Union Finance Minister honored in the felicitation ceremony

The awards were presented by Union Finance Minister Smt. Nirmala Sitharaman and Minister of State (Finance) Pankaj Choudhary at a ceremony held in New Delhi. The awards were received by R Visvesvaran (MD & CEO, IPPB) and Mr. Gursharan Rai Bansal (CGM & CSMO, IPPB).

India Post Payments Bank (IPPB) achieved 1st Position among Payments Banks in India in the Performance Index for Financial Year 2024–25 & received ‘Special Mention’ award for the Financial Year 2023-24. This leap reflects the IPPB’s robust capabilities and its unwavering commitment to delivering inclusive, technology-led, citizen-centric banking solutions with a purpose.

Established with the vision of driving financial inclusion at scale, IPPB has emerged as one of the largest platforms for digital banking in India, leveraging the unmatched reach of the Department of Posts network. With a robust tech-driven architecture and a doorstep banking model powered by over 2 lakh Postmen and Gramin Dak Sevaks, IPPB has been pivotal in promoting digital payments even in the remotest parts of the country.

Speaking on the occasion, Mr. R. Viswesvaran, MD & CEO, India Post Payments Bank said:

“This award is a testimony to IPPB’s relentless efforts in making digital financial services accessible, inclusive, and trusted. We are honoured by this recognition and remain committed to empowering every Indian citizen through innovative and secure digital banking solutions.”

This recognition underscores IPPB’s mission to bridge the urban-rural divide in banking and reaffirm its role as a key enabler in the Government’s vision of a cash-light, digitally empowered economy.

About India Post Payments Bank

India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.

IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to 11 Crore customers across 5.57 lakh villages & towns in India.

IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important, every transaction is significant and every deposit is valuable.

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This scheme was announced by Finance Minister Nirmala Sitharaman in the Union Budget presented in July . Taxpayers whose tax cases are pending from July 1, 2017 to March 31, 2020 will be able to avail the benefits of this scheme. Taxpayers can settle their cases by paying less interest and penalty under this scheme.

Relief will be given only in interest and penalty amount

Taxpayers who have received a notice or order under section 73 (except in cases of fraud) can avail the benefit of this scheme in case of such orders. It is important for taxpayers to understand that under this scheme they will get relief only in the amount of interest and penalty. They will have to pay the tax demand amount. For this amnesty scheme, the government had included section 128A in the Finance Bill. Under this, there is a provision to give relief to taxpayers in the interest and penalty amount in case of notice sent under section 73.

Taxpayers who make mistakes unknowingly will benefit

Chartered accountants say that this amnesty scheme of the government is welcome. The reason for this is that when the GST system was implemented from July 1, 2017, many businesses were not well aware of the new rules. Due to this, mistakes were made in filing returns on their part. After this, notices were sent to them by the GST authorities. This is the reason why it has been decided to provide relief in this amnesty scheme only in cases related to the period from FY18 to FY20.

The number of pending cases will decrease

The government believes that this amnesty scheme will provide relief to a large number of taxpayers. It will also reduce the number of appeal cases in tribunals and courts. Currently, a large number of such cases are pending in tribunals and courts. Due to this, businesses are facing a lot of problems. Such businesses will be able to settle their cases by paying less interest and penalty.

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Now the Finance Ministry has said a big thing about currency notes in the Lok Sabha. So you also know whether the government is now taking a decision to withdraw the Rs 500 note from circulation…? The Ministry of Finance has given a big update on the notes of 500, 1000, 2000 rupees in the Lok Sabha.

September 30 is the last date

According to the information received from the Reserve Bank, till September 30, 2023, you can exchange the 2000 rupee note. The Finance Ministry told the Lok Sabha that the deadline to exchange Rs 2000 notes in banks is till September 30, 2023, and the government is not considering any proposal to extend it further.

Will 500 note also be banned?

Let us tell you that the media has asked the Finance Ministry whether the government will also stop the Rs 500 note to curb black money…? Let us tell you that the government is closing the big notes to stop black money. At present, Rs 500 denomination note is the biggest in the market, so can the Rs 500 note also be banned in the coming days? At present, the Finance Ministry has said that no such scheme has been considered.

