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In yet another innovation during Covid-19 times, <keyword id="46013" type="CITY" weightage="20" keywordseo="Kotak-Mahindra-Bank">Kotak Mahindra Bank</keyword> (Kotak) on Monday launched the Cardless Cash Withdrawal Facility through ATMs. Under this unique facility, Kotak account holders can make cash withdrawals as well as remit money to beneficiaries across India without using a physical debit card. Using their registered mobile number with the bank, Kotak customers can initiate the transaction through the Kotak Net Banking or Mobile Banking platform. The beneficiary need not be a Kotak customer and need not even have an account with any bank. The cash can be withdrawn by the beneficiary from any Kotak ATM in India. To withdraw cash, all that a registered beneficiary would need to do is to enter his/her mobile number, sender and SMS codes and the exact cash amount. This would immediately trigger cash withdrawal from a Kotak Bank ATM. An account holder can also withdraw cash using similar feature. "As a digital-first bank, enhancing customer experience is a continuous process. The cardless cash withdrawal facility is simple, secure and convenient to use; and frees customers from having to carry their debit cards with them all the time. "Further, in a country as diverse as India, cash continues to play an important role and this facility will enable our customers to seamlessly remit cash to their friends, family and other beneficiaries," said Puneet Kapoor, President - Products, Alternate Channels and Customer Experience Delivery, Kotak Mahindra Bank. SEE ALSO: <a href="https://www.businessinsider.in/politics/india/news/from-priyanka-gandhi-vadra-to-manmohan-singh-these-are-the-stated-views-of-congress-working-committee-members-on-sonia-gandhis-resignation/slidelist/77713740.cms">From Priyanka Gandhi Vadra to Manmohan Singh, these are the stated views of Congress Working Committee members on Sonia Gandhi's resignation</a> <a href="https://www.businessinsider.in/politics/india/news/congress-working-committee-cwc-meeting-updates-decision-on-congress-new-president-sonia-gandhi-or-rahul-gandhi/articleshow/77717675.cms">Sonia Gandhi offers to quit, Manmohan Singh holds her back and Rahul Gandhi questions party leaders — the CWC meeting reveals the cracks in Congress</a> <a href="https://www.businessinsider.in/science/environment/news/cognizant-says-it-will-spend-2-7-crore-to-restore-sebakkam-lake-and-help-natural-marshland-pallikaranai-wetland/articleshow/77716094.cms">Cognizant says it will spend ₹2.7 crore to restore one of India's last natural marshlands in Chennai</a>

You can now withdraw cash from Kotak Mahindra Bank ATMs without physical debit card

