DIR-3 KYC late filing fee waived off

The Ministry of Corporate Affairs (MCA) had introduced a new form, i.e. DIR-3 KYC in for an annual ‘Know Your Customer’ or KYC of the Directors of all the companies. The due date for filing form DIR-3 KYC was extended to September 15, 2018, which has already passed.

For the directors who have still not filed their DIN-KYC, there’s a cause of respite. The Ministry has now reduced the late filing fee in respect of DIR-3 KYC from ₹5,000/- to ₹ 500/- beginning from 21st of September 2018 till 5th October 2018.

Now, the DIR-3 KYC late fee till October 5, 2018, will be ₹ 500/-.

#1. What was the previous due date for filing form DIR-3 KYC?

The due date for filing of the form DIR-3 KYC was 31st August 2018 and was extended to September 15, 2018, as many directors had failed to file DIN-KYC till 31st of August.

#2. Why has government reduced the DIR-3 KYC late filing fee?

Recently, the Ministry of Corporate Affairs had extended due date for form DIR-3 KYC to September 15, 2018. Despite that, over 21 lakh directors had failed to submit the required details for the DIN-KYC when the deadline ended on September 15.

Following this, the ministry had already begun de-activating the Director Identification Numbers (DINs) of the directors who did not provide the requisite KYC (Know Your Customer) details. The ministry had stated in this regard-

“DIR-3 KYC won’t be available for filing during the pendency of this activity, i.e. from 16th September 2018 to 17th September 2018.”

As to provide some relief to the defaulters, the ministry has now reduced the late filing fee from ₹5,000 to ₹500 for 15 days following September 21, a Ministry official has told.

#3. What is a DIN?

Director Identification Number or DIN is a unique number allotted to the directors who are listed in the boards of companies registered by the Registrar of Companies (RoC).

#4. What if DIR-3 KYC is not filed even after 5th October?

Failing to file DIR-3 KYC till 5th October 2018 shall attract the late fee of ₹5,000 along with de-activation of the respective DIN. Given below is the notification by MCA regarding the same-

So, don’t delay, File your DIN-KYC now!

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