The scheme was to have come into force from the new year. However, the finance ministry has not ruled out the possibility of introducing a new identity number like UTN from the next fiscal, in addition to the permanent account number to ensure prompt verification and granting of tax credits to tax payers.
The Unique Identification Authority of India has deactivated Aadhaar numbers of over 2.5 crore deceased persons to prevent misuse of the identity document, Parliament was informed on Wednesday.
From April 1, 2026, the Reserve Bank of India's new authentication directions modernise how every digital payment you make must be verified -- and place the burden of security squarely on your bank, not on you.
'The entire party is centred around one man and that is Arvind Kejriwal.' 'Till the time you are in Kejriwal's good books you are powerful. The day you are not with him, you are no one in the party.'
This would imply a 29 per cent year-on-year rise, significantly lower than growth rates seen in recent years.
Avoid donating without checking the receipt proforma showing the political party's ECI registration number and PAN.
Paytm (One 97 Communications Ltd), India's full-stack merchant payments leader serving MSMEs and enterprises, has launched a fully redesigned version of its flagship app, integrating artificial intelligence-driven features to streamline and personalise everyday transactions for its users.
Senior citizens are particularly vulnerable due to their high savings, trust in authorities, and limited familiarity with online frauds.
While UIDAI has given a nod for face authentication, banks need to join the process.
'As a nation, we create beautiful content and a high volume of it (films) but we are limited by the number of theatres and screen density.' 'You now have a living-room large screen available to showcase that.'
India's gifting market is seeing its biggest festive season yet, with sales through quick commerce platforms like Zepto, Blinkit and Instamart jumping 40%-50% year-on-year.
'Instead of one or two families controlling 10% to 15% of GDP, it has to be broad based. Then, the resilience of the economy also will be higher.' 'Then, if something happens to one business, it will not hurt the economy badly.'
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
Finance Minister Nirmala Sitharaman on Tuesday asked fintech firms to focus on risk management at a time when criminals are using AI to mimic voices, clone identities and create lifelike videos to manipulate people.
UPI has catapulted India into the forefront on the global digital payments landscape. Working hand in hand, the AePS payments system is making life easy for rural folks, notes Tamal Bandyopadhyay.
Digipin promises to revolutionise location-based services in India with safeguards.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
'However, to establish a quid pro quo, one can potentially see several things, like whether they got any benefits from the party that they gave money to. That is something that people (of India) will gauge. But to finally establish that there was money paid as consideration, it would require an investigation, a proper investigation, to be able to come up with such conclusions.'
President Droupadi Murmu addressed the nation on the eve of Independence Day, praising the response to terrorism, highlighting achievements in defense self-reliance, and emphasizing unity and progress.
Finance Minister Nirmala Sitharaman on Tuesday said the securities transaction tax (STT) will be increased on futures and options (F&O) trade from October 1 to discourage retail investors from investing in the risky instrument.
In FY24 alone, 1.34 million fraud cases were reported, amounting to losses of Rs 1,087 crore.
The Union government's revenue from securities transaction tax (STT) is on track to exceed its Budget projection for the current fiscal year, with the mop-up already surpassing 50 per cent of the annual estimate. Provisional figures reveal that the Centre has collected approximately Rs 14,000 crore in the first half of this fiscal year up to September, according to a government official. This amount exceeds half of the full-year target of Rs 27,625 crore set for FY24.
While a giant, it's a nimble-footed one, and is growing at a speed that even some of its private sector peers find enviable.
Between FY18 and FY24, it doubled its balance sheet. Despite being a late entrant in some segments, it has been able to grab market share, observes Tamal Bandyopadhyay.
Assessees whose tax is deducted at source now can file their returns in the current assessment year without quoting a proposed tax number, UTN, as the government deferred its introduction."Taxpayers filing their income tax returns for assessment year 2009-10 or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN)," the Central Board of Direct Taxes said in a statement issued on Tuesday.
The number of cyberfraud cases has skyrocketed from 2,677 in 1999-2000 to 29,082 in FY24 -- more than a 10-fold increase. The RBI pegs digital payment frauds at Rs 1,457 crore in FY24, up more than five times in a year. It's not just the number of frauds. What's alarming is the growing sophistication of the fraudsters, exposing the vulnerabilities within the financial system, observes Tamal Bandyopadhyay.
Individuals now need to mention a unique transaction number against every tax deducted at source entry.
Use a "virtual credit card" for every online transaction when you can't pay cash on delivery.
A key feature of the new version is to identify the people transacting on its portal by linking each user ID with the person's permanent account number (PAN), followed by a two-factor authentication through mobiles and email IDs. Those who cannot complete the KYC requirements cannot use the portal.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
A single security lapse could lead to complete wipe out of your crypto assets in seconds, with no recovery in sight, warns Nikhil Sethi.
India should convert the Trump threat to an India opportunity, re-embracing a more liberal trade regime as a way of reviving manufacturing output and exports.
The Telecom Regulatory Authority of India (Trai) may extend the deadline to whitelist URLs (Uniform Resource Locators), APKs (Android Package Kit), or OTT (Over The Top) links - through which it intends to curb their misuse -is likely to be extended by 30 days as only over 3,000 registered senders (businesses) have complied, officials indicated. According to Trai officials, over 3,000 registered senders have whitelisted more than 70,000 links, but many more (thousands of others) are yet to comply with the directive as the mandatory norms are set to come into effect from October 1.
Market intermediaries, who are constantly on the lookout for avenues to reduce overhead and compliance costs, have found a new tool.
'Mumbai main branch (SBI headquarter) has all the data ready-made. It doesn't take even an hour to out the data from the system.'
For those who are sceptical about using debit or credit cards, even when faced with cash crunch, Adhil Shetty, CEO of BankBazaar.com, lists out a few safe cashless options that can be exercised through mobile phones.
Through this mobile application, the handset will be used for authenticating biometrics of customers making Aadhaar enabled payment.
After individuals, now even institutions like government departments, schools and companies would get unique identification numbers (UIDs) to enroll the country's residents for the UID system.
The practice -- known as the 'done-trade' business in Pakistan and involving the transfer of small quantities of items like nuts, cigarettes, betel leaves, sarees and cosmetics -- has been hit hard by a drop in the number of travellers between the two countries. Many involved in 'done-trade' business at Karachi's Bombay Bazaar have either switched to other businesses or started selling 'jainamaz' (prayer cloth) and other religious items.
After individuals, now even institutions like government departments, schools and companies would get unique identification numbers (UIDs) to enroll the country's residents for the UID system. These institutions or service delivery organisations would get a UID-like identifier, called Entity ID, which would help enrol people and deliver services.
Tokenisation acts as an additional layer of security as it masks sensitive card data such as the 16-digit account number, expiry date and security code. However, the security level of the app and the customer's mobile itself also needs to be taken into consideration, say experts. Nikhat Hetavkar explains the whole idea of tokenisation, how it is enabled, its impact on card transactions and related security guidelines.
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