Finance Minister Nirmala Sitharaman is presenting the Union Budget 2023-24. While traditionally, copies of the Budget are brought to the Parliament complex before the Finance Minister arrives, this year no document has been printed following the COVID-19 protocol. Instead, the Budget copies have been disseminated electronically, with documents being uploaded on the government website as well as being made available on a special app developed for the same.
The FM has expanded the scope of documents in Digilocker to enable more fintech services to access and leverage the platform. One of the aims of the move is to enable more fintech innovative services.
Scope of Digilocker expanded
“KYC process will be simplified by taking a risk-based approach. One-stop solution for updating of identity will be established using Digilocker service and Aadhaar as foundational identity. PAN to be used as a common identifier for all digital systems of govt agencies,” says FM. Enterprise-level Digilockers for MSMEs (micro small and medium businesses), trusts and other entities to be introduced. This will also expand the scope of documents currently available in Digilocker.
PAN to be the common identifier for digital systems
During the Union Budget 2023 speech, finance minister Nirmala Sitharaman announced that PAN will be used as the common identifier for digital systems for specified government agencies. Businesses who are required to have a permanent account number will be eligible to do this. The government of India has reduced more than 39,000 compliances for enhancing the ease of doing business, said Sitharaman during her speech.
What this means
What this means is that Digilocker will be the one-stop KYC maintenance system for MSMEs moving forward. What this means is that Digilocker will be the one-stop KYC maintenance system for MSMEs moving forward. This will allow companies to make changes to their important documents and that will be reflected in all their documents that are linked to Digilocker. Digilocker and Aadhar will be used as a one-stop solution addressing KYC needs.
The FM has expanded the scope of documents in Digilocker to enable more fintech services to access and leverage the platform. One of the aims of the move is to enable more fintech innovative services.
Scope of Digilocker expanded
“KYC process will be simplified by taking a risk-based approach. One-stop solution for updating of identity will be established using Digilocker service and Aadhaar as foundational identity. PAN to be used as a common identifier for all digital systems of govt agencies,” says FM. Enterprise-level Digilockers for MSMEs (micro small and medium businesses), trusts and other entities to be introduced. This will also expand the scope of documents currently available in Digilocker.
PAN to be the common identifier for digital systems
During the Union Budget 2023 speech, finance minister Nirmala Sitharaman announced that PAN will be used as the common identifier for digital systems for specified government agencies. Businesses who are required to have a permanent account number will be eligible to do this. The government of India has reduced more than 39,000 compliances for enhancing the ease of doing business, said Sitharaman during her speech.
What this means
What this means is that Digilocker will be the one-stop KYC maintenance system for MSMEs moving forward. What this means is that Digilocker will be the one-stop KYC maintenance system for MSMEs moving forward. This will allow companies to make changes to their important documents and that will be reflected in all their documents that are linked to Digilocker. Digilocker and Aadhar will be used as a one-stop solution addressing KYC needs.
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