Wednesday, March 18, 2020

How to link Aadhaar with ration card?

The Indian government has directed its citizens to link their Ration cards to their Aadhaar by March 2020. The mobile number linked to your Aadhaar is required to be attached to your ration cards. In addition to the ration card, you can use the UIDAI issued document for ekyc purposes at banks and online payment wallets.

Thursday, March 12, 2020

How to register your land property using Aadhaar card?

Unclear land titles are amongst the most common reasons for property disputes. According to Section 17 of the Registration Act, 1908, all transactions involving the sale of immovable property valued at more than Rs 100 must be registered. Leasing a property for more than 12 months or property being gifted must also be registered. Immovable property refers to land as well as buildings.

Friday, February 28, 2020

RBI's Low KYC - A Blessing for Fintech Companies

The Reserve Bank Of India’s (RBI) decision to introduce ‘Low KYC’ (Know Your Customer) PPI (Paid Payments Instruments) accounts has come as a huge relief to the FinTech companies operating in India. The new decision was introduced on the 5th of February 2020 which will allow the customers to continue using their mobile wallets to make payments. The RBI had put restrictions on the limits of transactions earlier. They wanted the FinTech companies like Amazon Pay, Paytm and PhonePe to adhere to the ‘Full KYC’ option by the 29th of February 2020.

Monday, February 17, 2020

Aadhaar card updation for children - All you need to know

Issued by the Unique Identification Authority of India (UIDAI), the Aadhaar card is one of the most reliable of all documents that serve as the proof of identity for an Indian resident. The Aadhaar card has a unique number for identification. Besides, the biometric information and the demographic details of the individual are also attached.

Friday, February 7, 2020

Union Budget 2020: Aadhaar-Based Tax Verification Introduced To Ease Compliance

The Government of India has decided to launch Aadhaar based tax verification for its citizens. This decision was announced by Nirmala Sitharaman, the Finance Minister of India while presenting the Union Budget for 2020. PAN or the Permanent Account Number will be allotted online instantly by filling out the required application form. The Finance Minister said that steps to facilitate this decision are also in process. The interchangeability of PAN and Aadhaar was proposed during the Union Budget of 2019 by the Finance Minister.

Monday, February 3, 2020

20% of salary to be deducted as tax if PAN, Aadhaar not submitted.

The trouble lies ahead for you if your annual earnings are above Rupees 2.5 lakhs and you’ve failed to furnish your Aadhaar and PAN card details to the employer. The Income Tax Department of India has instructed employers to deduct 20% as TDS (Tax Deducted at Source) from the salary of those who have not submitted their Aadhaar ekyc and PAN card details. The CBDT or the Central Board of Direct Taxes formulated this new rule and issued a circular regarding this decision.

Tuesday, January 28, 2020

RBI Digital KYC: How the new norms work?

For the process of customer identification by RE’s (Regulated Entities) like Banks, NBFCs, and other financial agencies, the Reserve Bank of India or the RBI has decided to make use of the available digital channels. This has led to the decision by the RBI to permit digital-based KYC where the customer-identification takes place through Aadhaar authentication or the V-CIP (video-based customer identification process).

Thursday, January 16, 2020

RBI Allows Aadhaar Based Video KYC for Onboarding and to Establish Identity.

Soon banks, NBFCs, FinTech, and other financial organizations are likely to remove paper-based and physical onboarding processes of customers. These methods of processing are to be replaced by Aadhaar-based video-KYC (Know Your Customer) according to the new ruling by the Reserve Bank of India (RBI). This is based on the recent amendments made to the guidelines of KYC in India.

Friday, January 3, 2020

6 cases where you can use Aadhaar number instead of PAN.

Use Aadhaar Number Instead Of PAN: 6 Cases
Even though the Supreme Court of India has not yet made it mandatory, the Aadhaar and the PAN are two important documents that the government of India considers mandatory for certain purposes. Let’s take a look at what these two documents are.