Aadhaar

M/s Online PSB Loans Limited to perform Aadhaar authentication on National Portal for Credit Linked Government Schemes

M/s Online PSB Loans Limited authorised to perform Aadhaar authentication on voluntary basis on the National Portal for Credit Linked Government Schemes (CLSS).

As per Notification No. SO 2257(E) issued by the Ministry of Finance, M/s Online PSB Loans Limited has been allowed to perform Aadhaar authentication for verification, including Yes or No authentication and e-KYC, of CLGS beneficiaries for the following purposes:

(i) Verification of customers or beneficiaries applying for credit sanction and subsidy for the Government schemes hosted on under National Portal for Credit Linked Government Schemes.

(ii) Verification and Pre-filling of the beneficiaries’ data for processing applications.

(iii) Verification of data at time of Subsidy Processing.

(iv) To check whether the customer or beneficiary has already availed the benefit under any scheme.

The following guidelines has been prescribed for M/s Online PSB Loans Limited for Aadhaar authentication:

(i) The informed consent of the resident shall be obtained for the purpose of authentication in terms of Section 29 of the said Act. The purposes for which the Aadhaar number and related information is being sought shall be communicated clearly to the resident. Specifically, the manner in which the Aadhaar number will be collected, stored and used shall be clearly communicated to the residents.

(ii) Provisions related to exception handling shall be implemented strictly in accordance with the said Act and its associated regulations.

(iii) There shall be not denial of any service or benefit to resident on account of failure of Aadhaar based authentication.

(iv) The resident shall be informed of alternate mechanism of identification or verification as the instant usage of Aadhaar Authentication is permitted purely on voluntary basis.

(v) There shall not be display of Aadhar number anywhere in system and wherever required only last four digits of Aadhaar number shall be displayed.(vi)Aadhaar numbers shall be stored securely in AadhaarData Vault.

(vii) Complete details of the e-KYC information of the resident shall not be displayed on the screen, instead only necessary demographic details such as first name, year of birth etc. shall be displayed.

(viii) Biometric authentication of beneficiaries shall be performed only in assisted mode or controlled environment by the operator registered or verified by M/s Online PSB Loans Ltd

CBDT amends IT Rules 114F 114G and 114H related to reporting financial institutions

CBDT amends Income Tax Rules 114F 114G and 114H related to reporting financial institutions and their obligations CBDT has by…

15 hours ago

Income Tax

Not making available material forming basis of reopening shows AO had prejudged the issue

AO stating that material forming basis of reopening shall be disclosed at the stage of assessment/re-assessment, indicates that the AO…

6 days ago

Income Tax

Reopening conclusion that assessee was “Non-Filer” was non-application of mind – High Court

Reopening conclusion that assessee was “Non-Filer” despite assessee clearly stating in reply that he had filed ITR was non-application of…

6 days ago

Income Tax

HC declined to allow voluminous documents physically in Faceless Assessment

High Court declined to allow production of physical documents by in Faceless Assessment simply because they were voluminous In a…

7 days ago

Income Tax

Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information

The prima facie satisfaction u/s 148 cannot be stretched to a non-existing information or incorrect information - ITAT In a…

1 week ago

SEBI

Mutual Funds to value physical Gold and Silver by using the polled spot prices

Mutual Funds to value physical Gold and Silver by using the polled spot prices published by the recognized stock exchanges…