India-Pakistan tensions have paused now. However, the current pause may not last if the Pakistan armed forces violate the ceasefire at the India-Pakistan border. In an uncertain world, war and similar emergency situations, e.g., the Covid pandemic, are increasing. To prepare for these, securing your financial documents is one of the steps you should take. These precautions will help you not only during wartime but also in tackling mishaps in your everyday life, such as misplacing important documents.
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Col Sanjeev Govila (retd), Certified Financial Planner, CEO, Hum Fauji Initiatives, a financial advisory firm, says, "Documents lost are opportunities lost, especially during crisis situations when verification becomes stringent. It is important to keep all critical financial and identification documents in waterproof and fireproof containers or digitise them (preferably cloud-based) with encrypted backups. Examples of essential documents include - Aadhaar, PAN card, and passport, Property papers and insurance policies, Bank account details and investment certificates/carefully noted down details. Details of financial advisors and persons to contact in case of a mishap involving assets/investment documents should also be noted. Will and succession documents including nomination details are also important financial documents to be kept safely."
It is also essential to keep the physical copies of financial documents and other important documents together in a bag so that they can be carried quickly in case of evacuation.
Wriju Ray, CBO of IDfy - an integrated Identity platform, says, "There are two considerations to remember while storing your data and other essential documents electronically. First is whether your personal data is safe when stored digitally and secondly, whether you can access it when you don't have power or network services."
Ray further adds, "Storing files or sensitive information without adequate security or encryption may not be a good idea. Individuals must ensure that the digital platform is password-protected and encrypted. Leveraging Digilocker (a government-based cloud software) services is a good idea. When one has power and a network, it is relatively easy to connect to Digilocker and access your files. ?In case of power outages and the lack of network or internet, it really boils down to keeping your physical IDs near you so you can easily grab them in case you need to move out of your home."
Also Read: Should you tweak your investment portfolio as Operation Sindoor is paused?
Keep a digital copy of your financial documents
As a precautionary measure, it is important to keep a digital copy of your financial documents. You can do this by putting your financial documents, such as PAN, Aadhaar, Voter ID, Passport, etc., in DigiLocker or scanning the documents on Google Drive or any other cloud-based application.Col Sanjeev Govila (retd), Certified Financial Planner, CEO, Hum Fauji Initiatives, a financial advisory firm, says, "Documents lost are opportunities lost, especially during crisis situations when verification becomes stringent. It is important to keep all critical financial and identification documents in waterproof and fireproof containers or digitise them (preferably cloud-based) with encrypted backups. Examples of essential documents include - Aadhaar, PAN card, and passport, Property papers and insurance policies, Bank account details and investment certificates/carefully noted down details. Details of financial advisors and persons to contact in case of a mishap involving assets/investment documents should also be noted. Will and succession documents including nomination details are also important financial documents to be kept safely."
It is also essential to keep the physical copies of financial documents and other important documents together in a bag so that they can be carried quickly in case of evacuation.
Things to keep in mind while storing documents online
Having a backup of essential documents on a digital platform is a good idea. However, you should take precautions while selecting the digital platform.Wriju Ray, CBO of IDfy - an integrated Identity platform, says, "There are two considerations to remember while storing your data and other essential documents electronically. First is whether your personal data is safe when stored digitally and secondly, whether you can access it when you don't have power or network services."
Ray further adds, "Storing files or sensitive information without adequate security or encryption may not be a good idea. Individuals must ensure that the digital platform is password-protected and encrypted. Leveraging Digilocker (a government-based cloud software) services is a good idea. When one has power and a network, it is relatively easy to connect to Digilocker and access your files. ?In case of power outages and the lack of network or internet, it really boils down to keeping your physical IDs near you so you can easily grab them in case you need to move out of your home."
