Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: cpt :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: TDS :: due date for vat payment :: form 3cd :: VAT RATES :: articles on VAT and GST in India :: VAT Audit
News Headlines »
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C
 These four expenditures can help you save tax under section 80C
 How to avoid excess deduction of TDS from salary income
 Income-tax deduction from salaries during the financial year 2017-18 under section 192 of the Income-tax Act, 1961

Union Finance Minister Shri Arun Jaitley said that the Government is going to launch a new program of Financial Inclusion in Mission Mode which will provide households with facilities of savings, credit, remittances, insurance and pension
August, 06th 2014
                              PRESS INFORMATION BUREAU
                                GOVERNMENT OF INDIA


                                                                        New Delhi, July 31, 2014
                                                                              Shravana 9, 1936

         The Union Finance Minister Shri Arun Jaitley said that the Government is going to
launch a new program of Financial Inclusion in Mission Mode which will provide households
with facilities of savings, credit, remittances, insurance and pension among others. He said that
this is a marked shift from earlier effort where only opening of account was the focus of the
financial inclusion drive. The Finance Minister Shri Jaitley was speaking after holding a meeting
with the Chief Executive Officers (CEOs) of Public Sector Banks (PSBs) and Financial
Institutions(FIs) here today.

       The meeting was attended among others by Shri G.S. Sandhu, Secretary, Department of
Financial Services, Deputy Governor, Reserve Bank of India, Ms. Snehlata Shrivastva,
Additional Secretary, Department of Financial Services, Chief Executive Officers (CEOs) of
Public Sector Banks and Financial Institutions and senior officers of Ministry of Finance.

         The Finance Minister Shri Jaitley further said that this time the Government is targeting
the individual households rather than the village. He said that there are 7.5 crore households in
the country who do not have bank account so far. The Finance Minister said that the Government
is targeting that every village should get a banking facility within a reasonable distance and that
every household should have at least one bank account within the time frame of one year. This is
a big challenge and there are several difficulties like lack of connectivity and infrastructure
facilities etc, the Minister added.

        The Finance Minister Shri Jaitley said that in our country where we have very low levels
of financial literacy, it is essential that people understand the importance of availing financial
services which will enable them to participate in the growth story. Therefore, financial literacy
will receive a special emphasis in this new programme of financial inclusion, the Minister added.

       The Finance Minister Shri Jaitley said that technology has made rapid strides in recent
times and, therefore, the Government must use technology, especially mobile based services in a
big way to achieve the desired results. The Government has integrated provisions of access to
banking facilities, account opening, financial literacy, credit availment, micro insurance and
pension, the Minister added.

        The Financial Inclusion Mission has two phases starting from 15thAugust this year. The
first phase will get over by 14thAugust, 2015 and the second Phase by 14thAugust, 2018. Most of
the activities will be done in Phase ­ I and insurance and pension would be covered in Phase ­ II.

       The Finance Minister Shri Jaitley said that the primary method of branchless banking has
been that of the Business Correspondents. It is therefore important to ensure that the Business
Correspondents have a viable business model and for this purpose Government has decided to
encourage transfer of subsidies directly to bank accounts of the beneficiaries.

       The Finance Minister Shri Jaitley added that the previous efforts did not involve the State
Government and District administration. He said that this time the State Governments have been
requested to achieve this ambitious task. There would be State level and District level
Committees to monitor the progress under the plan, the Minister stated.

       The Finance Minister Shri Jaitley said that there was no pull factor in the earlier
campaign where people could demand access of banking facilities in their villages. He added that
under the Mission, there would be awareness generation amongst the people so that they can ask
for opening of their bank accounts by the banks and the business correspondents.

       The Finance Minister Shri Jaitley stated that in the past, the Know Your Customer (KYC)
process was very cumbersome. This has now been eased and the e-KYC facility has been
introduced in the banks.

         Comparison between Old Financial Inclusion Programme and New Programme

                Old Program                                         New Program

Village based approach for villages where Households in all villages
population greater than    2000 (Limited

Only Rural                                       Both Rural and Urban
Mobile BC                                        Fixed Point BC in each SSA comprising of 3 to 4
                                                 villages. This visit other villages in the SSA on fixed
Focus on opening of Basic Savings Bank Focus on Financial Literacy, opening of BSBDA
Deposit Accounts (BSBDA)                Account, Convergence with other subsidy schemes&
                                        Micro Insurance/Pension, RuPay Debit Card, USSD
                                        Scheme, Kisan Credit Card
Monitoring by banks                     Monitoring Mechanism at Centre, State, District
                                        level. Active participation of state and district
Operation of Accounts offline; separate Accounts on line `on CBS of banks. Provision of
server.                                 RuPay Card to each account holder giving him
                                        freedom to operate anywhere

       Besides above, the following decisions were also taken in today's meeting of the CEOs
of Public Sector Banks and Financial Institutions which was chaired by the Union Finance
Minister Shri Arun Jaitley.

       New emphasis on fixed point Business Correspondents (BCs) like
           o Common Service Centres (CSCs)
           o Gramin Dak Sewak
           o PDS shops
           o NBFCs
       Banks to explore the possibilities of installing ATMs in rural areas under the RBI subsidy
       Convergence with the efforts of UIDAI to enroll beneficiaries for Aadhar number during
       account opening
       Convergence with the efforts of other programmes for SHGs/JLGs
       e-KYC to be used for opening of accounts in the camps where Aadhaar number is
       Financial Literacy material would be standardized by IBA
       Logo / tagline of the plan to be used on all correspondence material for one year
       Overdraft facilities would be after satisfactory operation.
       Grievance redressal cell at State level by State Level Banker's Committee(SLBC)
       In order to ensure viability of BCs Banks would start a financing scheme
       Banks would take Micro ATMs which are Aadhar enabled
       All passbook based KCCs to be enabled on RuPay card
       Mobile wallet cash points also to be used as BCs
       Monitoring mechanism strengthened
       State Governments requested to depute an officer to SLBC for monitoring purpose

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions