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IT Department to map digital behaviour of taxpayers to create profiles

IT Department to map digital behaviour of taxpayers to create profiles

Finance
The income tax department will map the digital behaviour of taxpayers to create their profiles under faceless scrutiny assessment in electronic mode, a senior official said, as all interactions of a taxpayer with the tax authority will be logged. Faceless assessment will be a complete shift from the earlier practice where taxpayers could sit with the assessing officer and resolve issues at one go, following a single notice of demand, and even seek adjournment for hearings over telephone calls. “If I give you a requisition for five things, you (taxpayer) respond to one, and take adjournment to respond to the other, that’s assessee behavior that is being mapped, which in the manual days was not being mapped,” Smita Jhingran, chief commissioner of income tax at Regional e-Assessment Centre, D
PNB launches campaign to promote digital banking, financial inclusion of Indians

PNB launches campaign to promote digital banking, financial inclusion of Indians

Finance
NEW DELHI: State-owned Punjab National Bank on Saturday launched a campaign to encourage customers to use digital banking channels. Under the campaign 'DIGITAL APNAYEN', the bank will contribute Rs 5 towards the PM CARES Fund on behalf of each customer conducting the first financial transaction to activate their RuPay Debit card either on point of sale (PoS) or e-commerce platform, PNB said in a statement. The campaign launched by the bank's Managing Director S S Mallikarjuna Rao on the occasion of Independence Day is till March 31, 2021. It envisages to encourage customers to use digital channels and participate in the noble cause of donating to the PM CARES Fund for COVID-19 by PNB, it said. Highlighting the increasing importance of self-dependence on the occasion of the Independence Day...

Monzo’s losses double as popular UK digital bank warns of pandemic uncertainty

Finance
A Monzo debit card being used at a payment terminal.MonzoBritish digital bank Monzo said Thursday that its annual losses more than doubled and warned its ability to continue operating had become more uncertain due to the coronavirus pandemic.The start-up reported an annual post-tax loss of £113.8 million ($ 149.5 million) in its 2020 accounts, up from the £47.1 million it lost last year, amid investment on hiring, marketing and a U.S. expansion. That was despite revenues more than tripling to £67.2 million from £19.7 million.Monzo lent out a record £143.9 million, compared to £19.2 million in its 2019 results. But it expects credit losses to climb dramatically to £20.3 million from £3.9 million, with £4.1 million of that sum being set aside for a heightened default risk associated with th
US report accuses China of ‘digital authoritarianism’

US report accuses China of ‘digital authoritarianism’

Technology
A US report accuses China of "digital authoritarianism" - using technology not only to track its own citizens but to exert power beyond its borders.It warns that China's mounting influence on the digital sphere could soon overshadow that of the US and other democracies.And it expresses concern about its export of surveillance technology.The US has put pressure on other countries to ban Huawei from their mobile networks.And it is also considering a wider ban on other Chinese tech firms such as TikTok.Relationships between the US and China are tense, not just over the role of Chinese tech firms but over the coronavirus pandemic and more general trade between the two nations.Sweeping new security rules in Hong Kong and evidence sugg...
UK digital bank Monzo relaunches premium accounts after original service flopped

UK digital bank Monzo relaunches premium accounts after original service flopped

Finance
Users of Monzo's premium account, Monzo Plus, will get sent blue cards with holographic foil to makeMonzoBritish financial technology start-up Monzo is giving paid-for checking accounts another go, with a revamped premium service it hopes will help generate a new source of revenue.Monzo, which provides banking services through an app, initially tried to launch a premium offering last year. Dubbed Monzo Plus, the packaged account was eventually scrapped by the firm due to complaints from customers.It has relaunched Monzo Plus as a subscription service that costs £5 ($ 6.30) a month and comes with perks including 1% interest on balances of up to £2000 and credit score checks. That may prove attractive to current users of the firm's "Pots" savings feature, who have seen interest rates decline