Author: Mohan

Minister of Finance

February 1, 2023

Hon’ble Speaker,

            I present the Budget for 2023-24. This is the first Budget in Amrit Kaal.

Introduction

1. This Budgethopes to build on the foundation laid in the previous Budget, and the blueprint is drawn for India@100. We envision a prosperous and inclusive India, in which the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes.
   
2. In the 75th year of our Independence, the world recognised the Indian economy as a ‘bright star’. Our current year’s economic growth is estimated to be at 7 per cent. It is notable that this is the highest among all the major economies. This is in spite of the massive slowdown globally caused by Covid-19 and the war. The Indian economy is therefore on the right track, and despite a time of challenges, heading towards a bright future.
   
3. Today as Indians stand with their head held high, and the world appreciates India’s achievements and successes, we are sure that elders who had fought for India’s independence, will with joy, bless us in our endeavours going forward.
   
   Resilience amidst multiple crises
   
4. Our focus on wide-ranging reforms and sound policies, implemented through Sabka Prayas resulting in Jan Bhagidari and targeted support to those in need, helped us perform well in trying times. India’s rising global profile is because of several accomplishments: unique world-class digital public infrastructure, e.g., Aadhaar, Co-Win and UPI; Covid vaccination drive in unparalleled scale and speed; proactive roles in frontier areas such as achieving the climate-related goals, mission LiFE, and National Hydrogen Mission. 
   
5. During the Covid-19 pandemic, we ensured that no one goes to bed hungry, with a scheme to supply free food grains to over 80 crore persons for 28 months. Continuing our commitment to ensure food and nutritional security, we are implementing, from 1st January 2023, a scheme to supply free food grain to all Antyodaya and priority households for the next year, under PM Garib Kalyan Anna Yojana (PMGKAY). The Central Government will bear the entire expenditure of about ` 2 lakh crore
   
   G20 Presidency: Steering the global agenda through challenges
   
6. In these times of global challenges, the G20 Presidency gives us a unique opportunity to strengthen India’s role in the world economic order. With the theme of ‘Vasudhaiva Kutumbakam’, we are steering an ambitious, people-centric agenda to address global challenges and facilitate sustainable economic development. 
   
   Achievements since 2014: Leaving no one behind
   
7. The government’s efforts since 2014 have ensured all citizens a better quality of living and a life of dignity. The per capita income has more than doubled to ` 1.97 lacks.  
   
8. In these nine years, the Indian economy has increased in size from being 10th to 5th largest in the world. As reflected in several global indices, we have significantly improved our position as a well-governed and innovative country with a conducive environment for business. We have made significant progress in many Sustainable Development Goals. 
   
9. The economy has become a lot more formalised as reflected in the EPFO membership more than doubling to 27 crores, and 7,400 crore digital payments of ` 126 lakh crore through UPI in 2022.   
   
10. The efficient implementation of many schemes, with the universalisation of targeted benefits, has resulted in inclusive development. Some of the schemes are:
    1. 11.7 crore household toilets under Swachh Bharat Mission, 
    2. 9.6 crore LPG connections under Ujjawala, 
    3. 220 crore Covid vaccination of 102 crore persons,  
    4. 47.8 crore PM Jan Dhan bank accounts,
    5. Insurance cover for 44.6 crore persons under PM Suraksha Bima and PM Jeevan Jyoti Yojana, and
    6. Cash transfer of ` 2.2 lakh crore to over 11.4 crore farmers under PM Kisan Samman Nidhi.
       
       Vision for Amrit Kaal – an empowered and inclusive economy
       
11. Our vision for the Amrit Kaal includes a technology-driven and knowledge-based economy with strong public finances, and a robust financial sector. To achieve this, Jan Bhagidari through Sabka Saath Sabka Prayas is essential.  
    
12. The economic agenda for achieving this vision focuses on three things: first, facilitating ample opportunities for citizens, especially the youth, to fulfil their aspirations; second, providing a strong impetus to growth and job creation; and third, strengthening macroeconomic stability. 
    
13. To service these focus areas in our journey to India@100, we believe that the following four opportunities can be transformative during Amrit Kaal.
    
