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<ul><li>Unique ID to help identify passengers and make boarding process for domestic flights simpler. </li><li>The unique ID will be biometric-based. </li><li>Vijayawada and Varanasi among the three airports where <keyword id="6549368" type="UNKNOWN" weightage="20" keywordseo="paperless-boarding">paperless boarding</keyword> will be tested. </li></ul>With the Indian Railways increasing the fare for air-conditioned coaches, many people who preferred trains to flights have now started travelling by air. Thanks to the competition between different airlines, flight ticket prices have become affordable and in many cases, even cheaper than what train journeys would cost. Why waste hours on a train when you can pay lesser and get to your destination sooner? The process of boarding and deboarding a plane, however, remains tiresome. With many ditching trains for flights now, airports have become as crowded as railway stations. Naturally, the queues for boarding passes and for security checks have become longer. But there’s some good news! The government might soon implement a new feature -- a biometric-based unique ID -- that will make the boarding process for domestic flyers smooth. A unique identification number, similar to the Aadhaar, will soon let commuters dodge the boarding processes for domestic flights. A technical team from the Airport Authority of India (AAI) along with four private metro airports where the new scheme is set to be tested, finalized a completely paperless boarding process for domestic flyers. The team has also finalized and proposed the format for biometric-based identification called “Digi-Yatra” (DY). Under the new process, each commuter will be allocated a unique ID from the aviation ministry portal. This unique ID issued will also be linked to the person’s biometrics. Passengers wishing to use the new service will then have to provide the booking site with this ID. Getting the new ID will be optional for passengers. The existing process will continue to remain in place. How do you register for <keyword id="6549964" type="UNKNOWN" weightage="20" keywordseo="digi-yatra">digi-yatra</keyword> ID? A Digi-Yatra link will be made available on the Air Sewa-II portal soon. Passengers can register there. The verification of the individuals will be done using government-issued ID proof like Aadhaar, driving licence etc.. After registration, whenever the registered person visits the airport the next time, he/she needs to carry the given ID proof and a photograph with them. Iris scans and the details will be captured at the airport. Once that’s done, you can say bye to the long queues for boarding passes. After biometric authentication of the traveller, the E-gate will open. The passenger will be able to avail all the services like check-in, security check and boarding using QR codes and biometrics. Airport websites will also be updated to accommodate the new feature after the proposal is approved by the ministry. The government has selected three airports to test the new scheme. “We have selected three airports, including Varanasi and Vijayawada, for rolling out DY,” <a href="https://timesofindia.indiatimes.com/business/india-business/unique-id-to-enable-paperless-boarding-for-domestic-flyers/articleshow/64264988.cms">the AAI chief said.</a>

The Indian government is trying to make airline boarding passes obsolete

If things go all planned, you can get your <a href="http://www.businessinsider.in/This-top-executive-from-Ola-has-released-a-striking-app-which-tells-you-how-good-or-bad-the-roads-are/articleshow/53924926.cms">Aadhaar</a> <a href="http://www.businessinsider.in/This-top-executive-from-Ola-has-released-a-striking-app-which-tells-you-how-good-or-bad-the-roads-are/articleshow/53924926.cms">authenticated</a> through phones. According to reports, <a href="http://www.businessinsider.in/This-top-executive-from-Ola-has-released-a-striking-app-which-tells-you-how-good-or-bad-the-roads-are/articleshow/53924926.cms">Micromax</a>, <keyword id="6366627" type="COMPANY" weightage="100" keywordseo="Intex">Intex</keyword>, Lava and Reliance Retail's <keyword id="3102415" type="UNKNOWN" weightage="20" keywordseo="LYF">Lyf</keyword> will soon be coming with Aadhaar-ready phones. The phone makers have initiated discussions with <keyword id="3558090" type="UNKNOWN" weightage="20" keywordseo="delta-id-inc">Delta ID Inc</keyword> for the same. However, <keyword id="6354427" type="CITY" weightage="20" keywordseo="Apple">Apple</keyword> and <keyword id="6355629" type="CITY" weightage="20" keywordseo="Google">Google</keyword> aren’t much interested in this as they believe; making phones Aadhaar ready might be a threat to personal privacy. The iris-reading technology would let users authenticate their biometrics just by looking at phone having a special IRIS camera and LeD. <keyword id="6383835" type="COMPANY" weightage="20" keywordseo="Delta">Delta</keyword> ID is a specialized maker of ActiveIRIS technology and have passed <keyword id="3205447" type="ORGANIZATION" weightage="20" keywordseo="STQC">STQC</keyword> performance test for Aadhaar authentication. 
 "We are having discussions with Reliance, Intex, Lava and Micromax. We believe Chinese brands like <keyword id="1188106" type="COMPANY" weightage="20" keywordseo="Gionee">Gionee</keyword>, Vivo and Oppo would also be interested in such an IRiS-based software for Aadhaar-based authentication," <keyword id="3558093" type="UNKNOWN" weightage="20" keywordseo="salil-prabhakar">Salil Prabhakar</keyword>, chief executive of <a href="http://www.businessinsider.in/This-top-executive-from-Ola-has-released-a-striking-app-which-tells-you-how-good-or-bad-the-roads-are/articleshow/53924926.cms">Delta ID</a> told the <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword>. 
 
