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New Delhi, The government might look at enhancing the scrutiny of certain class of corporates, including in terms of <keyword id="19910870" type="General" weightage="20" keywordseo="kyc" source="keywords">KYC</keyword> requirements, as efforts continue to weed out unscrupulous elements and curb possible misdoings, according to a senior official. The matters related to KYC (Know Your Customer), including a simplified and uniform system, are still under discussion, and a committee headed by the finance secretary is looking into various aspects. The senior official on Monday said that various aspects related to having a uniform KYC are being discussed and in the case of the corporate affairs ministry, Permanent Account Number (<keyword id="19939397" type="General" weightage="20" keywordseo="pan" source="keywords">PAN</keyword>) is being used for KYC requirements. The ministry is implementing the companies law and <keyword id="20735098" type="General" weightage="20" keywordseo="limited-liability-partnership" source="keywords">Limited Liability Partnership</keyword> (LLP) Act, among other legislations. Further, the official said enhanced KYC requirements might be explored for certain class of corporates. As many as 26,28,865 companies were registered in the country as on January 31, 2024, and out of the total, 16,65,438 companies, or 63 per cent were active, as per the latest official data. According to the data, a total number of 3,16,402 LLPs were active at the end of January this year. Meanwhile, the ministry-appointed panel is discussing possibilities of having a stricter regulatory regime for startups against the backdrop of instances of corporate governance concerns at some of the entities. The Company Law Committee (CLC), which was set up by the ministry in September 2019, is yet to firm its views and a final decision will be taken after receiving the panel's recommendations, the official said. Over a period of time, the ministry has been clamping down on entities, suspected of carrying out illegal activities. Last week, the <keyword id="20584362" type="General" weightage="20" keywordseo="financial-stability-and-development-council" source="keywords">Financial Stability and Development Council</keyword> (FSDC), chaired by Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>, discussed strengthening inter-regulatory coordination in the financial sector to support inclusive economic growth. The council also deliberated on prescribing uniform KYC norms, inter-usability of KYC records across the financial sector, and simplification and digitalisation of the KYC process, among others.

Govt may look at enhanced KYC requirements for certain class of corporates

With the world economy heading towards a possible slowdown and India being one of the major economies having any real chances of growing at a faster rate, everyone will be looking forward to how this year’s Budget will address the issue of stagnating private investment in India. With proper fiscal incentives in place, the <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> industry (being one of the major sources of long-term funds for the economy) can play a bigger role in pushing up public and private-sector investment and thus, help in achieving government’s goal of putting Indian economy on a high-speed track. 
	 
	Following is my wish list for 2016 Union Budget. 
	 
	A uniform <keyword id="167905" type="COMPANY" weightage="20" keywordseo="KYC">KYC</keyword> 
	 
	Unlike e-policy holders, offline insurance buyers have to undergo a lot of paperwork, as part of KYC procedures. In addition to this, insurers usually call for multiple KYCs for different policies and this act as deterrent for new investors to invest in insurance policies. Government must consider giving a strong push to uniform KYC and e-claims, irrespective of whether the policy is purchased online or offline. This would make the process of buying insurance policies and filing claims easier. 
	 
	Revise tax exemptions 
	 
	At present, premium of up to Rs.25000 paid for health insurance plans qualify for deduction under Section 80D. This limit rests at Rs.30000 in case of senior citizens. Tax exemption under health insurance plan should be revised as the current incentive is inadequate, taking into consideration the rising healthcare cost. Just to give you an example, a 55yr old sole earner in a family of 4 would easily spend upwards of Rs.30000 per annum for Rs.10lacs sum insured. Also, the current exemption does not provide incentives for those who buy long term health insurance plan. Increasing the income tax exemption limit in health insurance will encourage people to buy health policies with larger covers, and for longer tenure. 
	 
	Tax exemption for home insurance 
	 
	While catastrophic destruction caused by natural calamities such as Chennai floods and Nepal earthquake influenced people to think about getting their home and property insured, people continue to remain hesitant about getting their property insured and hence, end up procrastinating it. Home insurance enables people to deal with huge financial losses that they would otherwise incur in case of natural disasters. Introducing tax exemptions on house insurance premiums would encourage homeowners to insure their homes. 
	 
	Make term insurance attractive 
	 
	At present, term insurance products constitute just 0.4% of the total insurance products sold in India. Distributors find term insurance products unattractive as their payouts, as per current regulation, is just above zero percent. The cap on the payouts needs to be relaxed to make selling term insurance attractive for the distributors. This would go a long way in increasing the average life insurance coverage of Indians. 
	 
	To sum up, as low insurance penetration is a problem area, the FM should increase tax incentives to encourage people to buy adequate insurance cover. This will also help the insurance industry to raise more resources for financing government’s physical and social infrastructure programs. 
	 