    Economic Empowerment of Women: Deendayal Antyodaya Yojana National Rural Livelihood Mission has achieved remarkable success by mobilizing rural women into 81 lakh Self Help Groups. We will enable these groups to reach the next stage of economic empowerment through the formation of large producer enterprises or collectives each having several thousand members and managed professionally. They will be helped with the supply of raw materials and for better design, quality, branding and marketing of their products. Through supporting policies, they will be enabled to scale up their operations to serve the large consumer markets, as has been the case with several start-ups growing into ‘Unicorns’.
    
    PM Vishwakarma KAushal Samman (PM VIKAS): For centuries, traditional artisans and craftspeople, who work with their hands using tools, have brought renown to India. They are generally referred to as Vishwakarma. The art and handicraft created by them represent the true spirit of Atmanirbhar Bharat. For the first time, a package of assistance for them has been conceptualized. The new scheme will enable them to improve the quality, scale and reach of their products, integrating them with the MSME value chain. The components of the scheme will include not only financial support but also access to advanced skill training, knowledge of modern digital techniques and efficient green technologies, brand promotion, linkage with local and global markets, digital payments, and social security. This will greatly benefit the Scheduled Castes, Scheduled Tribes, OBCs, women and people belonging to the weaker sections. 
    
    Tourism: The country offers an immense attraction for domestic as well as foreign tourists. There is a large potential to be tapped into tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular. Promotion of tourism will be taken up on mission mode, with the active participation of states, a convergence of government programmes and public-private partnerships.
    
    Green Growth: We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, green equipment, and policies for the efficient use of energy across various economic sectors. These green growth efforts help in reducing the carbon intensity of the economy and provide for large-scale green job opportunities. 
    
    Priorities of this Budget
14. The Budget adopts the following seven priorities. They complement each other and act as the ‘Saptarishi’ guiding us through the Amrit Kaal.
    
    
    • Inclusive Development 
    • Reaching the Last Mile
    • Infrastructure and Investment
    • Unleashing the Potential
    • Green Growth
    • Youth Power 
    • Financial Sector
      
      Priority 1: Inclusive Development 
15. The Government’s philosophy of Sabka Saath Sabka Vikas has facilitated inclusive development covering in specific, farmers, women, youth, OBCs, Scheduled Castes, Scheduled Tribes, divyangjan and economically weaker sections, and overall priority for the underprivileged (vanchiton ko variyata). There has also been a sustained focus on Jammu & Kashmir, Ladakh and the Northeast. This Budget builds on those efforts. 
    
    Agriculture and Cooperation 
    
    Digital Public Infrastructure for Agriculture
    
16. Digital public infrastructure for agriculture will be built as an open source, open standard and interoperable public good. This will enable inclusive, farmer-centric solutions through relevant information services for crop planning and health, improved access to farm inputs, credit, and insurance, help for crop estimation, market intelligence, and support for the growth of the agri-tech industry and start-ups.
    
    Agriculture Accelerator Fund
    
17. An Agriculture Accelerator Fund will be set up to encourage agri-startups by young entrepreneurs in rural areas. The Fund will aim at bringing innovative and affordable solutions for challenges faced by farmers. It will also bring in modern technologies to transform agricultural practices and increase productivity and profitability.
    
    Enhancing the productivity of cotton crop
    
18. To enhance the productivity of extra-long staple cotton, we will adopt a cluster-based and value chain approach through Public Private Partnerships (PPP). This will mean collaboration between farmers, the state and industry for input supplies, extension services, and market linkages.
    
    Atmanirbhar Horticulture Clean Plant Program
    
19. We will launch an Atmanirbhar Clean Plant Program to boost the availability of disease-free, quality planting material for high-value horticultural crops at an outlay of ` 2,200 crores.
    
    Global Hub for Millets: ‘Shree Anna’
    
20. “India is at the forefront of popularizing Millets, whose consumption furthers nutrition, food security and welfare of farmers,” said the Hon’ble Prime Minister.
    
