Skip to main content

Market regulator central bank move SC on Aadhaar

By
Seek relaxation of order restricting Aadhaar usage in PDS and LPG subsidies
The Securities Exchange Board of India ( Sebi) and the Reserve Bank of India ( RBI) on Tuesday moved the Supreme Court for modification of the apex court’s order on Aadhaar, issued in August. The two regulators sought relaxation of the order, which stated the unique identity card should not be insisted upon except for public distribution scheme ( PDS) items such as food and kerosene, and for subsidised liquefied natural gas ( LPG).
Considering a large number of similar applications, including that of the Centre and the governments of Gujarat and Jharkhand, the court set the hearing of the matter on October 6.
According to Sebi, Aadhaar is useful in various ways for the development of the securities market. It works as a an easy and simplified mode of completion of know- your- client (KYC) requirement, while onboarding a client by any registered intermediary in terms of prevention of money laundering norms. Sebi believes Aadhaar can also act as a tool for monitoring various transactions by individuals across financial markets and help in early detection.
RBI wants banks and financial institutions to be allowed to accept the Aadhaar card from those who voluntarily submit it to prove their identity -in the absence of any other officially- valid document or even otherwise. They may voluntarily provide the card to avail of financial services. According the banking regulator, Aadhaar prevents fraud and helps in financial inclusion of all sections of society.
Earlier, the Centre had also moved the apex court for modification of its order. It contended that the restriction imposed by the court on Aadhaar would undermine the government’s Digital India initiatives such as biometric attendance, Jan Dhan Yojana and the pension scheme.
The Gujarat government, represented by senior counsel Harish Salve, wanted to lift the curbs not only for the PDS scheme but also for any other social welfare scheme.
Business Standard, New Delhi, 30th Sept. 2015

Comments

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more