Skip to main content

Aadhaar mandatory for post office deposits, PPFs, KVPs

Aadhaar mandatory for post office deposits, PPFs, KVPs
The government has made biometric identification Aadhaar mandatory for all post office deposits, PPF (Public Provident Fund), the National Savings Certificate scheme and Kisan Vikas Patra.Existing depositors have been given time till December 31 to provide the 12 digit unique identification number.
The Ministry of Finance has issued four separate Gazette notifications in this regard.“Provided that where Aadhaar number has not been assigned, the depositor shall submit proof of application of enrolment for Aadhaar,” the notification dated September 29 said.Existing depositors who have not provided Aadhaar number at the time of application for such deposit "shall submit his Aadhaar number to the post office savings bank or deposit office concerned, on or before December 31, 2017", it added.
The government has insisted on quoting Aadhaar for bank deposits, obtaining mobile phone and several other utilities to weed out benami deals and blackmoney.Last month, it extended the deadline for obtaining Aadhaar for availing government schemes and subsidies by three months to December 31. Earlier, those who did not have Aadhaar were asked to procure it by September 30.
As many as 135 schemes (of 35 ministries), including the free cooking gas (LPG) to poor women, kerosene and fertiliser subsidy, targeted public distribution system (PDS) and MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme) will be covered by the extension.
"As a result of the review of welfare schemes covered and to provide the benefits of such schemes to all eligible beneficiaries of the scheme, it has been decided to further extend the stipulated date in all such notifications up to December 31, 2017," an order dated September 26 said.
The extension would also apply for Employees´ Pension Scheme of 1995, scholarships, housing subsidy benefit, stipend to SC/ST trainees for coaching guidance and vocational training, stipend to handicapped and Aam Aadmi Bima Yojana.
Besides, it would be applicable for national apprenticeship and skill development schemes, crop insurance schemes, interest subvention scheme, scholarship and fellowship schemes, various education programmes such as midday meal for children and Atal Pension Yojana."It is hereby clarified that this extension shall only apply to those beneficiaries who are not assigned Aadhaar number or those who have not yet enrolled for Aadhaar.
Such beneficiaries are required to enrol for Aadhaar by December 31, 2017 and provide their Aadhaar number or enrolment ID," it had said.There will be no denial of services in the interim period.

The Business standard, New Delhi, 07th October 2017

Comments

Popular posts from this blog

RBI minutes show MPC members flagged upside risks to inflation

RBI minutes show MPC members flagged upside risks to inflation Concerns about economic growth and easing inflation prompted five of the six monetary policy committee (MPC) members to call for a cut in the repo rate, but most warned that prices could start accelerating, show the minutes of the panel’s last meeting, released on Wednesday. The comments reflected a tone of caution and flagged upside risks to inflation from farm loan waivers, rise in food prices, especially vegetables, price revisions withheld ahead of the goods and services tax, implementation of house rent allowance under the 7th pay commission and fading of favourable base effect, among others. On 2 August, the panel chose to cut the repurchase rate—the rate at which the central bank infuses liquidity in the banking system—by 25 basis points to 6%. One basis point is one-hundredth of a percentage point. Pami Dua, professor at the Delhi School of Economics, wrote that her analysis showed “a fading economic growth outlook, as …

Shrinking footprints of foreign banks in India

Shrinking footprints of foreign banks in India Foreign banks are increasingly shrinking their presence in India and are also becoming more conservative than private and public sector counterparts. While many of them have sold some of their businesses in India as part of their global strategy, some are trying to keep their core expertise intact. Others are branching out to newer areas to continue business momentum.For example, HSBC and Barclays Bank in India have got out of the retail business, whereas corporate-focused Standard Chartered Bank is now trying to increase its focus on retail “Building a retail franchise is a huge exercise and takes a long time. You cannot afford to lose it,” said Shashank Joshi, Bank of Tokyo-Mitsubishi UFJ’s India head.According to the Reserve Bank of India (RBI) data, foreign banks’ combined loan book shrunk nearly 10 per cent from Rs 3.78 trillion in fiscal 2015-16 to Rs 3.42 trillion last financial year. The banking industry, which includes foreign banks…

Differential Tax Levy under GST: Food Firms May De-Register Trademarks

Differential Tax Levy under GST:Food Firms May De-Register Trademarks The government’s decision to charge an enhanced tax rate on trademark food brands is leading several rice, wheat and cereal manufacturers to consider de-registering their product trademarks. Irked by the June 28 central government notification fixing a 5 per cent goods and services tax (GST) rate on food items packaged in unit containers and bearing registered brand names, the industry has made several representations to the government to reconsider the differential tax levy, which these players say is creating an unlevel playing field within these highly-competitive and low-margin industries. Sources say that the move has affected the packaged rice industry the hardest and allowed the un-registered market leaders, India Gate and Daawat, to gain advantage as compared to other registered brands such as Kohinoor and Lal Qilla. Smaller players are even more worried with this enhanced rate of tax (against the otherwise …