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.

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.

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.

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.