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Tag Wise Current Affairs
Tag: Banking & Financial Sector
Pradhan Mantri Shram Yogi Maan-Dhan Yojana launched
Tags: Health, Banking & Financial Sector, Society
Published on: 05 March 2019
Elephant bonds for declaring undisclosed income
Tags: Infrastructure, Banking & Financial Sector
Published on: 19 July 2019
Digital measures to make bank accounts secure
Tags: Banking & Financial Sector
Published on: 29 August 2019
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'description' => '<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Prime Minister Narendra Modi launched mega pension scheme- Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) for unorganised sector from Gandhinagar, Gujarat. It was announced in the Interim Budget 2019. It is voluntary and contributory pension scheme that will benefit as many as 10 crore workers in unorganised sector. It will be one of largest pension schemes of world (become largest in 5 years) in terms of subscriber targeted base.</span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM)</span></strong></span></span></p>
<ul>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide assured monthly pension of Rs 3000 to employees of unorganised sector after 60 years of age based on their monthly contribution of small affordable amount during their working age.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Intended beneficiaries: </span></strong><span style="font-family:"Quicksand",serif">Unorganised sector workers with monthly income upto Rs. 15,000 and belonging to entry age group of 18-40 years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Non-eligible:</span></strong><span style="font-family:"Quicksand",serif"> Organized workers covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO) are not eligible for it.<strong> </strong>Income tax payers are also not eligible.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Workers of unorganised sector: </span></strong><span style="font-family:"Quicksand",serif">Home based workers, agricultural workers, construction workers, mid-day meal workers, street vendors, head loaders, cobblers, rag pickers, brick kiln workers, washer men, rickshaw pullers, domestic workers, landless labourers, beedi workers, handloom workers, leather workers and similar other occupations.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Minimum Assured Pension: </span></strong><span style="font-family:"Quicksand",serif">Each subscriber under it will receive minimum assured pension of Rs. 3000 per month after attaining age of 60 years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In case of death during receiving pension (after 60 years), then his or her spouse will be entitled to receive 50% of pension as family pension. It will be only applicable to spouse.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In case of death before age of 60 years then spouse of beneficiary will be entitled to continue scheme subsequently by payment of regular contribution or may even exit the scheme</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Contribution of Subscriber: </span></strong><span style="font-family:"Quicksand",serif">Unorganised sector worker, joining this scheme is required to contribute prescribed contribution amount from age of joining scheme till the age of 60 years.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Medium of contribution: </span></strong><span style="font-family:"Quicksand",serif">It will be through ‘auto-debit’ facility from savings bank account or from Jan- Dhan account of subscriber.</span></span></span></li>
<li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Central Government’s contribution: </span></strong><span style="font-family:"Quicksand",serif">Central Government will make prescribed age-specific contribution by the beneficiary on 50:50 basis.</span></span></span></li>
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'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government may soon launch Elephant Bonds as part of new amnesty scheme to the income tax defaulters in the country for declaring undisclosed income. This was suggested by high-level government-appointed committee on trade and industry headed by economist Dr. Surjit S. Bhalla. The recommendation of the advisory group regarding undisclosed income seems to be based on the fact that black money exists in domestic sector and it should be utilised in a productive manner.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">What are the elephant bonds?</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">They are proposed sovereign bonds (debt instruments) to be issued for period of 25 years in which people declaring undisclosed income will be bound to invest 50 per cent, similar to an amnesty scheme. These funds will be utilised only for infrastructure projects, both new and old. Thus, these bonds will serve as specialised security product providing funds towards Long Term Infrastructure.</span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance of elephant bonds</span></span></strong> </span></span></p>
<p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Such bonds are necessary part of Central Government’s carrot and stick policy. This will allow past tax defaulters to join mainstream without attracting penalties. This will also provide conducive way to increase tax revenue along with increasing the number of taxpayers and beneficiaries in tax base who had not declared their assets previously. It will improve funding for long term infrastructure projects which are critical part in increasing economic growth. </span></span></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Previous Amnesty schemes</span></span></strong></span></span></p>
<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">These schemes were aimed at encouraging people to avoid prosecution and declare black money by paying penalty only. </span></span></span></span></p>
