India's obsession with paperwork is unceasing and baffling. Everything requires an application, even when everything can be done digitally. You need letters and stamps to get anything done.
Case in point: the "company stamps" that are required for everything you do with your business. From getting a debit card to changing the maturity instructions for a corporate deposit, you need to sign your name AND stamp it with your company stamp.
The company stamp can be made by anyone for $1-2. It has no bearing on security at all. Yet, you need to carry it with you if you want to get anything done.
It's utterly baffling. I can access my corporate bank account online and make any number of transactions, yet if I want to apply for a debit card, I need my company stamp and signatures from all directors.
Case in point: the "company stamps" that are required for everything you do with your business. From getting a debit card to changing the maturity instructions for a corporate deposit, you need to sign your name AND stamp it with your company stamp.
The company stamp can be made by anyone for $1-2. It has no bearing on security at all. Yet, you need to carry it with you if you want to get anything done.
It's utterly baffling. I can access my corporate bank account online and make any number of transactions, yet if I want to apply for a debit card, I need my company stamp and signatures from all directors.
Why? I have no idea!