"There is huge interest across the board for it. With Aadhaar <a href="http://www.businessinsider.in/This-top-executive-from-Ola-has-released-a-striking-app-which-tells-you-how-good-or-bad-the-roads-are/articleshow/53924926.cms">enrolment </a>in India crossing 105 crore, the potential is immense." 
 
The technology would enable a user to authenticate his Aadhaar details by looking at a phone having a special IRIS camera and LeD. "ActiveIRIS is a powerful biometric identifier and this can be a game-changing feature in phones helping establish the identity of a person. At Intex, we are in talks with UIDAI and are evaluating the same," Intex Director <keyword id="366460" type="PERSON" weightage="20" keywordseo="Keshav-Bansal">Keshav Bansal</keyword> told the financial daily. 
 There are a few other companies which can assemble and market iris scanners in India, which includes US-based <keyword id="3659396" type="UNKNOWN" weightage="20" keywordseo="iritech">IriTech</keyword>, and <a href="http://www.businessinsider.in/This-top-executive-from-Ola-has-released-a-striking-app-which-tells-you-how-good-or-bad-the-roads-are/articleshow/53924926.cms">Gujarat</a>-based <keyword id="3183678" type="UNKNOWN" weightage="20" keywordseo="Biomatiques-Identification-Solutions">Biomatiques Identification Solutions</keyword>. 
 "We are working with <keyword id="1660257" type="UNKNOWN" weightage="20" keywordseo="InFocus">InFocus</keyword> on a smartphone platform and will be launching it soon," <keyword id="3659393" type="UNKNOWN" weightage="20" keywordseo="prabhu-sridharan">Prabhu Sridharan</keyword>, the executive vice-president at IriTech, told ET.

​ Micromax, Intex, Lava may be launching phones that will help authentication of Aadhaar

In order to completely eliminate the need of sending the paper acknowledgement, called ITR-V through post to the <keyword id="2947836" type="UNKNOWN" weightage="100" keywordseo="I-T-Central-Processing-Centre">I-T Central Processing Centre</keyword> in Bengaluru, the <keyword id="65338" type="ORGANIZATION" weightage="100" keywordseo="Income-Tax-Department">Income Tax Department</keyword> today launched its ambitious One Time Password (<keyword id="510437" type="COMPANY" weightage="100" keywordseo="OTP">OTP</keyword>) based e-filing verification system. 

	The facility can be accessed using internet banking, Aadhaar number, ATM and email.
 According to the rules notified in this regard by the Central Board of <keyword id="57161" type="CITY" weightage="100" keywordseo="Direct-Taxes">Direct Taxes</keyword> (CBDT) today, any taxpayer, whose income is Rs 5 lakh or below per annum and has no refund claims, he or she can straightaway generate the 'Electronic Verification Code' (EVC) for e-filing and validating their <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">Income Tax</keyword> Return (ITR) through their registered mobile number and e-mail id with the department. 

	However, this most simplified option, will be subject to certain "restrictions" which will be prepared by the taxman based on the concerned taxpayer's "risk criteria and profile" in a case-to-case basis. 
 

	"This simply means that if the department has some adverse observation against the said PAN number with income less than Rs 5 lakh, he or she will not be allowed to do the verification directly through their email and mobile number alone and such cases will have to go through the other established procedures in this regard like linkup through Aadhaar database, internet baking or via the ATM," a senior official explained. 
 

	Once logged in on the banking portal, the taxpayer will be sent the EVC to his mobile number provided in the official e-filing web portal of the department which they will put in their ITR for final submission. 