<ol>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">First:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was introduced as part of Black Money (Undisclosed Foreign Income And Assets) And Imposition of Tax Rules, 2015. Under it, window was provided to declare income and assets parked in foreign countries between July 2015 to September 2015.</span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Income Declaration Scheme (IDS):</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was second such major initiative launched in May 2016. Under it, people with undisclosed income were given time between June 2016, to September 2016, to declare their income with a tax including penalty of 45% of the total undisclosed income.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Demonisation:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was announced in November 2016. Government had demonetised high currency notes to fight black money. </span></span></span></span></li>
<li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Pradhan Mantri Garib Kalyan Yojana</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> under which the government asked people with black money to pay 50% fine of the undisclosed income and deposit an additional 25% in government schemes which would be refunded without interest after four years. This scheme also expired on March 31, 2017.</span></span></span></span></li>
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<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.</span></span></span></span></p>
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<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Parliament recently passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for opening bank accounts.</span> </span></span></p>
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<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Recent amendments to anti-money laundering rules allowing voluntary use of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Aadhaar <span style="color:#212121">for opening of bank accounts and the modalities of</span> digital KYC<span style="color:#212121"> for cases where verification is done using other documents like voter ID and driving licence will make the process secure and convenient for users.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121"> The rules have been framed for ‘digital KYC’ in case of documents such as driving license and voter ID.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The same procedure will also be applicable for investment in mutual funds and opening of demat accounts.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The process which has been laid down for Digital KYC makes it convenient, safe, secure and fraud-proof. Earlier, someone could have misused someone else's ID documents for opening bank account, without that person's knowledge. </span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The stringent process that has been outlined will ensure that doing so will not be possible.</span></span></span></span></p>
</li>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Benefits</span></span></span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will ensure a smooth process for those who do not want to share their Aadhaar number for opening bank account.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will involve capturing the live photo of the customer and officially valid documents or proof of possession of Aadhaar.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Where offline verification cannot be carried out, latitude and longitude of the location where such live photo is being taken by an authorised officer of the bank will be recorded.</span></span></span></span></p>
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<p style="margin-right:0in"> </p>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.</span></span></span></span></p>
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<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p>
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<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Supreme Court judgement pronounced on September 26 2018 in which it upheld the constitutional validity of unique identification project, with certain restrictions and changes.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Parliament recently passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for opening bank accounts.</span> </span></span></p>
</li>
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<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Recent amendments to anti-money laundering rules allowing voluntary use of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Aadhaar <span style="color:#212121">for opening of bank accounts and the modalities of</span> digital KYC<span style="color:#212121"> for cases where verification is done using other documents like voter ID and driving licence will make the process secure and convenient for users.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121"> The rules have been framed for ‘digital KYC’ in case of documents such as driving license and voter ID.</span></span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The same procedure will also be applicable for investment in mutual funds and opening of demat accounts.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The process which has been laid down for Digital KYC makes it convenient, safe, secure and fraud-proof. Earlier, someone could have misused someone else's ID documents for opening bank account, without that person's knowledge. </span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The stringent process that has been outlined will ensure that doing so will not be possible.</span></span></span></span></p>
</li>
</ul>
<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Benefits</span></span></span></span></strong></span></span></p>
<ul>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will ensure a smooth process for those who do not want to share their Aadhaar number for opening bank account.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will involve capturing the live photo of the customer and officially valid documents or proof of possession of Aadhaar.</span></span></span></span></p>
