Notification (June 2021)

AADHAAR AUTHENTICATION IS PERMITTED BY ONLINE PSB LOANS LIMITED

M/s Online PSB Loans Limited has been granted permission by the Ministry of Finance’s Department of Financial Services to execute Aadhar authentication, by voluntarily, including Yes or No authentication and e-KYC, of beneficiaries on the National Portal for Credit Linked Government Schemes on a voluntary basis for the purposes given below:

  • Customers or beneficiaries requesting for credit sanction or subsidy for Government schemes published on the National Portal for Credit-Linked Government Schemes are verified.
  • Verification and pre-filling of beneficiary data in preparation for application processing.
  • Data verification throughout subsidy processing.
  • To see if the customer or beneficiary has already gotten a benefit under a different scheme.

M/s Online PSB Loans Limited would follow the Central Government’s requirements for the usage of Aadhaar authentication, which include the following:

  1. In accordance with Section 29 of the aforementioned Act, the resident’s informed permission must be obtained for the purpose of authentication. The purpose for which the resident’s Aadhaar number and related information is being sought must be made explicit. The method in which the Aadhaar number will be collected, stored, and used, in particular, must be made clear to citizens.
  1. Exception handling provisions must be strictly executed in line with the aforementioned Act and its accompanying regulations.
  1. Failure of Aadhaar-based authentication will not result in the denial of any service or benefit to residents.
  1. Because the use of Aadhaar Authentication is currently prohibited, residents must be advised of alternative methods of identification or verification.
  1. The Aadhaar number will not be displayed anywhere in the system, and only the last four digits of the Aadhaar number will be displayed where necessary.
  1. Aadhaar numbers must be kept safe in the Aadhaar Data Vault.
  1. Only relevant demographic characteristics such as the resident’s first name, year of birth, and so on will be presented on the screen, rather than the entire e-KYC information.

Beneficiary biometric authentication shall be performed only in an aided mode or under-regulated conditions by an operator who has been registered or validated by M/s Online PSB Loans Ltd.

TO READ OFFICIAL NOTIFICATION CLICK HERE

GST EXEMPTION FOR COVID-19 TEST KITS AND MEDICATIONS

The Goods and Service Tax Council decided on Saturday to lower GST rates for Covid medications, testing kits, medical equipment, and even ambulances to help individuals affected by the epidemic, but retained the tax on vaccines at the lowest rate of 5%. The revised tariffs are valid through September 30.

While some state finance ministers, such as West Bengal’s Amit Mitra and Punjab’s Manpreet Singh Badal, advocated for a temporary tax exemption for all Covid drugs, vaccines, and equipment, a group of ministers led by Meghalaya Chief Minister Conrad Sangma recommended lowering GST rates for non-vaccine items.

The Union government estimated that tax breaks for vaccines are unnecessary because they are generally given away for free through official channels, and there is no guarantee that the private sector will pass on the tax breaks to the beneficiaries.

The immunosuppressant Tocilizumab and the mucormycosis (black fungus) medication Amphotericin B, on the other hand, were free from GST. “The GOM’s suggestions had a great deal of substance… Finance Minister Nirmala Sitharaman remarked, “The Council naturally agreed to go with the GOM recommendations subject to little modification.”

Despite the GoM’s recommendation that the GST rates for ambulances and temperature check equipment remain at 28 percent and 18 percent, the Council reduced them to 12 percent and 5 percent, respectively. The council also reduced the GST rate for electric furnaces in crematoriums from 18 percent to 5%, despite the GoM’s suggestion of 12 percent.

Prime Minister Narendra Modi declared that the Union government will purchase 75% of vaccines from producers, including 25% of the state quota, and distribute them to state governments for free.

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