	The article is authored by Alok Bansal, Co-founder and CFO of online insurance comparision portal <keyword id="696009" type="UNKNOWN" weightage="20" keywordseo="Policybazaar">Policybazaar</keyword>.com.

Mr FM! This is what the insurance industry want from Budget 2016

The recent PayTM saga exposed how <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> are finding it increasingly difficult to maintain sufficient security measures to ensure user authenticity and identity. Now, many fintech platforms are turning to artificial intelligence (AI) to address these challenges. A leading voice in this conversation is <keyword id="23488603" type="General" weightage="20" keywordseo="Rahul-Ayyappan" source="keywords">Rahul Ayyappan</keyword>, the Co-Founder and Chief Technology Officer (CTO) of <keyword id="23488605" type="General" weightage="20" keywordseo="Finacus-Solutions" source="keywords">Finacus Solutions</keyword> Pvt. Ltd. With over a decade of experience in shaping digital solutions for over 200 banks and financial institutions, Rahul sheds light on how AI can play a transformative role in addressing the issue of deepfakes and even strengthening eKYC (electronic Know Your Customer) systems. <h2><keyword id="20095213" type="General" weightage="20" keywordseo="facial-recognition" source="keywords">Facial recognition</keyword> technology </h2>AI algorithms can analyse facial features in-depth, detecting subtle inconsistencies that are often overlooked by human eyes. By examining dermal texture, facial feature depth, and lighting uniformity, AI can identify discrepancies indicative of deepfakes. Furthermore, AI can analyse the temporal consistency of facial movements in videos, identifying irregularities that may signal tampering. <h2>Behavioural analysis </h2>AI's ability to analyse micro-expressions, those brief, involuntary facial expressions that reveal genuine emotions, is crucial in detecting deepfakes. These expressions are difficult to replicate in fabricated media, making them a reliable indicator of authenticity. Additionally, AI can evaluate gait and gesture analysis, identifying inconsistencies that may suggest deepfake manipulations. <h2>Consistency checks </h2>AI can cross-reference data from various sources, such as document scans and live video KYC sessions, to identify inconsistencies in age, gender, or other demographic information. Geospatial validation can also be used to verify if the location of the eKYC session aligns with the user's stated address. <h2><keyword id="19897671" type="General" weightage="20" keywordseo="machine-learning" source="keywords">Machine learning</keyword> models </h2>AI models can be trained on vast datasets of real and fake images and videos to learn to identify patterns and anomalies associated with deepfakes. These models can continuously adapt and improve their accuracy as new deepfake techniques emerge. <h2>Integration with ancillary technologies </h2>Combining AI with other technologies, such as blockchain and thermal imaging, can further enhance <keyword id="22209857" type="General" weightage="100" keywordseo="deepfake-detection" source="keywords">deepfake detection</keyword> capabilities. Blockchain provides an immutable ledger of verified data, while thermal imaging can detect heat patterns on the face that are difficult to replicate in synthetic media. By leveraging these advanced AI techniques, <keyword id="23488602" type="General" weightage="20" keywordseo="eKYC-systems" source="keywords">eKYC systems</keyword> can significantly improve their ability to detect deepfakes and protect against identity theft and other fraudulent activities. As deepfake technology continues to evolve, AI will play a crucial role in ensuring the integrity and security of digital <keyword id="20470058" type="General" weightage="20" keywordseo="identity-verification" source="keywords">identity verification</keyword> processes. <div type="Article" hostid="261" msid="99803720" title="Aadhaar authentication rose to 2.31 billion in March 2023: IT Ministry data" mstype="2" mssubtype="0"></div>

Fintech expert shares 5 ways AI can help detect deepfakes in eKYC systems

New Delhi, Dec 24 () Markets regulator Sebi on Tuesday came out with a framework for making investment in mutual funds in the name of minor through guardian and to ease the process for transmission of such schemes.
The move is aimed at bringing uniformity in such investment process across asset management companies (AMCs).
 The regulator said payment for investment by means of cheque, demand draft or any other mode will be accepted from the bank account of the minor or from a joint account of the minor with the guardian only.
 For existing folios or investor accounts, AMCs need to insist upon a change of pay-out bank mandate before redemption is processed.
 Upon the minor attaining the status of major, the minor in whose name the investment was made, shall be required to provide all the KYC details, updated bank account details including cancelled original cheque leaf of the new account. Further, no further transactions shall be allowed till the status of the minor is changed to major, the regulator noted.
 Sebi has asked AMCs to build a system control at the account set-up stage of Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP) on the basis of which, the standing instruction is suspended when the minor attains majority, till the status is changed to major.
 In order to improve the processing turnaround time for transmission requests, Sebi said AMCs will have to implement image based processing wherever the claimant is a nominee or a joint holder in the investor folio.
Further, fund houses need to have a dedicated, central help desk and a webpage carrying relevant information and instructions in order to provide assistance on the transmission process.
 AMCs need to implement a common set of document requirements for transmission of units to claimant who are nominees or joint holders in the investor account. Also, they have to implement a uniform process for treatment of unclaimed funds to be transferred to the claimant including the unclaimed dividends.
 Besides, the regulator has asked AMCs and industry body Amfi (Association of Mutual Funds in India) to promote the importance of nomination as a part of its investor education and awareness programmes.
 To ensure uniformity across the industry, Sebi has asked Amfi to prescribe the form for a common set of document needed for transmission of units as well as uniform process for treatment of unclaimed funds within 30 days and all fund houses need to mandatorily follow the same. SP ANU
ANU