</li>
<li>
<p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Where offline verification cannot be carried out, latitude and longitude of the location where such live photo is being taken by an authorised officer of the bank will be recorded.</span></span></span></span></p>
</li>
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style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">Prime Minister Narendra Modi launched mega pension scheme- Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) for unorganised sector from Gandhinagar, Gujarat. It was announced in the Interim Budget 2019. It is voluntary and contributory pension scheme that will benefit as many as 10 crore workers in unorganised sector. It will be one of largest pension schemes of world (become largest in 5 years) in terms of subscriber targeted base.</span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM)</span></strong></span></span></p> <ul> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">It will provide assured monthly pension of Rs 3000 to employees of unorganised sector after 60 years of age based on their monthly contribution of small affordable amount during their working age.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Intended beneficiaries: </span></strong><span style="font-family:"Quicksand",serif">Unorganised sector workers with monthly income upto Rs. 15,000 and belonging to entry age group of 18-40 years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Non-eligible:</span></strong><span style="font-family:"Quicksand",serif"> Organized workers covered under New Pension Scheme (NPS), Employees’ State Insurance Corporation (ESIC) scheme or Employees’ Provident Fund Organisation (EPFO) are not eligible for it.<strong> </strong>Income tax payers are also not eligible.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Workers of unorganised sector: </span></strong><span style="font-family:"Quicksand",serif">Home based workers, agricultural workers, construction workers, mid-day meal workers, street vendors, head loaders, cobblers, rag pickers, brick kiln workers, washer men, rickshaw pullers, domestic workers, landless labourers, beedi workers, handloom workers, leather workers and similar other occupations.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Minimum Assured Pension: </span></strong><span style="font-family:"Quicksand",serif">Each subscriber under it will receive minimum assured pension of Rs. 3000 per month after attaining age of 60 years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In case of death during receiving pension (after 60 years), then his or her spouse will be entitled to receive 50% of pension as family pension. It will be only applicable to spouse.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Quicksand",serif">In case of death before age of 60 years then spouse of beneficiary will be entitled to continue scheme subsequently by payment of regular contribution or may even exit the scheme</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Contribution of Subscriber: </span></strong><span style="font-family:"Quicksand",serif">Unorganised sector worker, joining this scheme is required to contribute prescribed contribution amount from age of joining scheme till the age of 60 years.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Medium of contribution: </span></strong><span style="font-family:"Quicksand",serif">It will be through ‘auto-debit’ facility from savings bank account or from Jan- Dhan account of subscriber.</span></span></span></li> <li style="text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Quicksand",serif">Central Government’s contribution: </span></strong><span style="font-family:"Quicksand",serif">Central Government will make prescribed age-specific contribution by the beneficiary on 50:50 basis.</span></span></span></li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'pradhan-mantri-shram-yogi-maan-dhan-yojana', 'image' => 'https://www.mediafire.com/convkey/f8f8/a1oy795975ncx596g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/f8f8/a1oy795975ncx596g.jpg', 'metatitle' => 'Pradhan Mantri Shram Yogi Maan-Dhan Yojana launched', 'metakeyword' => 'In Government Schemes Current Affairs, Prime Minister, Narendra Modi, launches, mega pension scheme, Pradhan Mantri Shram Yogi Maan-dhan Yojana. PM-SYM, unorganised sector ', 'metadescription' => 'Prime Minister Narendra Modi launched mega pension scheme- Pradhan Mantri Shram Yogi Maan-dhan Yojana (PM-SYM) for unorganised sector ', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'http://www.mediafire.com/file/gx8p1tihx0yhw4e/5Mar_Pradhan_Mantri_Shram_Yogi.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 1 => object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 1746, 'title' => 'Elephant bonds for declaring undisclosed income', 'description' => '<p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Government may soon launch Elephant Bonds as part of new amnesty scheme to the income tax defaulters in the country for declaring undisclosed income. This was suggested by high-level government-appointed committee on trade and industry headed by economist Dr. Surjit S. Bhalla. The recommendation of the advisory group regarding undisclosed income seems to be based on the fact that black money exists in domestic sector and it should be utilised in a productive manner.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">What are the elephant bonds?</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">They are proposed sovereign bonds (debt instruments) to be issued for period of 25 years in which people declaring undisclosed income will be bound to invest 50 per cent, similar to an amnesty scheme. These funds will be utilised only for infrastructure projects, both new and old. Thus, these bonds will serve as specialised security product providing funds towards Long Term Infrastructure.