Demonetisation happened for the first time in 2016

Modi government had taken the decision of demonetisation for the first time in the year 2016, in which it was decided to close the notes of 500 and 1000 rupees, after which the general public had to face a lot of trouble. Now recently, the government has decided to take out the Rs 2000 note from circulation, after which the question is coming up whether the government can once again bring back the Rs 1000 note. On this too, the Finance Ministry has said that at present no such scheme has been considered.

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If you have also invested money in any government scheme like Public Provident Fund (PPF), Senior Citizen Saving Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), then this news is useful for you. The government has changed the rules for those investing in these schemes. Now if you are also planning to invest in any of these government schemes, then you will not be able to take advantage of it without PAN and Aadhaar card.

Finance Ministry had issued notification

Information about this was given by the Finance Ministry some time ago by issuing a notification. It was told in this notification that small savings schemes will be used as KYC.
PAN card will have to be shown
Apart from this, the Finance Ministry has said that investors will have to first submit the Aadhaar enrollment number to make any further investment. Apart from this, PAN card will have to be shown to invest more than the limit. You will not be able to invest without PAN card.

Got time of 6 months

If you do not have Aadhaar while opening an account for Post Office Savings Scheme, you will have to submit proof of enrollment slip for Aadhaar. Also, to link the investor with the investment of ‘Small Savings Scheme’, the Aadhaar number will have to be given within six months from the date of opening the account.

Let us tell you that from now on, what documents will you need to open an account in Small Savings Scheme-

>> You should have Aadhaar number or Dhar enrollment slip
>> Apart from this, passport size photographs should be there
>> PAN number, If existing investors do not submit PAN card and Aadhaar card by 30 September 2023, then their account will be banned from 1 October 2023.

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Earlier it was reported that the Indian Banks’ Association (IBA) and the United Forum of Bank Employees (UFBEs) have agreed in principle for a 5-day working week. However, for this, banks will have to increase their working hours by 40 minutes daily.

At present, public sector banks have a holiday on every second and fourth Saturday except Sunday. While banks remain open on the first and third Saturday of every month. If there are 5 Saturdays in a month, banks remain open on that day as well.

According to the report, IBA had sent a proposal for 5 days work and 2 days holiday in public sector banks. That is, banks will remain open every Monday to Friday, while every Saturday and Sunday will be a holiday. According to the report, soon the notification with the wage board revision can be issued.

Meanwhile, banks across India will be closed for 11 days in the month of May. There are many holidays in May due to various festivals including Buddha Purnima and Maharana Pratap Jayanti. If you are planning to visit the bank for some work in May, they must check the bank’s holiday calendar to avoid any inconvenience.

Although the bank branches will remain closed during these 11 days, mobile and internet banking services will be available to the customers and they will be able to do online transactions. In addition, customers can also avail services at ATM machines and banking kiosks. Earlier in April, there were about 15 bank holidays due to festivals like Good Friday, Ambedkar Jayanti and Eid-ul-Fitr.

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But, according to the new instructions, some consumers have been exempted from linking PAN Aadhaar. In such a situation, it is important for you to know whether you also come under this exemption or not.

According to CBDT, the last date for linking Aadhaar PAN has been extended to 30 June 2023, which was earlier 31 March 2023. The Central Board of Direct Taxes has definitely given 3 months time to PAN users to link it with Aadhaar, but users should not only wait for the deadline, but should get rid of it by linking PAN Aadhaar now.

PAN will be activated on depositing Aadhaar link fee

The Central Board of Direct Taxes has said that if a user’s PAN becomes inactive, he will have to pay a fine of Rs 1,000 for linking it with Aadhaar. The PAN will be reactivated in 30 days on reporting Aadhaar to the prescribed authority after payment of a fee of Rs 1,000.

CBDT has exempted some people from linking PAN Aadhaar. These include residents of the states of Assam, Jammu and Kashmir and Meghalaya as well as other types of members. However, people falling in the exempted category can voluntarily link PAN and Aadhaar.

Aadhaar-PAN linking exempted for these people

• The requirement of linking Aadhaar with PAN does not apply to four categories of users-
• 1) Residents of the states of Assam, Jammu & Kashmir and Meghalaya.
• 2) Non Resident Indian (NRI) as per Income Tax Act 1961.
• 3) Any person who was of the age of 80 years or more at any time during the previous year.
• 4) Persons who are not citizens of India.
• Those who fall in any of the above categories are not required to link their PAN with their Aadhaar till the deadline.