21. We are the largest producer and second largest exporter of ‘Shree Anna’ in the world. We grow several types of ‘Shree Anna’ such as jowar, ragi, bajra, kuttu, ramdana, kangni, kutki, kodo, cheena, and sama. These have a number of health benefits and have been an integral part of our food for centuries. I acknowledge with pride the huge service done by small farmers in contributing to the health of fellow citizens by growing these ‘Shree Anna’.
22. Now to make India a global hub for ‘Shree Anna’, the Indian Institute of Millet Research, Hyderabad will be supported as the Centre of Excellence for sharing best practices, research and technologies at the international level.  
    
    Agriculture Credit
    
23. The agriculture credit target will be increased to ` 20 lakh crore with a focus on animal husbandry, dairy and fisheries.
    
    Fisheries
    
24. We will launch a new sub-scheme of PM Matsya Sampada Yojana with a targeted investment of ` 6,000 crores to further enable activities of fishermen, fish vendors, and micro & small enterprises, improve value chain efficiencies and expand the market.
    
    Cooperation
    
25. For farmers, especially small and marginal farmers, and other marginalised sections, the government is promoting a cooperative-based economic development model. A new Ministry of Cooperation was formed with a mandate to realise the vision of ‘Sahakar Se Samriddhi’. To realise this vision, the government has already initiated the computerisation of 63,000 Primary Agricultural Credit Societies (PACS) with an investment of ` 2,516 crores. In consultation with all stakeholders and states, model bye-laws for PACS were formulated enabling them to become multipurpose PACS. A national cooperative database is being prepared for the country-wide mapping of cooperative societies.
    
26. With this backdrop, we will implement a plan to set up massive decentralised storage capacity. This will help farmers store their produce and realize remunerative prices through sales at appropriate times. The government will also facilitate the setting up of a large number of multipurpose cooperative societies, primary fishery societies and dairy cooperative societies in uncovered panchayats and villages in the next 5 years.
    
    Health, Education and Skilling
    
    Medical & Nursing Colleges 
    
27. One hundred and fifty-seven new nursing colleges will be established in co-location with the existing 157 medical colleges established since 2014.
    
    Sickle Cell Anaemia Elimination Mission
    
28. A Mission to eliminate Sickle Cell Anaemia by 2047 will be launched. It will entail awareness creation, universal screening of 7 crore people in the age group of 0-40 years in affected tribal areas, and counselling through collaborative efforts of central ministries and state governments.
    
    Medical Research
    
29. Facilities in select ICMR Labs will be made available for research by public and private medical college faculty and private sector R&D teams for encouraging collaborative research and innovation.
    
    Pharma Innovation
    
30. A new programme to promote research and innovation in pharmaceuticals will be taken up through centres of excellence. We shall also encourage the industry to invest in research and development in specific priority areas.
    
    Multidisciplinary courses for medical devices
    
31. Dedicated multidisciplinary courses for medical devices will be supported in existing institutions to ensure the availability of skilled manpower for futuristic medical technologies, high-end manufacturing and research.
    
    Teachers’ Training
    
32. Teachers’ training will be re-envisioned through innovative pedagogy, curriculum transaction, continuous professional development, dipstick surveys, and ICT implementation. The District Institutes of Education and Training will be developed as vibrant institutes of excellence for this purpose.
    
    National Digital Library for Children and Adolescents
    
33. A National Digital Library for children and adolescents will be set up for facilitating the availability of quality books across geographies, languages, genres and levels, and device-agnostic accessibility. States will be encouraged to set up physical libraries for them at panchayat and ward levels and provide infrastructure for accessing the National Digital Library resources.
    
34. Additionally, to build a culture of reading, and to make up for pandemic-time learning loss, the National Book Trust, Children’s Book Trust and other sources will be encouraged to provide and replenish non-curricular titles in regional languages and English to these physical libraries. Collaboration with NGOs that work in literacy will also be a part of this initiative. To inculcate financial literacy, financial sector regulators and organizations will be encouraged to provide age-appropriate reading material to these libraries.
    