</span></span></span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Significance of elephant bonds</span></span></strong> </span></span></p> <p style="margin-left:0in; margin-right:0in; text-align:justify"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Such bonds are necessary part of Central Government’s carrot and stick policy. This will allow past tax defaulters to join mainstream without attracting penalties. This will also provide conducive way to increase tax revenue along with increasing the number of taxpayers and beneficiaries in tax base who had not declared their assets previously. It will improve funding for long term infrastructure projects which are critical part in increasing economic growth. </span></span></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Previous Amnesty schemes</span></span></strong></span></span></p> <p style="margin-left:0in; margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">These schemes were aimed at encouraging people to avoid prosecution and declare black money by paying penalty only. </span></span></span></span></p> <ol> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">First:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was introduced as part of Black Money (Undisclosed Foreign Income And Assets) And Imposition of Tax Rules, 2015. Under it, window was provided to declare income and assets parked in foreign countries between July 2015 to September 2015.</span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Income Declaration Scheme (IDS):</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was second such major initiative launched in May 2016. Under it, people with undisclosed income were given time between June 2016, to September 2016, to declare their income with a tax including penalty of 45% of the total undisclosed income.</span></span></span></span><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Demonisation:</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> It was announced in November 2016. Government had demonetised high currency notes to fight black money. </span></span></span></span></li> <li><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif"">Pradhan Mantri Garib Kalyan Yojana</span></span></strong><span style="font-size:9.0pt"><span style="font-family:"Quicksand","serif""> under which the government asked people with black money to pay 50% fine of the undisclosed income and deposit an additional 25% in government schemes which would be refunded without interest after four years. This scheme also expired on March 31, 2017.</span></span></span></span></li> </ol> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'elephant-bonds-for-declaring-undisclosed-income', 'image' => 'https://www.mediafire.com/convkey/09af/e0plqvxbggl6mj76g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/09af/e0plqvxbggl6mj76g.jpg', 'metatitle' => 'Elephant bonds for declaring undisclosed income', 'metakeyword' => 'Government may soon launch Elephant Bonds as part of new amnesty scheme to the income tax defaulters in the country for declaring undisclosed income', 'metadescription' => 'Government may soon launch Elephant Bonds as part of new amnesty scheme to the income tax defaulters in the country for declaring undisclosed income', 'author' => 'Nikhil Paigude', 'downlaodpdf' => 'https://www.mediafire.com/file/2ueepck68778w5o/Elephant_bonds_for_declaring_undisclosed_income.pdf/file', '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'currentaffairs' }, (int) 2 => object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 2039, 'title' => 'Digital measures to make bank accounts secure', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Issue</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.</span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Supreme Court judgement pronounced on September 26 2018 in which it upheld the constitutional validity of unique identification project, with certain restrictions and changes.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Parliament recently passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for opening bank accounts.</span> </span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Recent amendments to anti-money laundering rules allowing voluntary use of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Aadhaar <span style="color:#212121">for opening of bank accounts and the modalities of</span> digital KYC<span style="color:#212121"> for cases where verification is done using other documents like voter ID and driving licence will make the process secure and convenient for users.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121"> The rules have been framed for ‘digital KYC’ in case of documents such as driving license and voter ID.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The same procedure will also be applicable for investment in mutual funds and opening of demat accounts.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The process which has been laid down for Digital KYC makes it convenient, safe, secure and fraud-proof. Earlier, someone could have misused someone else's ID documents for opening bank account, without that person's knowledge. </span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The stringent process that has been outlined will ensure that doing so will not be possible.</span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Benefits</span></span></span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will ensure a smooth process for those who do not want to share their Aadhaar number for opening bank account.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will involve capturing the live photo of the customer and officially valid documents or proof of possession of Aadhaar.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Where offline verification cannot be carried out, latitude and longitude of the location where such live photo is being taken by an authorised officer of the bank will be recorded.