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The government has also given a hint regarding its implementation. Now big news is coming out from the Ministry of Finance regarding the old pension system. Let us tell you when the government can finally implement this system-

Finance Ministry gave information

The Finance Ministry has constituted a committee to review the Employees’ Pension System. This committee has been constituted under the leadership of Finance Secretary TV Somanathan. This committee will suggest whether any changes are necessary in the existing structure of the National Pension System (NPS) applicable to government employees.

Employees before 2004 are getting the benefit The benefit of the old pension system is being given to the employees who joined the government service before the year 2003. On the other hand, the employees who came in government service from January 2004 are getting the benefit of the new pension system. Apart from the central government, 5 state governments of the country have decided to implement the old pension scheme.

In which states OPS was implemented?

Let us tell you that Rajasthan had first decided to implement the old pension system. After this, the governments of Punjab, Chhattisgarh, Himachal Pradesh and Jharkhand also announced its implementation.

Choose the old pension scheme by August

Let us tell you that all the government employees can choose the old pension scheme. He has the option to choose this pension till 31 August 2023. Along with this, the government has told that the eligible employees who do not select the option of Old Pension Scheme (OPS) till August 31, will be put in the New Pension Yojana.

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According to the data of the Ministry of Finance, till March 31, 2022, there were 362.77 lakh total subscribers of Atal Pension Yojana, which has increased to 453.42 lakh by March 4, 2023. That is, in the 11 months of the current financial year, there has been a jump of 28.46 percent in the number of subscribers of the Atal Pension Yojana.

During this period, 90,65000 new subscribers are associated with this scheme. Under the Atal Pension Yojana, as on March 31, 2022, the total asset under management was Rs 20,922.58 crore, which has increased to Rs 26,113.66 crore.

A continuous increase is being seen in the number of people joining the Atal Pension Yojana, the pension scheme of the Modi government. However, a major change has been made in the rules for joining new subscribers. From October 1, 2022, any citizen who has been paying income tax or pays income tax cannot subscribe to the Atal Pension Yojana.

Then the Finance Ministry said in its notification that if a person subscribes to the Atal Pension Yojana on or after October 1, 2022, and it is found that the person has been paying income tax on or before the day of application, then his pension The account will be closed and whatever pension wealth the person has accumulated from investments will be returned.

Atal Pension Yojana is an ambitious scheme of Modi Government which was launched in 2015. The objective of the scheme is to get pension in old age. People in the age group of 18 to 40 years can subscribe to Atal Pension Yojana. The applicant must have a bank account.

In this scheme, there is a provision of minimum pension ranging from Rs 1,000 to Rs 5,000 after the age of 60 years. If both husband and wife are added, they can get a pension of Rs 10,000 under the scheme. If the subscriber of the scheme dies, then the husband or wife will continue to get pension for life. And if both of them die, then the entire amount of pension will be given to the nominee.

Last year, the Central Government had told the Parliament that from 2035, the holders of the Atal Pension Yojana would start getting pension. Finance Minister Nirmala Sitharaman had said that the Atal Pension Yojana was launched on 9 May 2015. The minimum age to join the scheme is 18 and the maximum is 40 years. There is a provision to get pension to the subscriber of Atal Pension Yojana on attaining the age of 60 years. In such a situation, people will start getting the benefit of pension from 2035 under the Atal Pension Yojana.

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Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

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An official statement said that during the meeting Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Pradhan Mantri Mudra and Pradhan Mantri Street Vendor’s Self Fund Information was taken about the target of schemes like (PMSVANidhi) and agriculture loan etc.

Banks were advised to set up camps

As per the advisory, in addition to information about these schemes that take care of financial benefits and social security, PSBs were also asked to meet the targets given under the schemes for 2022-23. Banks were also asked to organize financial literacy camps, so that people can be informed about all schemes including micro insurance schemes, UPI Lite and financial transactions.

Banking services strengthened

In the last seven to eight years, banking services have easily reached the people. Along with this, banking services have become stronger and banks are trying to make the customer experience stronger. Banking services were appreciated by the Finance Ministry in the meeting. At the same time, the Indian Banks’ Association (IBA) has already been requested to expedite the user service rating for all scheduled commercial banks.