    Priority 2: Reaching the Last Mile
    
35. Prime Minister Vajpayee’s government formed the Ministry of Tribal Affairs and the Department of Development of the North-Eastern Region. To provide a sharper focus on the objective of ‘reaching the last mile’, our government has formed the ministries of AYUSH, Fisheries, Animal Husbandry and Dairying, Skill Development, Jal Shakti and Cooperation.
    
    Aspirational Districts and Blocks Programme
    
36. Building on the success of the Aspirational Districts Programme, the Government has recently launched the Aspirational Blocks Programme covering 500 blocks for saturation of essential government services across multiple domains such as health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.
    
    Pradhan Mantri PVTG Development Mission
    
37. To improve the socio-economic conditions of the particularly vulnerable tribal groups (PVTGs), Pradhan Mantri PVTG Development Mission will be launched. This will saturate PVTG families and habitations with basic facilities such as safe housing, clean drinking water and sanitation, improved access to education, health and nutrition, road and telecom connectivity, and sustainable livelihood opportunities. An amount of ` 15,000 crores will be made available to implement the Mission in the next three years under the Development Action Plan for the Scheduled Tribes.
    
    Eklavya Model Residential Schools
    
38. In the next three years, the centre will recruit 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools, serving 3.5 lakh tribal students.
    
    Water for Drought Prone Region
    
39. In the drought-prone central region of Karnataka, central assistance of ` 5,300 crores will be given to Upper Bhadra Project to provide sustainable micro irrigation and filling up of surface tanks for drinking water.
    
    PM Awas Yojana
    
40. The outlay for PM Awas Yojana is being enhanced by 66 per cent to over ` 79,000 crores.
    
    Bharat Shared Repository of Inscriptions (Bharat SHRI)
    
41. ‘Bharat Shared Repository of Inscriptions’ will be set up in a digital epigraphy museum, with the digitization of one lakh ancient inscriptions in the first stage.
    
    Support for poor prisoners
    
42. For poor persons who are in prison and unable to afford the penalty or the bail amount, required financial support will be provided.
    
    Priority 3: Infrastructure & Investment
    
43. Investments in Infrastructure and productive capacity have a large multiplier impact on growth and employment. After the subdued period of the pandemic, private investments are growing again. The Budget takes the lead once again to ramp up the virtuous cycle of investment and job creation.
    
    Capital Investment as the driver of growth and jobs
    
44. Capital investment outlay is being increased steeply for the third year in a row by 33 per cent to ` 10 lakh crore, which would be 3.3 per cent of GDP. This will be almost three times the outlay in 2019-20. 
45. This substantial increase in recent years is central to the government’s efforts to enhance growth potential and job creation, crowd-in private investments, and provide a cushion against global headwinds.
    
    Effective Capital Expenditure
    
46. The direct capital investment by the Centre is complemented by the provision made for the creation of capital assets through Grants-in-Aid to States. The ‘Effective Capital Expenditure’ of the Centre is budgeted at ` 13.7 lakh crore, which will be 4.5 per cent of GDP.
    
    Support to State Governments for Capital Investment
    
47. I have decided to continue the 50-year interest-free loan to state governments for one more year to spur investment in infrastructure and to incentivize them for complementary policy actions, with a significantly enhanced outlay of ` 1.3 lakh crore. 
    
    Enhancing opportunities for private investment in Infrastructure
    
48. The newly established Infrastructure Finance Secretariat will assist all stakeholders with more private investment in infrastructure, including railways, roads, urban infrastructure and power, which are predominantly dependent on public resources.
    
    Harmonized Master List of Infrastructure
    
49. The Harmonized Master List of Infrastructure will be reviewed by an expert committee for recommending the classification and financing framework suitable for Amrit Kaal.
    
    Railways
    
50. A capital outlay of ` 2.40 lakh crore has been provided for the Railways. This highest-ever outlay is about 9 times the outlay made in 2013-14.
    
    Logistics
    
51. One hundred critical transport infrastructure projects, for last and first-mile connectivity for ports, coal, steel, fertilizer, and food grains sectors have been identified. They will be taken up on priority with an investment of ` 75,000 crores, including ` 15,000 crores from private sources.
    