	 
	 
	(Image credits: btvin)

OTP based e-filing verification system launched for taxpayers

New Delhi, <keyword id="102024" type="COMPANY" weightage="20" keywordseo="The-Reserve-Bank-of-India">The Reserve Bank of India</keyword> on Tuesday published the draft framework for authorisation of a new pan-India umbrella organisation for retail payment systems, apart from the <keyword id="6383340" type="COMPANY" weightage="20" keywordseo="national-payments-corporation-of-india">National Payments Corporation of India</keyword> (NPCI) which developed the widely-used UPI payment system in August 2016. The new entity proposed by the central bank should have a minimum paid-up capital of Rs 500 crore and no single promoter or promoter group should have more than 40 per cent investment in the capital of the New Umbrella Entity (NUE). "The promoter or promoter group shareholding shall be diluted to a minimum of 25 per cent after 5 years of the commencement of business of the NUE. A minimum net-worth of Rs 300 crore shall be maintained at all times," the RBI said on Tuesday. The proposed umbrella body will set up, manage and operate new payments systems, especially in the retail space, comprising of but not limited to ATMs, White Label PoS, Aadhaar-based payments and remittance services. It will develop new payment methods, standards and technologies and also operate clearing and settlement systems. The NUE will also be responsible for monitoring retail payments system developments and related issues in the country and internationally to avoid shocks, frauds and contagions that may adversely affect the system. The entity will have to fulfill the norms of corporate governance along with 'fit and proper' criteria for persons to be appointed to its board. The RBI will have the right to approve the appointment of directors and also nominate a member to the board.

Retail payment systems should have a minimum corpus for Rs 500 crore, says RBI

The <keyword id="69419" type="COMPANY" weightage="20" keywordseo="Central-Board-of-Secondary-Education">Central Board of Secondary Education</keyword> (CBSE) is restructuring the <keyword id="10645908" type="UNKNOWN" weightage="20" keywordseo="affiliation-system">affiliation system</keyword> for schools and making the process completely digital and based on <keyword id="771372" type="ORGANIZATION" weightage="20" keywordseo="data-analytics">data analytics</keyword> with least human intervention, officials said. The <keyword id="1254364" type="PERSON" weightage="20" keywordseo="new-system">new system</keyword>, which will come into effect from March 1, has been restructured as per <keyword id="10645907" type="UNKNOWN" weightage="20" keywordseo="various-recommendations">various recommendations</keyword> for systemic reforms laid down in the new <keyword id="361871" type="ORGANIZATION" weightage="20" keywordseo="National-Education-Policy">National Education Policy</keyword> (NEP). "The board is restructuring the affiliation system and process as per recommendations of education reforms in the NEP. Although, the CBSE affiliation system has been online since 2006, the restructured system will be completely digital and based on data analytics with least human intervention," CBSE Secretary Anurag Tripathi said. "The restructuring will help in establishing ease of doing business in the CBSE affiliation system, attaining the goal of minimum government, maximum governance, automated and data driven decisions, achieve transparency, bring more accountability in the entire systemic processes and achieve quick and time-bound disposal of all applications," he added. Tripathi said the board will soon come out with detailed guidelines on the restructured system. "A detailed document on the CBSE affiliation system containing the restructured online procedure for affiliation, documents required for affiliation application, modalities and standard operating procedures (SOPs) for inspection, guidelines for the inspection committee, videos for various process, will be released soon," he said. The board has also revised timelines for application process as per the restructured system. As per the revised timeline, every year the application window for fresh affiliation and upgradation of affiliation will open three times -March 1 to 31, June 1 to 30 and September 1 to 30. "The application for extension of affiliation will be accepted from March 1 to May 31 every year. Other applications such as those for additional subject, section increase, change of name of school, change of society or trust, will be accepted through the year," Tripathi said. Procuring digital signatures of a school from authorised service provider or AADHAAR-based signatures; uploading mandatory documents such as no objection certificate, land certificate, safety certificate and certificate by district education officer, are among the prerequisites for application for affiliation. "After the online submission of application, details submitted by the school will be analysed in accordance with the CBSE by-laws and inspection committee will be constituted immediately for the purpose of inspection. Schools will be able to get inspection done on any of the dates mentioned in the letter," he said. The CBSE had introduced a facility for virtual inspection of schools for upgradation of affiliation in August last year in view of the COVID-19 pandemic. The board is also in the process of setting up a facilitation centre to address queries, and problems of schools and inspection committees related to the virtual inspection. The board had revamped its norms in 2018 for granting affiliation to schools, leaving the onus of the infrastructural audit on states and limiting its own role to academic quality monitoring. The CBSE has 24,930 schools affiliated to it across the country and abroad, with over 2 crore students and more than 10 lakh teachers. The affiliation by-laws were formulated in the year 1998. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/mrs-bectors-shares-are-down-32-from-the-peak-post-listing-analysts-say-it-is-still-overpriced/articleshow/80430865.cms">Mrs Bectors shares are down 32% from the peak post listing — analysts say it is still 'overpriced'</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a> <a href="https://www.businessinsider.in/policy/economy/news/recession-in-india-will-end-latest-by-march-says-a-top-economist/articleshow/80399198.cms">Recession in India will end latest by March, says a top economist</a>

