'It has also saved the government about $ 9 billion in fraud and wastage because by having that unique number you eliminate fakes and duplicates from your beneficiary and employee list,' Nilekani said at an event on the sidelines of the annual meeting of the International Monetary Fund and the World Bank.
Sectoral cyber security teams to be set up to curb attacks, cyber coordination centre likely be set up in New Delhi by June.
Labour ministry guidelines say workers returning to cities must get housing, health insurance, facemasks. The Centre has also asked states to issue guidelines to employers to take care of the needs of migrant workers.
The Centre and states are looking to further tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing. A meeting of the law committee of the GST Council has been convened on Wednesday to discuss these issues, finance ministry sources said. The committee, comprising senior central and state tax officers, would also discuss the GST fake invoice frauds, further tightening of the GST registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing, they added. Also the provisions related to deemed registration under Goods and Services Tax (GST) law may be tightened to prevent the misuse of such provisions by fake dealers and the provisions related to suspension of registration may also be streamlined to make the procedure of suspension and cancellation of registration more efficient and faster, so that such fraud operators can be prevented in time from continuing to pass on fake credit down the chain.
The GST Network's chairman Navin Kumar speaks to Dilasha Seth and Indivjal Dhasmana on various aspects of the new tax regime.
According to the Reserve Bank of India's data, cash still accounts for 90 per cent of all monetary transactions in India.
Aadhaar now has legal backing but it still faces challenges of privacy and data sharing
The hack may have been done by a rogue Twitter employee, or it may have been a smart hack into the Twitter system, or a social hack where someone conned Twitter's employees into giving them access,' suspects Devangshu Datta.
The unidentified hackers had executed money transfers on two separate occasions - August 11 and August 13 - which raises the question of why pro-active measures were not taken on the first night itself
Do not click on any pop-ups, links in messages or notification balloons if you are off the corporate VPN, warns Niranjankumar Laxman Upadhye.
Diversified business house Trident Group would become the first corporate to use Aadhaar Payment Bridge (APB) for disbursal of salaries to its employees.
Google is going ahead with a policy revision mandating 30% charge on in-app purchases across all apps on Play Store. This has left developers' community worried about tighter squeeze on their earnings, says Yuvraj Malik.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
Aadhaar is a creation of the previous Congress-led government.
This is the second acquisition Google is making to boost its NBU initiative, having acquired four-month-old Halli Labs founded by Pankaj Gupta in July 2017, reports Yuvraj Malik.
Now that you have already downloaded mobile wallets and all set to go cashless/digital with your payments to the local grocer, cabbie, maid, etc, here's what you must watch out for, says Tripti Rai.
'The absence of cyber security framework for ATMs is like a dream come true for hackers.'
E-KYCs and Aadhaar authentication are of crucial importance to the fin-tech companies as the recent RBI instructions require strict KYCs for these players to function in the market.
Business leaders, among others, ask govt to let go of fiscal target, seek stimulus, and direct cash transfer.
Apart from the Google team led by AI scientist Manish Gupta, the company will also partner with the research community across the country to focus on tackling challenges in fields like healthcare, agriculture, and education.
India recorded 50,035 cases of cyber crime in 2020, an 11.8 per cent surge in such offences over the previous year, according to the National Crime Records Bureau (NCRB) data. The Reserve Bank of India (RBI) last week once again cautioned bank customers of fraud, including those in Know-Your-Customer (KYC) cases. In fact, certain frauds have become more prevalent than others, and being aware of them is the first step towards protect yourself. Mayur Joshi, chief executive officer, Indiaforensic.com, a company engaged in the prevention, detection, and investigation of frauds says, "It is necessary to learn, to read about these scams."
Hyderabad firm Digitsecure launches online and mobile social wallet platform that enables payments, money transfers between FB, BBM users.
Any judgement on whether the March numbers reflect sustainable growth in GST collection should ideally await the numbers that will be out in May, points out A K Bhattacharya.
India should take 'measured approach' with stimulus packages to deal with COVID-19 by limiting interventions to the provision of food, shelter and basic necessities of life for all; forbearance on payments of outstanding loans; and extra provision of working capital including what will be necessary to cover outstanding wages from lockdown period to enterprises.
Since payment alternatives such as UPI, e-wallets and USSD - based mobile banking through different platforms are directly or indirectly linked to the user's bank account one needs to be extra careful to keep hackers at bay, explains Adhil Shetty, CEO, BankBazaar.
'If there are any incidents of cyberattacks, they should immediately inform CERT.'
Uttar Pradesh accounts for the maxmium dowry deaths -- 11,800 women -- followed by Bihar at 5,992.
Recently, the government announced yet another ambitious scheme aimed at providing health insurance to 50 crore individuals.
A source said Sebi planned to tag brokers based on their performance on areas such as compliance, investor protection and arbitration.
'We do not know when we will get to the business-as-usual mode.' 'Many borrowers may not be able to pay up.' 'The incidence of cheque bouncing has doubled or even trebled, some lenders say,' says Tamal Bandyopadhyay.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
Only Rs 10,720 crore of the junked currency notes did not return to the banking system, rest 99.9 per cent was deposited raising question mark over the government's effort of curbing black money through the demonetisation.
Based on this price, state governments, private hospitals, industrial establishments, etc would be able to procure vaccine doses from the manufacturers.
Most families had high value currency notes and they used it for making payments during the pre-demonetisation era.
The Indian State has low operational capabilities. Individuals will have concerns about material that flows through the government, on questions of purity, perfection of the cold chain, and correctness of procedures at the frontline. Even if a government programme is able to solve all these problems, it will be limited in scale-up. The passion, management capabilities, and response to local conditions, which will be found with tens of thousands of ground-level initiatives, Individuals will have concerns about material that flows through the government, on questions of purity, perfection of the cold chain, and correctness of procedures. Even if a government programme is able to solve all these problems, it will be limited in scale-up, argues Ajay Shah.
While you cannot avoid the delay in payments from your customers, you must come up with new ideas on building your internal cashflow system to ensure that the cash crunch within the organisation is minimal, suggests Naval Goel.
Look carefully at any ad or pop up that tempts or attracts you with freebies and offers etc. It could be a scam, warns Niranjankumar Upadhye.
The area-based income compensation scheme says that farmers should be paid the difference between the actual price they get and the state-mandated MSP. The compensation will be determined on a per acre basis by using district-level estimates of marketable surplus and prices in the harvest season.
New data show tax reform, better tracking needed
'Spends are likely to increase from the current levels because recovery is yet to fully be over.'
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