<ul class="summary-list"><li>Sites like <keyword id="11899364" type="UNKNOWN" weightage="60" keywordseo="venmo" source="Orion">Venmo</keyword> and <keyword id="11928905" type="UNKNOWN" weightage="60" keywordseo="paypal" source="Orion">PayPal</keyword> now must report business transactions to the <keyword id="6359816" type="UNKNOWN" weightage="60" keywordseo="irs" source="Orion">IRS</keyword> when they total $600/year. </li><li>Congress updated the rules in the American Rescue Plan Act of 2021.</li></ul>Since the beginning of the new year, Venmo, PayPal, and other so-called peer-to-peer payment platforms are required <a href="https://www.nbcnews.com/news/venmo-paypal-zelle-must-report-600-transactions-irs-rcna11260">to report income to the IRS</a> if a user accumulates at least $600 in business transactions a year. Previously, the reporting requirement kicked in if someone received more than $20,000 from at least 200 business transactions annually. Congress changed this rule in the the American Rescue Plan Act of 2021, a COVID-19 relief bill that was passed in March. Prior to tax season, affected platform users will receive a <a href="https://www.irs.gov/businesses/understanding-your-form-1099-k">1099-K</a>, which includes the <a href="https://www.irs.gov/businesses/understanding-your-form-1099-k">total </a>dollar value reportable transactions, per the IRS.The new rule is explicitly intended for commercial transactions. "This doesn't include things like paying your family or friends back using PayPal or Venmo for dinner, gifts, shared trips," PayPal <a href="https://newsroom.paypal-corp.com/2021-11-04-New-US-Tax-Reporting-Requirements-Your-Questions-Answered">said</a> in a November statement about the change. The sites have attempted to make the business/personal transaction distinction clear: In July 2020, Venmo <a href="https://techcrunch.com/2020/07/01/venmo-begins-piloting-business-profiles-for-small-sellers/">piloted</a> "Business Profiles" which had more transparency and a transaction fee, according to TechCrunch. PayPal has had a business option at least since <a href="https://www.paypal-community.com/t5/About-My-Account/How-do-I-remove-quot-Business-Account-quot-Type/td-p/705367">2013</a>; Cash App, another popular platform, has a <a href="https://squarecashelps.com/blog/cash-app-for-business-account">business</a> profile known as Cash App For Business. This means users can self-identify what is a commercial transaction or not via the business profile. In reality, however, nothing is really stopping users from using a personal account to run a business and avoid <keyword id="11898253" type="UNKNOWN" weightage="60" keywordseo="taxes" source="Orion">taxes</keyword>, says Jennifer Berman, CEO of MZQ Consulting. It's similar to how people skip reporting income by conducting a cash-based business, she says. "Vemo was created and sort of introduced to the marketplace as a cash-equivalent product," she said. "What's different here is there are actually records of these transactions." Those records make it easier to require companies like PayPal to cooperate with changing laws. And unlike historical perceptions that a a lot of unreported cash income consists of lawn mowing or pocketed tips, digital third-party payments have become an enormous, she added. In last year's second quarter, Venmo's <a href="https://www.businessinsider.com/venmo-bnpl-carry-paypal-to-q2-success-2021-7">total payment volume (TPV) was $58 billion</a>. "Venmo's not that little in the aggregate," she said.Berman noted that while not reporting your business transactions seems simple, it could be be major trouble if you get audited. That could mean penalties, fees and interest on the unreported income. "The fundamental point people are forgetting in all of this craziness is that all we're saying is 'Venmo is going to require you to follow the law,'" she said. The new requirement has seemed to cause a little confusion online. One Facebook post claimed any transaction on Venmo or PayPal of over $600 would be taxed (which is not true) according to a <a href="https://www.usatoday.com/story/news/factcheck/2021/09/26/fact-check-treasury-proposal-wouldnt-levy-new-tax-paypal-venmo/5848220001/">USA Today</a> fact-check. This is perhaps inspired, it notes, by a US Treasury Department proposal (that has not been implemented) to track the total amount of withdrawls and deposits of bank accounts and financial accounts with over $600 in them, including by mobile apps, to generally limit how much money goes untaxed each year.Republicans widely <a href="https://www.factcheck.org/2021/10/republicans-mischaracterize-proposed-financial-reporting-requirement/">panned</a> the idea, in a misleading manner, per FactCheck.org. Third-party transactions are not the first to see a crackdown from Congress. In November, the infrastructure bill established <a href="https://www.marketwatch.com/story/heres-how-the-infrastructure-bill-targets-crypto-and-how-the-industry-could-fight-back-11636397480">new rules for cryptocurrency, </a>according to MarketWatch.Business owners who use payment app's business profiles (if available) don't necessarily have to worry about the new law until filing taxes for 2022 in 2023–when they will receive the relevant 1099-K form from the payment services.

Business owners using sites like PayPal or Venmo now face a stricter tax-reporting minimum of $600 a year

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You can now withdraw cash from Kotak Mahindra Bank ATMs without physical debit card

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Business owners using sites like PayPal or Venmo now face a stricter tax-reporting minimum of $600 a year

Gabrielle Bienasz

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