CBSE restructures affiliation system; process to be completely digital with least human intervention

Union Minister of Labour and Employment <keyword id="19906409" type="General" weightage="20" keywordseo="mansukh-mandaviya" source="keywords">Mansukh Mandaviya</keyword> and Chairperson of the Central Board of Trustees, EPF, have given the green light to the proposal for a Centralised <keyword id="23037839" type="General" weightage="100" keywordseo="Pension-Payment-System" source="keywords">Pension Payment System</keyword> (<keyword id="23039389" type="General" weightage="20" keywordseo="CPPS" source="keywords">CPPS</keyword>) under the Employees' Pension Scheme, 1995. According to the Ministry of Labour and Employment, this initiative represents a major advancement by establishing a national-level centralised system, allowing pension disbursement through any bank or branch across India. Commenting on this development, Mandaviya stated, "The approval of the Centralised Pension Payment System (CPPS) marks a significant milestone in the modernization of the <keyword id="19966712" type="General" weightage="20" keywordseo="EPFO" source="keywords" meta.keywordsubtype="org" meta.entityname="EPFO" meta.hostid="83" meta.entityid="EPFO">EPFO</keyword>. By enabling pensioners to receive their pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism." He added, "This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organisation, committed to serving the needs of its members and pensioners better." The CPPS is expected to benefit over 7.8 million <keyword id="21992385" type="General" weightage="20" keywordseo="EPS-Pensioners" source="keywords">EPS pensioners</keyword> of EPFO. By leveraging advanced IT and banking technologies, it aims to provide a more efficient and user-friendly experience for pensioners. The CPPS will also ensure seamless pension disbursement across India, eliminating the need to transfer Pension Payment Orders (PPO) when a pensioner relocates or changes their bank or branch. This will be a significant relief for pensioners who move to their hometowns post-retirement. This facility will be launched on January 1, 2025, as part of EPFO's ongoing <keyword id="23015602" type="General" weightage="20" keywordseo="IT-Modernization" source="keywords">IT modernization</keyword> project, Centralised IT Enabled System (CITES 2.01). In the following phase, CPPS will enable a smooth transition to an <keyword id="20028363" type="General" weightage="20" keywordseo="Aadhaar-based-Payment-System" source="keywords">Aadhaar-based payment system</keyword> (ABPS). The CPPS marks a significant departure from the current decentralised pension disbursement system, where each EPFO Zonal/Regional Office maintains separate agreements with only 3-4 banks. Pensioners will no longer need to visit branches for verification at the start of their pension, as it will be credited immediately upon release. Additionally, EPFO anticipates a significant reduction in disbursement costs with the new system.

EPS Pensioners to get pension from any bank, any branch, anywhere in India from January 1, announces Mansukh Mandaviya

