Centre Extends Deadline For Linking Aadhaar To Bank Accounts

Agencies
December 13, 2017

New Delhi, Dec 13: The government has extended till further notice the December 31 deadline for mandatory quoting of national biometric identifier Aadhaar and PAN for certain financial transactions like opening of a bank account.

While the deadline has been withdrawn through a Gazette notification issued yesterday, new timelines will be intimated later.

The new rule notified in the Gazette modifies the Prevention of Money Laundering Act of 2002 to replace the requirement of submitting "the Aadhaar number and Permanent Account Number by December 31, 2017" with a provision saying "submit the Aadhaar number, and Permanent Account Number or Form No. 60, by such date as may be notified by the Central Government".

While the 12-digit Aadhaar is issued by the Unique Identification Authority of India (UIDAI), PAN is allotted by the Income Tax Department. Form 60 is a declaration filed by an individual or a person (not being a company or firm) who does not have a PAN and who enters into any specified transaction.

Tuesday's notification by the Department of Revenue in the finance ministry effectively paves the way for extending the deadline for mandatory quoting of Aadhaar for activities like the opening of a bank account.

This is in line with the Centre last week informing the Supreme Court that it is willing to extend till March 31 the deadline fixed for mandatory linking of Aadhaar to avail various services and welfare schemes.

On December 7, the deadline for linking PAN with Aadhaar was extended by three months to March 31, 2018. Under the PMLA, Aadhaar, PAN and other official documents are required to be obtained by banks and financial institutions from anyone opening a bank account as well as for any financial transaction of Rs. 50,000 and above.

The notification issued on Tuesday stated that accounts where Aadhaar and PAN are not furnished by the date notified by the government will cease to be operational. If the account holder "fails to submit the Aadhaar number and PAN by such date as may be notified by the central government, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number are submitted by the client", it said.

The Prevention of Money Laundering Act (PMLA) forms the core of the legal framework put in place by India to combat money laundering and generation of black money. The PMLA and its rules impose an obligation on reporting entities like banks, financial institutions and intermediaries to verify the identity of clients, maintain records and furnish information to the Financial Intelligence Unit of India (FIU-IND).

As per Rule 9, every reporting entity shall at the time of commencement of an account-based relationship identify its clients, verify their identity and obtain information on the purpose and intended nature of the business relationship. Intermediaries like stockbroker, chit fund company, cooperative bank, housing finance institution and non-banking finance companies are also classified as reporting entities. The broad rule also applies to all cash dealing of more than Rs. 10 lakh or its equivalent in foreign currency, cash transactions where forged or counterfeit currency notes have been used and all suspicious dealings.

All cross-border wire transfers of more than Rs. 5 lakh in foreign currency and purchase and sale of immovable property valued at Rs. 50 lakh or more also fall under this category, according to the reporting rules. The notification issued yesterday said amendments are being made in Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005.

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News Network
February 6,2020

Feb 6: India has been ranked 40th out of 53 countries on a global intellectual property index, even as the country has shown improvement in terms of scores when it comes to the protection of IP and copyright issues, a top American industry body said on Wednesday.

India was placed at 36th position among 50 countries in 2019.

India's score, however, increased from 36.04 per cent (16.22 out of 45) in 2019 to 38.46 per cent (19.23 out of 50) in 2020, a 2.42 per cent jump in an absolute score.

However, India's relative score increased by 6.71 per cent, according to the International IP Index released by Global Innovation Policy Center or GIPC of the US Chambers of Commerce.

This year, it finds itself on the 40th place among 53 countries. Two new Index economies (Greece and the Dominican Republic) scored ahead of India. The Philippines, and Ukraine leapfrogged India.

"Since the release of the 2016 National IPR Policy, the government of India has made a focused effort to support investments in innovation and creativity through increasingly robust IP protection and enforcement," the GIPC said.

Since 2016, India has improved the speed of processing for patent and trademark applications, increased awareness of IP rights among Indian innovators and creators, and facilitated the registration and enforcement of those rights, it added.

According to the eighth edition of the annual report, India's score on the Chamber's International IP Index demonstrates the country's growing investment in IP-driven innovation and creativity. The Index specifically highlights a number of reforms over the last year that strengthen India's overall IP ecosystem, it said.

"In 2019, the Delhi High Court used dynamic injunctions to disable access to copyright-infringing content online, resulting in an increase in India's score on two of the copyright-related indicators," it said.

"The use of these injunctions places India alongside global leaders in copyright enforcement, including Singapore and the UK. As a result, India scores ahead of 24 other economies in the copyright indicators," the report said.

The Delhi High Court also issued a series of judgements that provide clarity on existing statutes related to trademark protection online, resulting in a score increase on one of the trademark-related indicators, it added.