Sebi lays framework for mutual fund investment in minors' name

Did you know that India represents a $7 billion e-commerce market? A Gartner report shows that it is growing at more than 40% every year. At a time when the country is en-route to becoming the world's fastest growing e-commerce market, the sector will be looking keenly at the upcoming budget to provide a boost. 
 
Here are the five expectations they have from Budget 2016: 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=snapdeal">Kunal Bahl, Co-founder and CEO, Snapdeal</a> 
 
"India presents a huge opportunity as it continues to build physical and digital infrastructure for its large population, which in turn will boost economic activity and create massive employment. Given the quantum of the task, large capital inflows and suitable tax breaks can help accelerate the process. We hope that Budget 2016 will continue the task of creating a favourable, predictable and investment friendly climate for global funds seeking to participate in India’s growth story. We also look forward to announcement of policies geared towards achieving a "less cash" economy, making the economy more efficient and transparent.” 
 “During this Budget session hopefully, political consensus will also be reached on the GST Bill and it will get passed. The movement forward in indirect taxes will help align taxation with contemporary business models and will resolve varying interpretations of VAT / CST and service tax, which complicate the operating environment for <keyword id="1105147" type="UNKNOWN" weightage="20" keywordseo="E-commerce-companies">e-commerce companies</keyword>, including for inter-state movement of goods. On a broader note, uniformity in taxation laws across the country will significantly ease tax compliance for businesses and benefit government by bringing in easy tax administration and greater transparency." 
 
Spokesperson - Mr.Shankar Nath, Sr. Vice President - <a href="http://www.businessinsider.in/Paytm-Founder-Vijay-Shekhar-Sharmas-incredible-life-story/articleshow/50497089.cms">Paytm</a> 
 
"I hope that the budget continues on the path of fiscal consolidation. India is standing out as a beacon of growth and stability in an otherwise troubled global outlook. We expect the Budget to invest significantly in strengthening the digital infrastructure of the country. It is crucial that we develop a high bandwidth. We would also like to see tax breaks on budget smart phones which support vernacular languages. Tier 2 and 3 cities and rural India thrive on smartphones, and have contributed significantly to productivity. The more the smartphone penetration, the higher will be the levels of entrepreneurship that we will see. We do hope that the KYC requirements will be simplified, and eKYC will be the way forward in the future. We have moved up from a ranking of 134 to 130 among countries in ease of doing business. I hope the Govt will overall introduce measures that take us among the top 100 in the medium term. Starting a business, getting electricity, paying taxes, enforcing contracts, access to credit- we hope that some of these elements will be looked at during the budget." 
 
<a href="http://www.businessinsider.in/Exclusive-FreeCharge-Co-founder-Kunal-Shah-on-the-Biggest-Takeover-in-Indian-e-Commerce-History/articleshow/50901391.cms">Kunal Shah, CEO, Freecharge</a> 
 “The ‘Start-Up India, Stand-Up India’ initiative by PM Modi is one of the initiatives that was announced to encourage and boost the start-up culture in India. We are witnessing a behavioural change towards start-ups in the country and hope the <keyword id="3206186" type="UNKNOWN" weightage="20" keywordseo="Union-Budget-2016">Union Budget 2016</keyword> will be in sync with PM’s initiative for a Digital India. Introduction of policies that encourage digitization and non-cash transactions can help the economy tackle the ever growing problem of hard cash transactions. Removal of convenience fee on booking tickets, utility payments, and removal of payment gateway costs levied on online bill transactions, tax rebates and incentives for merchants that facilitate digital transactions can elevate the online transaction experience and accelerate the adoption to truly become a cashless economy.” 
 