New Delhi, May 16 () Banks are adopting different procedures while releasing pension or seeking certificates from pensioners at different periodicity, the Personnel Ministry has said. The ministry has issued consolidated guidelines to chairman and managing directors (CMDs) of pension disbursing banks to create awareness among Central Pension Processing Centre (CPPC)/ bank branches on updated rules and instructions in this regard. The move comes after an analysis of the grievances received by the Department of Pension and Pensioners' Welfare under the Personnel Ministry. "It has been observed that updated and consolidated instructions will help improve the processing of pensioner's requests by banks and others," the department said in an order issued on Friday. Hence, an attempt has been made herein, to consolidate relevant instructions issued by the Department of Pension and Pensioners' Welfare from time to time with regard to disbursement of pension, it said. "These banks are adopting different procedures, while releasing pension/ family pension or seeking declarations/certificates from pensioners / family pensioners at different periodicity," the department said while issuing the consolidated guidelines. There are 65.26 lakh central government pensioners. These integrated guidelines are on different matters, including the banks insisting spouses to open separate bank accounts for getting family pension, submissions of life certificate and disability certificate and on requirement of family pensioner to submit 'form 14' on death of a pensioner, among others. All banks have been advised to comply with these consolidated guidelines and to give wide publicity by putting up these instructions on their websites and also on the notice boards of the branches of the bank, etc. "On death of a pensioner, the spouse is not required to submit form 14, if he/she was having a joint account with the pensioner and authorisation for payment of family pension exists in the Pension Payment Order (PPO) in his/her favour," the guidelines said. "In such cases, a spouse will be required to provide only a copy of the death certificate to the pension paying branch in order to commence his/her family pension," they said. Pension disbursing bank will identify the family pensioners based on the information furnished in PPO and its own Know Your Customer procedure without insisting him/her to physically present himself/herself in the paying bank, the department said, citing its instructions issued in September 2013 in this regard. Banks will not insist on opening a new account when the spouse already has a joint account with the pensioner and authorisation for payment of family pension exists in the PPO in his/her favour, the consolidated guidelines said. Pension disbursing banks will also accept Aadhaar-enabled digital life certificate "Jeevan Pramaan", according to the guidelines. Pensioners who are 80 years and above can submit life certificates in the month of October also. Life certificate has to be submitted by every pensioner/family pensioners in the month of November every year. "No fresh certificate of disability would be required in the case of a child with permanent disability," the guidelines said. A disabled child will also be required to self-certify every year that he/she has not started earning his/her livelihood, according to the instructions. If family pension has been sanctioned to a disabled child and the disability is temporary, the guardian of such disabled child shall produce a disability certificate once in every five years to the effect that he/she continues to suffer from such disorder /disability in order to continue family pension, the guidelines said. "If the spouse is a recipient of family pension, no certificate of remarriage is required to be furnished by him/her," the consolidated guidelines said. "At the time of commencement of family pension, an undertaking will be obtained from him/her to the effect that in the event of his/her re marriage, he/she will report the fact to the pension disbursing bank promptly," they said. However, childless widow of deceased government servant and disabled child of a pensioner/government servant will continue to get family pension even if they get married/remarried, as per the guidelines. A family pensioner, other than spouse, has to submit a declaration of non-marriage/non re-marriage every six months. The family pension is discontinued if she/he gets married/re-married. The Department of Pension and Pensioners' Welfare has issued directions to all the pension disbursing banks to send SMS/emails to all their pensioners on October 24, November 1, November 15 and November 25 every year reminding them to submit their annual life certificates by November 30. "The department directed all pension disbursing banks to make an exception list as on 15 December every year of those pensioners who fail to submit their life certificate and issue another SMS/email to them for submitting the life certificate," the guidelines said. "The bank in addition will also ask such pensioners through SMS/email whether they are interested in submission of life certificate through a chargeable door-step service, on a nominal charge not exceeding Rs 60," they said. AKV SNESNE

Banks adopting different procedures while releasing pensions: Govt

Among the most ambitious projects that have enjoyed great attention by Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>, national mission for financial inclusion tops the list. 
 
The report relating to this project prepared by USAID -- titled ‘Beyond Cash’- was released recently highlights the current behaviors and perceptions of digital payments in low-income communities in India, and suggests ideas on how policy makers can accelerate the adoption of digital payments in the country. The study was conducted by strategic advisory firm Dalberg in six locations across four states. 
 Indicating the potential of inclusive digital economy, the report carried most intricate data pertaining to the avenues that <keyword id="1929810" type="UNKNOWN" weightage="20" keywordseo="Digital-India">digital India</keyword> can take to make the project a huge success. 
 
The data indicates that across India 97 percent of retail transactions are conducted in cash or cheque. Surprisingly, only 29% of bank accounts in India have been used in the last three months, only 6 percent of merchants accept digital payments, and just over 10 percent of consumers have used a debit card for payments in the last year. 
 
Schemes such as Pradhan Mantri Jan-Dhan Yojana, supported by the Aadhaar; India has already made some important strides into the area. Add to this, one billion mobile phone connections and you will see universal financial inclusion taking stronghold in the country. However, the use of digital payments in the country remains limited and this needs to be addressed. 
 Digital payments can help consumers and merchants spend their money more safely and securely, save and build credit profiles for lending opportunities unavailable in the informal banking sector, and participate in a growing online economy. According to the <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword>, India could save approximately one percent of its GDP annually by digitizing cash-based subsidies alone. 
 
The report Beyond Cash suggests a few ideas to drive greater consumer and merchant adoption and use of digital payments. These ideas include: 
 
• Create opportunities for consumers to make digital contributions to micro-savings products. 
• Incentivize current users to deepen use and bring other consumers onboard. 
• Enable merchants to try digital payments at low or no cost. 
• Digitize retailer-to-supplier payments. 
 
 
 
 
 
 
 
Matthew Homer, a Senior Policy Advisor on Digital Finance at the United States Agency of International Development (USAID), lays open the potential, the challenges, solutions and way ahead for universal inclusive digital economy for India. 
 
BI: What are the solutions that India can focus on - both short term and long term (considering the majority low income demography and poverty)? Essentially how would you rate government's efforts and what are the necessary suggestions? 
 