Discussion took place from KCC to digital

PSBs were also requested to take help of PM Kisan database for the purpose of providing Kisan Credit Card (KCC) facility to all the farmers of the country, about which information was taken. Apart from this, the progress in digitization was also discussed and it has been asked to start facilities on the portal to settle the claims.

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Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

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Government issued order!

Actually, a news is getting viral continuously in social media. It is being told that it has been issued by the Department of Expenditure of the Ministry of Finance. Let us tell you that this order has been issued on September 20, 2022. It has been informed in this Office Memorandum that Dearness Allowance of Central Government employees has been increased from 34 percent to 38 percent. It is also written in this letter that the order to increase the dearness allowance has been implemented from July 1, 2022.

Know what is viral post?

In this viral letter of the Department of Expenditure, Department of the Ministry of Finance, it is written that the President is happy to inform that from July 1, 2022, dearness allowance of central employees is increased from 34 percent to 38 percent. But after this, PIB has fact-checked this post which is going viral on social media and has termed this news as fake and fake. Let us know what PIB said.

PIB fact check

An order circulating on #WhatsApp claims that the additional installment of Dearness Allowance will be effective from 01.07.2022#PIBFactCheck

▶️This order is #Fake

▶️Department of Expenditure, @FinMinIndia has not issued any such order pic.twitter.com/VQ07ZvpMXE

— PIB Fact Check (@PIBFactCheck) September 22, 2022

PIB in its factcheck has termed this news as false and fake. PIB has told in its factcheck that this letter, which is going viral under the name Department of Expenditure, Ministry of Finance, is completely fake. It said that it has been decided to give additional installment of dearness allowance to central employees and pensioners from July 1, 2022.

O may decide on festivals!

Although no such decision has been taken by the government on this, but it is believed that the employees and pensioners of the Central Government can get good news. The government may increase the dearness allowance.

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Sources claim that from next month, a subsidy of 303 will reach your account as before. This will give a lot of relief to crores of people of the country. Because everyone needs food. By reducing the price of domestic gas by Rs 300, the common man will get direct relief.

Let us tell you that subsidy is being given on LPG in Jharkhand, Madhya Pradesh and Northeast states. Therefore, the government is planning to start in other states of the country as well.

If the proposal is approved by the Ministry of Finance, then the government will give a subsidy of ₹ 303 to the dealer of the petroleum company and LPG cylinder will also get the same discount. For the gas cylinder that will be taken, not ₹ 900 but ₹ 587 will have to be paid.

This cylinder will be available for Rs 634

Let us tell you that the government has approved the composite cylinder in the whole country. The composite cylinder would have been 7 kg lighter than the iron cylinder. However, the domestic cylinder currently being used weighs 17 kg. The composite cylinder is definitely light, but it is quite strong. It has three layers.

10 kg of composite cylinder will now also contain 10 kg of gas. In this way the total weight of this cylinder will be 20 kg. However, the iron cylinder weighs more than 30 kg. Therefore, you will get the price of this cylinder for Rs 634.

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If you are also a tax payer then this news is very important for you. The government has changed the rules for filing tax returns. Actually, the Finance Ministry has increased the scope of income tax filing to bring more people into the tax bracket.

Finance Ministry issued orders

It is worth noting that some time ago the Ministry of Finance issued a notice and informed about this. According to this notification, now people with different income group and income will also have to file income tax return. Under the new rule, now more and more people can be brought under the tax net. These new rules will be considered effective from April 21.

Know what the new rules say?

According to the new rule, if the sales, turnover or income in any business is more than 60 lakhs, then the businessman will have to file a return. Even if the earning of a salaried person is more than Rs 10 lakh per annum, they will still have to file ITR. Income tax return has to be filed even if the amount of TDS and TCS is more than Rs 25,000 in a year. Let us tell you that the limit of TDS + TCS has been kept at Rs 50,000 for taxpayers who are 60 years or more.

Bank deposits will also attract ITR

According to the new notification, if the amount deposited in the bank savings account is 50 lakh or more in 1 year, then such depositors will also have to file their tax return. The new rules will be considered applicable from April 21. The government believes that with the new changes, the scope of income tax filing will increase and more and more people will be able to come in the tax net.

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