</span></span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'digital-measures-to-make-bank-accounts-secure', 'image' => 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=> (int) 0, 'status' => (int) 1, '[new]' => false, '[accessible]' => [ [maximum depth reached] ], '[dirty]' => [[maximum depth reached]], '[original]' => [[maximum depth reached]], '[virtual]' => [[maximum depth reached]], '[errors]' => [[maximum depth reached]], '[invalid]' => [[maximum depth reached]], '[repository]' => 'sitebanners' } ] $params = [ (int) 0 => 'banking-financial-sector' ] $b = [ 'name' => 'Banking & Financial Sector', 'link' => 'https://currentaffairs.studyiq.com/tags/banking-financial-sector' ] $currentaffair = object(Cake\ORM\Entity) { 'tag' => 'Banking & Financial Sector', 'keyword' => 'banking-financial-sector', 'id' => (int) 2039, 'title' => 'Digital measures to make bank accounts secure', 'description' => '<p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-family:"Times New Roman","serif"">Issue</span></strong></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.</span></span></span></span></p> <p style="margin-right:0in"> </p> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Background</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Supreme Court judgement pronounced on September 26 2018 in which it upheld the constitutional validity of unique identification project, with certain restrictions and changes.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="font-family:"Times New Roman","serif"">Parliament recently passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for opening bank accounts.</span> </span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="font-family:"Times New Roman","serif"">Details</span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Recent amendments to anti-money laundering rules allowing voluntary use of </span></span></span><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Aadhaar <span style="color:#212121">for opening of bank accounts and the modalities of</span> digital KYC<span style="color:#212121"> for cases where verification is done using other documents like voter ID and driving licence will make the process secure and convenient for users.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">The government has notified amendments to the Prevention of Money-Laundering (Maintenance of Records) rules to allow voluntary use of the biometric identifier for opening of bank accounts.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121"> The rules have been framed for ‘digital KYC’ in case of documents such as driving license and voter ID.</span></span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The same procedure will also be applicable for investment in mutual funds and opening of demat accounts.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The process which has been laid down for Digital KYC makes it convenient, safe, secure and fraud-proof. Earlier, someone could have misused someone else's ID documents for opening bank account, without that person's knowledge. </span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">The stringent process that has been outlined will ensure that doing so will not be possible.</span></span></span></span></p> </li> </ul> <p style="margin-right:0in"><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><strong><span style="font-size:12.0pt"><span style="background-color:white"><span style="font-family:"Times New Roman","serif""><span style="color:#212121">Benefits</span></span></span></span></strong></span></span></p> <ul> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will ensure a smooth process for those who do not want to share their Aadhaar number for opening bank account.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Digital KYC will involve capturing the live photo of the customer and officially valid documents or proof of possession of Aadhaar.</span></span></span></span></p> </li> <li> <p><span style="font-size:11pt"><span style="font-family:Calibri,sans-serif"><span style="background-color:white"><span style="font-family:"Times New Roman","serif"">Where offline verification cannot be carried out, latitude and longitude of the location where such live photo is being taken by an authorised officer of the bank will be recorded.</span></span></span></span></p> </li> </ul> ', 'created_date' => object(Cake\I18n\FrozenDate) {}, 'posturl' => 'digital-measures-to-make-bank-accounts-secure', 'image' => 'https://www.mediafire.com/convkey/1f5e/3nqrqllvnpw0mqz6g.jpg', 'fbimage' => 'https://www.mediafire.com/convkey/1f5e/3nqrqllvnpw0mqz6g.jpg', 'metatitle' => 'Digital measures to make bank accounts secure', 'metakeyword' => 'bank accounts, bank accounts secure, Digital measures ', 'metadescription' => 'The government has spelt out the detailed procedure for 'digital KYC' to be performed in case of verification done via documents like voter ID and driving licence.', 'author' => null, 'downlaodpdf' => 'https://www.mediafire.com/file/7xdqx4sjdy9gi4y/Digital_measures_to_make_bank_accounts_secure.pdf/file', '[new]' => false, '[accessible]' => [ '*' => true ], '[dirty]' => [], '[original]' => [], '[virtual]' => [], '[errors]' => [], '[invalid]' => [], '[repository]' => 'currentaffairs' } $tags = '<a href="https://currentaffairs.studyiq.com/tags/banking-financial-sector">Banking & Financial Sector</a>'include - ROOT/plugins/Studyiq/src/Template/Pages/tags.ctp, line 65 Cake\View\View::_evaluate() - CORE/src/View/View.php, line 1196 Cake\View\View::_render() - CORE/src/View/View.php, line 1157 Cake\View\View::render() - CORE/src/View/View.php, line 765 Cake\Controller\Controller::render() - CORE/src/Controller/Controller.php, line 623 Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 125 Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 93 Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 108 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 104 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 98 Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65 Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51 Cake\Http\Server::run() - CORE/src/Http/Server.php, line 81