Matthew: India is making tremendous progress with regard to financial inclusion. Aadhaar has created an enabling environment in which PMJDY and digital direct benefit transfers (DBTs) can take hold. These are important foundational elements of India’s journey to widespread and meaningful financial inclusion. Another critical element on this journey is to ensure that all Indians have the opportunity to actively participate in India’s growing digital economy. Very few merchants in India currently accept digital forms of payment, and those who do are unlikely to serve poor consumers. Solving this is a critical piece of the financial inclusion puzzle. As more and more low-income consumers are obtaining accounts, and DBTs are flowing into those accounts, being able to make active use of these accounts requires greater merchant acceptance of digital payments. 
 Finding ways to increase usage of digital payments between merchants and consumers is an important short- and medium-term step toward a more inclusive and active digital economy that extends across society, including to low-income demographics. In the long-run, sustaining focus on this issue will be critical for both the government and the private sector. It’s important that the private sector sees a long-term opportunity to viably and responsibly meet the <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">financial services</keyword> needs of the poor, by designing, testing, and scaling business models that increase use of digital payments wherever consumers shop. 
 
 
 
 
BI: In a country like India the major problems are reaching out to public, low income and the necessary digital infrastructure to support the initiatives of financial inclusion. How do you see that? 
 
Matthew: With one billion mobile phone connections in India, mobiles have the potential to be one of the most effective channels for delivering critical services to the public, particularly low-income and underserved communities. However, without effective and widespread digital infrastructure, it will impossible to achieve deeper financial and economic inclusion for all of India’s citizens. The public and private sectors both have a role to play in building this infrastructure, and we have seen important public sector investments in payment systems and other critical digital infrastructure. To effectively meet the last-mile access needs of low-income and rural populations, significant private sector leadership is needed. For example, building a digital payment network that reaches all of India’s merchants can’t be accomplished without compelling business models that are attractive to merchants, consumers, and other other private sector stakeholders. This is one of the goals of the Partnership we’ve organized with the Ministry of Finance, one which includes nearly 40 private sector member organizations. 
 
 
 
BI: What can India do to achieve next level of economic gains through digital? World is already watching India and its economic outlook with great optimism but problems and challenges are plenty. How tech can help achieve the dynamism India is looking for? 
 
Matthew: Transitioning from cash to a less-cash digital economy won’t happen overnight. Digital infrastructure, like digital payment networks at point-of-sale, is an important enabler. But just as important is creating incentives for this shift to happen. Enabling must be coupled with incentivizing. Technology and innovation can have a huge impact, especially when they are accompanied by effective policy incentives and business models that reach low-income populations. Among population segments that are generally unaware of these tools, targeted marketing that appeals to the needs and wants of specific population segments can also be essential. 
 
BI: Many people are under extreme poverty and many are struggling for basic financial necessities. What could be done through digital tech based on the ideas and findings of the report? How to catalyze India's digital growth and what impact it would have globally? 
 
Matthew: Digital finance tools such as digital payments can help alleviate poverty in a number of ways. This can include, for example, enabling low-income consumers to store and save their money more safely and securely, reducing the amount of time needed to travel to obtain or cash a check, improving ability to handle emergencies, and developing a digital transaction history that can be used to provide access to additional financial services such as credit. Importantly, digital payments also enable consumers to participate in the growing online and digital economy. 
 
Our research is intended to help us better understand the financial behaviors and perceptions of consumers and merchants when it comes to making payments digitally. The report, <a href="https://www.globalinnovationexchange.org/beyond-cash">Beyond Cash</a>, uses quantitative and qualitative research methods to answer that question and identify potential actions that can lead to widely-used digital payment networks, particularly among low-income populations. The report also includes a rich dataset that is available for public use. As we think about extending digital payment networks to the poor, the research provides some insight about how to move forward. 
● First, to increase the number of merchants who accept digital payments we must focus on creating incentives for consumers to pay electronically. Our research indicates that merchants are much more willing to accept digital payments if their customers demand it. 
● Second, early adopters should be incentivized to sign up others and the cost of trying digital payments should be as easy and inexpensive as possible for both merchants and consumers. Merchants report that even if they would like to try accepting digital payments the cost of trialing is too high. 
● Third, digital payments should focus on mimicking what consumers and merchants like about paper payment instruments (e.g. cash or check) while also solving for clear pain-points they experience in the cash economy. (The research identifies a number of pain points and suggests a variety of responses). 
● Fourth, and to me this is the most important factor, digital payments must connect merchants and consumers with something more valuable than any digital transaction itself. For merchants, this may be the ability to reach new market segments or have access to better inventory management tools. And for consumers this could include being able to participate in the online economy or being able to more quickly pay and board a bus without exact change. 
 
Engaging all Indians in the digital economy would benefit not only individuals themselves, but the Indian economy too. And as India identifies opportunities to lift the poor out of poverty using the digital economy, these learnings will be of keen interest across other markets as well. 
 
