As it is well known that the income tax department has allowed Aadhaar card holders to use the biometric id number in lieu of the Permanent Account Number (PAN). But as per new provision of Income Tax, fine of Rs. 10,000 may be levied in case of wrong Aadhar Number. As per the latest amendments in the Finance Bill 2019, not only allowed people to use Aadhaar in lieu of PAN but also introduced a penalty for giving a false Aadhaar number. However, the new penalty rules are applicable only in cases where you are using Aadhaar in lieu of PAN and where quoting PAN is mandatory according to the income tax department rules. It is well known that although Aadhaar is issued by the Unique Identity Authority of India, yet the fine is not imposed by UIDAI but by the income tax department. Under Section 272B of the Income Tax Act, 1961, the department can impose a penalty in case of default in complying with provisions relating to PAN, i.e., failure to obtain, quote, or authenticate PAN.
The government is
considering relaxing norms to enable PSU employees to join the National Pension
Scheme and a Cabinet note in this regard is likely to be moved soon, interim
pension regulator PFRDA said on Wednesday.
“We have taken up
this matter with the Department of Public Enterprises (DPE) Secretary and he
has prepared a note which he would be soon taking to the cabinet,” Pension Fund
and Regulatory Development Authority (PFRDA) Chairman Yogesh Agarwal said in New
Delhi.
Under the existing
guidelines, if an employee of central public sector undertakings (CPSUs) does
not have a minimum 15 years of services, he or she cannot join National Pension
Scheme (NPS), Mr. Agarwal said on the sidelines of a seminar titled “Financial
Consumer Protection” here.
“Even with the
government employees earlier, the instruction was if you do not have 20 years
of services, you can’t have pension. When the govt notified the guidelines for
NPS they did away with the criteria,” he said.
Talking about NPS
Swavalamban, he said, it is a financial inclusion product operationalised by
PFRDA.
There has been an
overwhelming demand for the product launched in 2010, with a CAGR of 90 per
cent in the three years of operation, more than 50 per cent of the eligible
subscribers being below the age of 40, he said.
The scheme, with
72 per cent of the subscribers being women, has managed to bridge the supply
gap in the unorganised sector for a long term defined contribution pension
scheme, he added.
Mr. Agarwal also
said that PFRDA has a strong consumer protection mechanism.
“It is evident
from the fact that we receive very few complaints. In order to have real
consumer protection, we need to introduce features in the product design itself
which could prevent mis-selling,” he said.
He further said
that improving financial inclusion with adequate consumer protection requires a
multi—stakeholder framework of consumer, financial institutions, industry,
regulators and government.
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