(Image credits: Economic Times)

Here's what e-commerce companies Snapdeal, Paytm and Freecharge are expecting from Mr Jaitley's upcoming Budget

<div class="image-container float_right" style="width:401px"><div class="image"></div><a href="http://www.gettyimages.com/detail/news-photo/young-performer-waves-his-countrys-national-flag-as-he-news-photo/55591380#">prpix.com.au via Getty Images</a></div>The Bombay Stock Exchange fell 1.5 percent and the Indian rupee weakened against the dollar, as investors were disappointed by the details of <a href="http://pib.nic.in/archieve/others/2013/feb/benglish.pdf">India's new budget for FY13-14. </a>
In its efforts to stimulate growth, the government has been trying to attract foreign investors and strengthen its capital markets.
However, the measures included in the plan were widely regarded as falling far short of accomplishing these goals, <a href="http://www.reuters.com/article/2013/02/28/india-tax-idUSL4N0BS4K920130228?feedType=RSS&amp;feedName=rbssFinancialServicesAndRealEstateNews&amp;utm_source=dlvr.it&amp;utm_medium=twitter">according to Reuters.</a> Here are some of the measures rolled out in the FY13-14 <keyword id="6358021" type="PERSON" weightage="60" keywordseo="budget">budget</keyword>.
<ol>
<li>"Uniform registration and other norms by converging the different KYC [Know Your Client] norms".</li>
<li> Make it move closer to international practices. Investors with a stake of less that 10 percent will be treated at foreign institutional investors (FII) and those with an over 10 percent stake will be considered foreign direct investors (FDI).</li>
<li>"The FIIs will also be permitted to participate in exchange traded Currency Derivatives segments to the extent of their <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>n rupee exposure in India."</li>
<li>FIIs will also be allowed to use their investments in corporate bonds and government securities as "collateral to meet their margin requirements."</li>
<li>"Final Withholding Tax at the rate of 20 per cent on profits distributed by unlisted companies to shareholders through buy-back of share".</li>
<li>A surcharge of 5 percent on foreign companies with taxable income of over Rs. 100 million (approx $1.8 million) for one year. This is up from two percent surcharge. For domestic companies the surcharge was raised to 10 percent, from 5 percent.</li>
<li>A proposal for a <a href="http://www.reuters.com/article/2013/02/28/india-tax-idUSL4N0BS4K920130228?feedType=RSS&amp;feedName=rbssFinancialServicesAndRealEstateNews&amp;utm_source=dlvr.it&amp;utm_medium=twitter">tax residency certificate</a> that would be needed to avoid double taxation, that was part of the financial bill in the budget.</li>
</ol>
Certain tax amendments in the budget didn't clarify which investment returns would be taxed.
Moreover, the tax residency certificate amendment that is targeted at 2016 "sparked fears tax authorities would have wider discretion to go after foreign investors," <a href="http://www.reuters.com/article/2013/02/28/india-tax-idUSL4N0BS4K920130228?feedType=RSS&amp;feedName=rbssFinancialServicesAndRealEstateNews&amp;utm_source=dlvr.it&amp;utm_medium=twitter">according to Reuters.</a>
The importance of foreign investment
<a href="http://www.businessinsider.com/why-indias-gdp-growth-is-headed-to-a-10-year-low-2012-8">Growth as we've already reported is at a 10-year low</a>. And the Indian government thinks investment (both foreign and domestic) is "the key to restart the growth engine".
Remember, this time last year Jefferies' analysts <a href="http://www.businessinsider.com/jefferies-india-investment-cycle-2012-3">Nilesh Jasani and Piyush Nahar</a> had said that India's economic slowdown was being driven by a collapse in the investment cycle that is "far from being played out."
Moreover, India's current account deficit, which represents the country's balance of payments, widened to a record $28 billion the quarter ending December 12. India needs to attract foreign investments to lower this as well. This is because a wide current account deficit makes the Indian economy vulnerable to a rout in global financial markets and could hit the Indian rupee.
<div class="image-container" style="width:580px"><div class="image"></div>Morgan Stanley</div>
 
Other measures
The budget, which needs to be approved by parliament, also raised taxes on the extremely wealthy as part of its plan to lower the federal deficit. It proposed a surcharge of 10 percent on those whose taxable income exceeds Rs 10 million (approve $180K) to help lower the federal deficit. But if implemented this is also in place for one year.
<a href="http://www.ft.com/intl/cms/s/0/1e2a2a1c-8175-11e2-ae78-00144feabdc0.html#axzz2MCljDrTq">Jahangir Aziz, chief India economist for JP Morgan told the Financial Times</a> that the budget lacked a focused plan to revive growth:
"It’s like a shotgun that fires pellets across the board. There is no target you are actually choosing. There is no concerted vision where he wants growth to come from, or where he wants to take this economy, not today, not tomorrow, but the day after tomorrow."

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Govt may look at enhanced KYC requirements for certain class of corporates

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Mr FM! This is what the insurance industry want from Budget 2016

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Fintech expert shares 5 ways AI can help detect deepfakes in eKYC systems

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Sebi lays framework for mutual fund investment in minors' name

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Here's what e-commerce companies Snapdeal, Paytm and Freecharge are expecting from Mr Jaitley's upcoming Budget

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India's New Budget Plan Won't Bring Much-Need Economic Growth

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