The Employees’ Provident Fund Organisation (EPFO) has announced some concessions for processing physical claims of dead claimants who didn’t have their Aadhaar seeded with their accounts. The May 17 circular amended its previous order on September 9, 2020, regarding claim settlement in the absence of the Universal Account Number (UAN) in the case of an … Read more
Mutual fund KYC norms: Capital market regulator SEBI from April 1 brought in fresh regulations for KYC process for mutual fund account holders. Under the new norms, asset management companies (AMCs) will have to update KYCs of mutual fund subscribers with Aadhaar and PAN. This directive is applicable to both new and old mutual fund … Read more
Latest Income Tax department data shows that nearly half of India’s population have got Permanent Account Number (PAN). It stated that the gap between the number of male and female PAN holders still exists, but it is fast closing. As on March 31, 2024, 42.10 crore males have PAN cards vs 31.05 crore females, a … Read more
The new financial year in India has started on April 1. It is that time of the year, wherein salaried individuals will be asked about their investment plans so that employers can deduct taxes in an planner manner till next March. Investors should note that the Centre has numerous opportunities for savings and expenses through … Read more
New KYC changes effective from 1st April 2024 are critical for investors to understand to ensure their future and existing investments remain unhindered. The new rules mean that investors with verified or registered KYC status can continue transactions with existing mutual funds and brokers and face no restrictions. However, their KYC is considered incomplete until … Read more
The Government collected ₹601.97 crore from the public as penalty for not linking PAN with their Aadhaar from July 1, 2023 to January 31,2024. The last date for linking PAN with Aadhaar was June 30, 2023. Representational Image. The Government has collected over ₹600 crore as penalty for delay in linking PAN with Aadhaar, and … Read more
The Employees’ Provident Fund Organisation (EPFO) has removed Aadhaar from the list of acceptable documents for proof of date of birth (DoB). In a circular (No: WSU/2024/1/UIDAI Matter/4090) issued on January 16, the employment body said that the decision has been taken following a directive from the Unique Identification Authority of India (UIDAI) as detailed … Read more
India’s journey toward financial inclusion has witnessed various innovations in policy over the last decade. The government’s JAM, which is the bedrock of the digitalisation drive to formalise the economy, has been the biggest game changer for the BFSI industry. JAM stands for ‘Jan Dhan Account – Aadhaar – Mobile’ and has revolutionised financial inclusion … Read more
Wayanad District Collector Renu Raj announcing the completion of Aadhaar enrolment of children below five years in the district at Poothadi on Tuesday. | Photo Credit: Special Arrangement Wayanad district has become the first district in the country to complete Aadhaar enrolment of children below five years. District Collector Renu Raj announced the meritorious achievement … Read more
Worldcoin, the cryptocurrency project set up by OpenAI CEO Sam Altman, aims to establish a global ID network akin to India’s Aadhaar biometric ID system, a senior employee told Reuters. More than 2.4 million people have signed up to have their irises scanned by Worldcoin’s “orb” devices in exchange for a digital ID and free … Read more