The courts issued two precedential rulings that raised the bar for the damages awarded in IP-infringement cases and may provide a deterrent for future infringement. This resulted in an increase in score on one of the trademark-related indicators, it said.

Global Innovation Policy Center or GIPC said India also continues to score well in the Systemic Efficiency indicator, scoring ahead of 28 other economies in these indicators.

"This is a result of a concerted effort by the Indian government to consult with stakeholders during IP policy formation and create greater awareness about the importance of IP protection,” it said adding that India also remains a leader in the use of targeted incentives and IP assets for small and medium-sized enterprises (SMEs).

“To continue this upward trajectory, much work remains to be done to introduce transformative changes to India’s overall IP framework and take serious steps to consistently implement strong IP standards," the report said.

GIPC has identified several challenges for India. Prominent among them being patentability requirements, patent enforcement, compulsory licensing, patent opposition, regulatory data protection, transparency in reporting seizures by customs, and Singapore Treaty of Law of TMs and Patent Law Treaty.

"We are encouraged that Indian policymakers seem to recognize this Index as a valuable resource in their efforts to strengthen the country’s promising innovation ecosystem and enhance its competitiveness in an increasingly knowledge-based global economy,” the report said.

Observing that no other economy stands to gain more from strong Indian IP than India itself, the report said for example, no industry has been hurt more by copyright violations in India than the country’s own Bollywood industry, which loses almost USD3 billion to piracy each year.

"The number one way the Modi administration can demonstrate its commitment to the success of the Atal Innovation Mission, Accelerating Growth for New India’s Innovations, Make in India, Digital India, and Startup India is to strengthen its IP framework in ways that promote the legal and regulatory certainty necessary for greater R&D investment, high-value jobs, and greater innovative and creative outputs,” it said.

"Strong IP standards can further solidify India's position as the world’s fastest-growing economy, bolstering its reputation as a destination for doing business, foreign businesses’ ability to invest and make in India, thereby supporting the growth of India’s own innovative and creative industries," the report said.

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News Network
June 12,2020

New Delhi, Jun 12: Petrol price on Friday was hiked by 57 paise per litre and diesel by 59 paise a litre as oil companies adjusted retail rates - the sixth straight day of increase in rates since oil firms ended an 82-day hiatus of rate revision.

Petrol price in Delhi was hiked to Rs 74.57 per litre from Rs 74, while diesel rates were increased to Rs 72.81 a litre from Rs 72.22, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary in each state depending on the incidence of local sales tax or value added tax.

This is the sixth consecutive daily increase in rates since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

In six hikes, petrol price has gone up by Rs 3.31 per litre and diesel by Rs 3.42.

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News Network
May 7,2020

New Delhi, May 7: Air India has opened bookings for eligible foreign nationals and valid visa holders of the UK, the USA and Singapore for outbound repatriation flights that will be operated between May 7 and May 14 under the Vande Bharat mission, officials said.

Foreign nationals or valid visa holders will be charged the same fare as Indian nationals who want a seat on the inbound repatriation flights, they said.

For all flights between India and the USA under the Vande Bharat mission, Air India is charging a fixed fare of Rs 1 lakh per passenger.

For flights between India and Singapore, the charge is Rs 18,000-20,000 per passenger, and it is Rs 50,000 per person for India-UK flights.

On Tuesday, the Ministry of Home Affairs had clarified that a person who has an Overseas Indian Citizenship (OCI) card, or citizenship of a foreign country, or a valid visa of more than one year of that country, or the green card of that country can travel on repatriation flights leaving India under the Vande Bharat mission.

Air India will be conducting 64 flights to 12 countries between May 7 and May 13 to bring back approximately 15,000 Indians stranded due to the coronavirus-induced lockdown, Civil Aviation Minister Hardeep Singh Puri had announced on Tuesday.

However, some flights have been delayed and therefore, this set of 64 flights will be operated between May 7 and May 14, the airline officials said.

On Wednesday, an Indian businessman and his cook landed at Delhi airport from Lusaka in Zambia in a plane that was supposed to come without any passengers, senior government officials said.

The private chartered aircraft was scheduled to come empty and take around 40 Zambian nationals to Lusaka in a repatriation flight, they added.

"We had not permitted any incoming passengers. We will seek explanation from the airline (private operator) as to how it happened. BOI (Bureau of Immigration) has a very stringent protocol for dealing with such deviations, which must have been acted upon," said a senior official of aviation regulator DGCA.

It is not clear if the businessman and his cook were deported or sent to a quarantine facility within India.

India has been under a lockdown since March 25 to curb the spread of the novel coronavirus. All scheduled commercial passenger flights have been suspended during the lockdown.

However, cargo flights, medical evacuation flights and special flights permitted by Directorate General of Civil Aviation (DGCA) have been allowed to operate during this time.

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