perform KYC again. So, for those who've bought their Fastags from wallet providers, there seems to be some advantage here.

[UD17]

I checked the status of my FASTag (HDFC). I could see KYC status: FULL KYC



Does it mean, i need not to take any action? As i am unsure whether i have updated the KYC recently or not. The Tag is bought in 2018.

[Masalawheelz]

Hello All!

My Fastag was issued by Equitas Bank when I bought the car, about 2 years ago. Now, when I tried to log in at https://fastag.ihmcl.com/, it says that my mobile number is not registered with Fastag and that I should register first. However, there is no option, link or button to register on the website.

Would anyone be able to help with this please?

Thank You!

[Aditya]

KYC requirements for FASTag - Posts moved to a new thread.

[DriverLess]

Originally Posted by Masalawheelz

Now, when I tried to log in at https://fastag.ihmcl.com/, it says that my mobile number is not registered with Fastag and that I should register first. However, there is no option, link or button to register on the website.

I think news articles should have mentioned this is an example. As far I know, you have to use your Fastag vendor's portal to check/update KYC.

[Turbohead]

Originally Posted by DriverLess

ICICI Fastag website shows my status as *Min-KYC*.

Can you share where this is being shown in the portal? Thanks!

[Sunday-Driver]

Originally Posted by carboy

First of all, force a the financial product on you - i.e. I have no requirement of a fastag but I still have to have one. And then I have to do KYC also on it.

And it's like a prepaid card. I can buy an Gift card for shops without any kyc & use it. How is this different?



What would be the problem if a vehicle has 2 tags & I cover one occasionally. Or if I share my tags on alternate days between 2 cars?

Probably money laundering via fake tollgates or something/anything else.

I'm annoyed by fasttag too, I mean these tools are so effective that Adani wants to operate tollgates too

Are the roads that better since fasttag? May be wider but tarmac is still damaged and under maintained or laid badly.

And OP please check if that's a phishing message. Do your KYC physically or via video call .

[carboy]

Originally Posted by Sunday-Driver

Probably money laundering via fake tollgates or something/anything else.

Could you explain how exactly a fake tollgate can launder money. You always need a legitimate business to launder money from illegitimate sources. A fake tollgate isn't a legitimate business. Will they show income from fake tollgate in their tax returns to launder the money?

Originally Posted by binand

See: the Fastag does two things:
2. It triggers a transaction that results in a sum of money being moved from an account owned by someone (the tag/vehicle owner, let us say) to the toll booth operator's account.

If the toll operators were allowed to issue the fastags, then this is no different from buying a prepaid/gift card from shopper's stop & using it.

Originally Posted by Sunday-Driver

But as per current regulatory regime in India, only entities governed by RBI and therefore mandated to do KYC are allowed to do #2.

Which brings us back to the question - is KYC required because it's issued by a bank or is it issued by a bank, so that KYC can be made mandatory.

[androdev]

Originally Posted by carboy

Which brings us back to the question - is KYC required because it's issued by a bank or is it issued by a bank, so that KYC can be made mandatory.

Do you remember the quote from the movie "A Few Good Men"?

I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very freedom that I provide, and then questions the manner in which I provide it!

That's the attitude of the government, especially in a third world country like ours.