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GLOBAL FIRST PM Narendra Modi launches Aadhaar Pay system allowing cash transfers using biometrics even without phones Prime Minister Narendra Modi launched the BHIM-Aadhaar platform, putting in place yet another keystone of a digital payment system that will help India make the  shift to a less-cash economy . The biometric-based indigenous payment solution will enable real-time bank-tobank money transfers even for those without a phone and at no additional cost.“This app can work even on a . 1,000-1,500 phone, you don't ` need a smartphone. If you don't have a phone you can use your thumb,“ he said, referring to fingerprint authentication. Modi was speaking in Nagpur to mark the 126th birth anniversary of BR Ambedkar, after whom the payment system has been named. Modi called the BHIM app “a game changer“ and said that despite criticism over Aadhaar being linked to bank accounts, the payment solution would set a global trend and lead to other countries taking lessons from I...

Moving goods worth more than Rs 50,000 under goods and services tax(GST) will require prior online registration of the consignment and securing an 'eway-bill´ that tax officials can inspect any time during the transit tocheck tax evasion. The Central Board of Excise and Customs has issued draft rules on Electronic Way( eway) bill that require registered entities to furnish, in a prescribed format, GST Network(GSTN) website information relating to any goods worth more than Rs 50,000 they intend to move within a state or outside.GSTN will generate eway bills that will be valid for 115 days, depending on distance to be travelled — one day being for 100 kilometres and 15 days for more than 1,000 km transit. Business Standard, New-delhi 15th April 2017

Includes those dealing in highvalue property and petrol pump owners After receiving a lukewarm response to the Pradhan Mantri Garib Kalyan Yojana (PMGKY), the income tax (IT) department has zeroed in on 60,000 persons who deposited  “excessive” cash after the note ban.These include those dealing in highvalue property and petrol pump owners. Of the 60,000 persons, 1,300 are “high risk” ones who, along with the remaining, would be probed for possible black money generation as part of Operation Clean Money II (OCM) launched on Friday, the Central Board of Direct Taxes (CBDT) stated. More than 6,000 of highvalue property purchases and 6,600 cases of outward remittances will be investigated in detail as part of the OCM. The government had allowed people to deposit demonetised notes in banks between November 9 and December 30. Businesses reporting sales as the source of cash deposits, which are excessive compared to their past profile, will be probed.These may include petrol pumps an...