BI: Digital divide, how to overcome this main problem? 
 
Matthew: While our research doesn’t examine this larger question, it does point to the importance of designing financial services and products with a variety of users in mind. This means, for example, better understanding the use cases that appeal most to digitally marginalized populations and creating targeted outreach efforts that highlight those use cases. I think it also suggests the need to think out-of-the-box with regard to business models that meet the needs of un- or underserved consumers. Business models that work elsewhere or with other population segments may not work for these populations and we may need to try entirely new approaches. This is really what our Partnership is all about, and we’re focused on using the research we’ve conducted to now to test a variety of business models to find out what really works.

‘Beyond Cash’: India’s inclusive digital economy is on top gear

(Eds: Adding details) New Delhi, Mar 24 () The government on Tuesday extended the deadline for filing income tax and GST returns, raised threshold of default that could trigger insolvency of a company and waived charges on cash withdrawals from ATM of other banks as a precursor to a broader stimulus package for the economy distressed by the coronavirus outbreak.The last date for filing income tax returns for 2018-19 as well as that for linking PAN with biometric ID Aadhaar has been extended by three months to June 30. The last date for filing GST annual returns for last fiscal, which is due on March 31, has also been extended till the last week of June. As the outbreak of the Covid-19 pandemic and the lockdowns across cities create large scale economic disruption, Finance Minister Nirmala Sitharaman announced that the threshold of loan default that could trigger insolvency proceedings has been raised to Rs 1 crore from the existing Rs 1 lakh now. "This will by and large prevent triggering of insolvency proceedings against small, micro and medium enterprises (MSMEs)," she said at a news conference. "If the current situation continues beyond April 30, 2020, we may consider suspending Section 7, 9 and 10 of the Insolvency and Bankruptcy Code (IBC) 2016 for a period of 6 months so as to stop companies at large from being forced into insolvency proceedings in such force majeure causes of default." With lockdowns restricting movements, the government waived a minimum balance fee on the savings bank account as well as allow charge-free withdrawals from any bank ATM for three months. Also, bank charges for digital trade transactions for all trade finance consumers have been reduced. For companies, it relaxed mandatory requirement of holding meetings of the board of directors by 60 days and waived the fee for late filings during the moratorium period. Stating that the announcements done on Tuesday were to ease the burden of compliance on citizens during the lockdown period, Sitharaman said an economic relief package was in works and it will be announced "sooner rather than later". "Every attention is being given to the economy. The Prime Minister himself is closely monitoring the situation," she said adding multi-layered composition of the Covid-19 Economic Task Force, announced by the Prime Minister last week, is already working. Inputs from sub-groups of the task force on various sectors of the economy are being analysed in detail. "And as I said, the economic package is being worked out. And as I said earlier, sooner we shall come with an announcement on that," she said. "The work of the task force which is multi-layered is already almost intensively nearing a conclusion. So, the task force based report and the action following the task force's report are almost at its peak. And that is why I have said, we will announce the economic package sooner rather than later." "Work is going on we are very close to announcing economic package," she said.The measures announced included an extension of the deadline for the tax settlement scheme, Vivad se Vishwas, to June 30, 2020, along with some other income tax filing requirements. The extension of timelines for GST returns for three months -- March to May, to the end of June without any late fees, penalty and interest for enterprises with turnover less than Rs 5 crore will provide significant relief for SMEs who are likely to be subject to intense liquidity pressures. While the extension of default threshold for IBC applicability from Rs 1 lakh to Rs 1 crore will act as a protection for MSMEs in the current crisis period and further, the intent to suspend creditor rights on corporate insolvency for a temporary 6-month period was also hinted by the finance minister. This will arrest any possible move by lenders to proceed under IBC in a scenario where corporate asset quality has already seen stress due to the continuing economic slowdown and is being further aggravated by the Covid-19 led lockdown. Also, due dates for notices as well as investment in saving instruments or investments for rollover benefit of capital gains under the Income Tax Act were extended to June 30. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS and STT, a reduced interest rate of 9 per cent instead of 12/18 per cent will be charged for this period. No late fee/penalty shall be charged for the delay. Goods and Services Tax (GST) returns for the month of March, April and May can now be filed by last week of June with no interest, late fee and a penalty for companies with less than Rs 5 crore turnover. Others can file GST returns for these months by last week of June but the same would attract a reduced rate of interest of 9 per cent per annum from 15 days after the due date (current interest rate is 18 per cent per annum). No late fee and penalty to be charged, if complied before June 30. Also, the date for opting for the composition scheme has been extended till the last week of June. DP ANZ ANZ ANUANU

Govt extends tax deadlines, waives ATM charges, relaxes insolvency norm ahead of eco stimulus

