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Supreme Court upheld the constitutional validity of Aadhaar. Track all the LIVE updates on Business Standard   Business Standard  :  The Supreme Court Wednesday declared the Centre's flagship Aadhaar scheme as Constitutionally valid. The apex court's five-judge Constitution bench headed by Chief Justice Dipak Misra said Aadhaar is meant to help benefits reach the marginalised sections of the society and takes into account the dignity of people not only from personal but also from the community point of view. The top court said Aadhaar is serving much bigger public interest and Aadhaar means unique and it is better to be unique than being best. The verdict was pronounced on a batch of pleas challenging the constitutional validity of Aadhaar scheme and its enabling 2016 law.  BS The bench had on May 10 reserved the verdict on the matter after a marathon hearing that went on for 38 days, spanning four-and-half months. ALSO READ:  Supreme Court...

The payments bank ran into a controversy after it allegedly opened savings accounts for existing customers without their express permissions Airtel Payments Bank  , which was stopped by the Reserve Bank of India (RBI) from getting new customers on board, received approvals from the central bank to add new accounts, the company said on Thursday. Also, the Unique Identification Authority of India (UIDAI) has allowed it to use the 12-digit Aadhaar-based e-KYC, the company said. The payments bank ran into a controversy after it allegedly opened savings accounts for existing customers without their express permissions. These accounts allegedly led to government LPG subsidies worth Rs 1.68 billion being transferred to Airtel Payments Bank accounts even as many of the customers weren’t aware of that. “We thank the authorities for the approvals. We remain committed to the Government’s vision of financial inclusion and banking for all,” a spokesperson said. Artic...

1.08 cr assessees done with linking; over 25 cr PAN card holders, 111 cr Aadhaar holders in India If you have not linked your Aadhaar with your PAN on the income tax portal yet, you should not delay it. As per latest circular from income tax (I-T) department, it is now mandatory to   link Aadhaar and (PAN)   permanent account number while filing tax returns. The rule which will be applicable from July 1, 2017 is aimed at tax evaders who hold multiple PAN cards to escape paying tax. Therefore, after linking both the Aadhaar and PAN, the government hopes to keep tabs on the taxable transactions of a particular individual or entity, whose identity and address will be verified by his Aadhaar card By linking the two, entities will no longer have to submit their Income Tax acknowledgement to the I-T department, thus saving tax payers a lot of trouble. When linking, make sure that name, date of birth and gender displayed on the income tax website matches with the detail o...

BHIM is biometric version of UPI, USSD and expected to minimise role of plastic cards, PoS machines Prime Minister   Narendra Modi   on Friday launched an Aadhaar-based mobile payment application called BHIM (Bharat Interface for Money). On day 50 of the window provided by the government to citizens to exchange or deposit old currency notes of Rs 500 and Rs 1,000 denominations, the Prime Minister at a 'Digi Dhan Mela' event in the capital, asked citizens to make at least five digital transactions, so as to understand the concept behind e-payments, and then use it extensively. "Download it on a smartphone or on a feature phone. It is not necessary to have the internet for this app. In the next two weeks, one more work is being done, which will increase the power of   BHIM   so much that you would be able to withdraw money even with your fingerprints," he said. BHIM is a biometric and rebranded version of UPI (Unified Payment Interface) and USSD (Unstructur...

Use of Aadhaar cards and seeding of bank accounts with those numbers are purely voluntary and not mandatory,RBI said in a clarification on the Direct Benefit Transfer(DBT) Scheme. “… In view of the Supreme Court’s interim orders dated August 11, 2015 and October 15, 2015… On usage of Aadhaar, it is hereby clarified that use of Aadhaar card and seeding of bank accounts with Aadhaar numbers is purely voluntary and it is not mandatory,” RBI said in a communication to banks. Read Articles