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Tag: Aadhaar

Discount brokers expand business on data, Aadhaar KYC

Discount brokers expand business on data, Aadhaar KYC

Finance
CHENNAI/MUMBAI: Discount brokers — the low-cost, no-frills broking houses — have seen a phenomenal growth in the last two years on the back of the Aadhaar-enabled e-KYC process, launch of high-speed data services at low cost by Reliance Jio, and the five-year old bull market. The growth has been so strong that, as of fiscal 2018-end, Zerodha — an eight-year-old tech-driven startup in the broking space — became the third-largest in India in terms of number of customers, behind ICICI Securities and HDFC Securities. It ranked 16th on the list two years ago, and 34th five years ago. In the league table, it’s ahead of D-Street’s old horses like Sharekhan, Axis Securities, Kotak Securities, Angel Broking and Motilal Oswal Securities. Zerodha and peers like Upstox, Samco and SAS Online have seen
RBI makes Aadhaar key to KYC compliance

RBI makes Aadhaar key to KYC compliance

Finance
The Reserve Bank of India (RBI) has made linking of national biometric ID Aadhaar to bank accounts mandatory as part of its updated 'Know Your Customer (KYC)' guidelines. This, however, will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory, RBI said in a circular late last night. Till now, an Officially Valid Document (OVD) for address proof together with Permanent Account Number (PAN) issued by the Income Tax department and a recent passport size photograph were the key KYC documents. But in the amended Customer Due Diligence (CDD) procedure, RBI said, "The Aadhaar number, the PAN or Form No. 60" need to be obtained from an individual who is eligible for applying for the biometric ID. Sources said that the move will facilitate trusted environment for ba...
Govt amends PMLA rules to extend Aadhaar linking date for all financial accounts till after SC order

Govt amends PMLA rules to extend Aadhaar linking date for all financial accounts till after SC order

Finance
The finance ministry has amended the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, via a issued notification yesterday, extending the date for submitting Aadhaar by existing account holders to financial entities till a date to be notified after the final judgement in the petition challenging Aadhaar pending before the Supreme Court. This follows the interim order, dated 13th March, 2018 of the SC in the Aadhaar case, which extended the last date for linking Aadhaar with existing bank accounts from 31.03.2018 till the final judgement of the case. As per the existing rules relating to the Prevention of Money Laundering Act, account holders had to submit to specified financial entities their Aadhaar number by March 31, 2018. This essentially implies that submission of A...
‘Aadhaar no proof you are legally occupying house’

‘Aadhaar no proof you are legally occupying house’

Finance
MUMBAI: Aadhaar card, Pan card and electricity bills are not proof that a person is legally occupying a house, Bombay high court has ruled. Justice Shalini Phansalkar Joshi upheld the eviction of four families of former municipal employees from a building in Matunga owned by BMC. The families, claimed they had been staying in apartments at Laxmi Niwas, Matunga, for around four decades and had been issued identity and address documents “The documentary evidence on which (the families) have relied on, such as electricity bills, ration cards, Aadhaar card, PAN cards, etc, at the most prove their occupation but not the authority under which they are occupying those premises,” said the judge. “It may be true that as they are in possession of the enquiry premises since last several years, no obj
With 18% GST, Aadhaar update to cost Rs 5 more

With 18% GST, Aadhaar update to cost Rs 5 more

Finance
PUNE: Updating Aadhaar details will become costlier by Rs5 from the next week with the UIDAI deciding to levy 18% GST on its fee. The UIDAI (Unique Identification Authority of India) stated on its official Twitter handle that people would have to pay the GST only for updating the Aadhaar details and not for enrolment. The present charges for updating Aadhaar is Rs25. It will go up to Rs30 after the GST is levied on it. "The GST will be levied on updating address, date of birth, gender, cellphone number, e-mail and biometric details. At present, a centre charges Rs25 for every update. The 18% GST on it would be Rs4.50. The authorities decided to round it off to Rs5 and charge people Rs30," said a senior official of the district administration after consulting with the UIDAI. Pune ...