The <keyword id="19994390" type="General" weightage="20" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Saturday decided to tweak <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> on items, including accommodation services for students and solar cookers, and took a host of taxpayer-friendly measures including waiver of interest and penalty for demand notices issued in the first three years of <keyword id="6354679" type="General" weightage="100" keywordseo="GST" source="Orion">GST</keyword> rollout. Briefing reporters after the 53rd <keyword id="3680839" type="General" weightage="20" keywordseo="GST-Council-meeting" source="Orion">GST Council meeting</keyword>, Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword> said the Council has recommended to roll-out the biometric-based <keyword id="20433416" type="General" weightage="20" keywordseo="Aadhaar-authentication" source="keywords">Aadhaar authentication</keyword> of registration applicants on pan-India basis in a phased manner. This will help check fraudulent registration done to avail input tax credit and evade taxes. To reduce litigation, the Council decided to fix a monetary limit for tax officers to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively. It also recommended reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under Goods and Services Tax (GST). The maximum amount of pre-deposit for filing appeal with the appellate authority has been reduced from Rs 25 crore CGST and SGST each to Rs 20 crores CGST and SGST each. This will help ease cash flow and working capital blockage for the taxpayers. "The 53rd GST Council meeting has taken a number of decisions on trade facilitation, easing compliance burden and giving relief to taxpayers in terms of easing compliance," Sitharaman said. The Minister said the next meeting of the GST Council will be held in August in which the Group of Ministers (GoM) on GST rate rationalisation under Bihar Deputy Chief Minister Sumant Chaudhary, will give a presentation on the status of the work and aspects covered by the panel and work pending before the panel. "What was decided in the Council is, when we meet in the next GST Council meeting we will start a discussion on rate rationalisation... There will be a presentation by the GoM irrespective of whether the report is draft... and then Council will start the discussion on rate rationalisation in the next meeting in August," Sitharaman said. The GST Council on Saturday recommended to exempt Accommodation Services of up to Rs 20,000 per person per month from GST. This is subject to the condition that these services are supplied for a minimum continuous period of 90 days. "It's primarily meant for students," Sitharaman said. In a taxpayer friendly move, the Council has decided to waive interest and penalties for demand notices issued under Section 73 of the CGST Act (for cases not involving fraud, suppression or wilful misstatement) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid by March 31, 2025. GST, which subsumed 17 local taxes and cesses, was rolled out on July 1, 2017. With its introduction, prices of various products and services used by masses have moderated. As per the CBIC data, mobile phones and many household items including TV, refrigerator, washing machine and AC have become cheaper post GST. It has reduced burden on household income and improved affordability. The Council also decided to refer the standing committee's recommendation to exempt GST on fertiliser and cut rates on raw materials to the GoM on rate rationalisation. Currently, GST is levied at 5 per cent on fertilisers, while its raw materials like sulphuric acid and ammonia face 18 per cent tax. Also the Tax Collected at Source (TCS) rate for e-commerce suppliers has been cut from present 1 per cent to 0.5 per cent, which will ease the financial burden on the suppliers making supplies through E-commerce platform. Besides, services provided by Indian Railways to the general public, namely, sale of platform tickets, facility of retiring rooms/waiting rooms, cloak room services and battery-operated car services as well as intra-railway transactions would be exempt from GST. GST Council has prescribed a uniform rate of 12 per cent on all milk cans meaning steel, iron, aluminum which are irrespective of the use. The Council also recommended a uniform GST rate of 12 per cent on all carton boxes and cases of both corrugated and non-corrugated paper or paper board, which in particular, help the apple growers of Himachal Pradesh and Jammu &amp; Kashmir. All types of Sprinklers, including fire water sprinklers, will attract 12 per cent GST. Solar Cookers, whether it has a single or dual energy source, too will attract a 12 per cent tax. The Council also decided that GST anti-profiteering provisions will have a sunset date of April 1, 2025. Current cases and investigations with regard to profiteering complaints will be handled by the Principal bench of GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI). Also, the time limit to avail input tax credit w.r.t. any invoice or debit note through any GSTR 3B return filed up to November 30, 2021 for FY 2017-18, 2018-19, 2019-20 and 2020-21, has been fixed at November 30, 2021. Sitharaman said less than two per cent of the total 58.62 lakh taxpayers under Central GST administration has been sent tax notices and the intention of the government is to make GST assessees life easier by reducing compliance requirements. "I want to reassure the assessees that our intent is to make GST assessees life easier, we are working towards less and less compliance. On behalf of the CGST, notices are not being sent left, right and centre. Only 1.96 per cent of all active tax assessees have been sent notices from Central GST," Sitharaman said.

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