    Regional Connectivity
    
52. Fifty additional airports, heliports, water aerodromes and advanced landing grounds will be revived for improving regional air connectivity.
    
    Sustainable Cities of Tomorrow
    
53. States and cities will be encouraged to undertake urban planning reforms and actions to transform our cities into ‘sustainable cities of tomorrow’. This means efficient use of land resources, adequate resources for urban infrastructure, transit-oriented development, enhanced availability and affordability of urban land, and opportunities for all.
    
    Making Cities ready for Municipal Bonds
    
54. Through property tax governance reforms and ring-fencing user charges on urban infrastructure, cities will be incentivized to improve their creditworthiness for municipal bonds. 
    
    Urban Infrastructure Development Fund
    
55. Like the RIDF, an Urban Infrastructure Development Fund (UIDF) will be established through the use of priority sector lending shortfall. This will be managed by the National Housing Bank and will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities. States will be encouraged to leverage resources from the grants of the 15^th Finance Commission, as well as existing schemes, to adopt appropriate user charges while accessing the UIDF. We expect to make
    available ` 10,000 crores per annum for this purpose.
    
    Urban Sanitation
    
56. All cities and towns will be enabled for 100 per cent mechanical desludging of septic tanks and sewers to transition from manhole to machine-hole mode. The enhanced focus will be provided for the scientific management of dry and wet waste.
    
    Priority 4: Unleashing the Potential
    
57. “Good Governance is the key to a nation’s progress. Our government is committed to providing a transparent and accountable administration which works for the betterment and welfare of the common citizen,” said the Hon’ble Prime Minister.
    
    Mission Karmayogi
    
58. Under Mission Karmayogi, the Centre, States and Union Territories are making and implementing capacity-building plans for civil servants. The government has also launched an integrated online training platform, iGOT Karmayogi, to provide continuous learning opportunities for lakhs of government employees to upgrade their skills and facilitate a people-centric approach.
    
59. For enhancing the ease of doing business, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized. For furthering trust-based governance, we have introduced the Jan Vishwas Bill to amend 42 Central Acts. This Budget proposes a series of measures to unleash the potential of our economy.
    
    Centres of Excellence for Artificial Intelligence
    
60. For realizing the vision of “Make AI in India and Make AI work for India”, three centres of excellence for Artificial Intelligence will be set up in top educational institutions. Leading industry players will partner in conducting interdisciplinary research, and develop cutting-edge applications and scalable problem solutions in the areas of agriculture, health, and sustainable cities. This will galvanize an effective AI ecosystem and nurture quality human resources in the field.
    
    National Data Governance Policy
    
61. To unleash innovation and research by start-ups and academia, a National Data Governance Policy will be brought out. This will enable access to anonymized data.
    
    Simplification of the Know Your Customer (KYC) process
    
62. The KYC process will be simplified by adopting a ‘risk-based’ instead of a ‘one size fits all’ approach. The financial sector regulators will also be encouraged to have a KYC system fully amenable to meet the needs of Digital India.
    
    One-stop solution for identity and address updating
    
63. A one-stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies, regulators and regulated entities will be established using DigiLocker service and Aadhaar as foundational identity.
    
    Common Business Identifier
    
64. For the business establishments required to have a Permanent Account Number (PAN), the PAN will be used as the common identifier for all digital systems of specified government agencies. This will bring ease of doing business, and it will be facilitated through a legal mandate.
    
    Unified Filing Process
    
65. For obviating the need for separate submission of the same information to different government agencies, a system of ‘Unified Filing Process’ will be set up. Such filing of information or return in simplified forms on a common portal will be shared with other agencies as per the filer’s choice.
    
    Vivad se Vishwas I – Relief for MSMEs
    
66. In cases of failure by MSMEs to execute contracts during the Covid period, 95 per cent of the forfeited amount relating to bid or performance security, will be returned to them by government and government undertakings.  This will provide relief to MSMEs.
    
    Vivad se Vishwas II – Settling Contractual Disputes
    
67. To settle contractual disputes of government and government undertakings, wherein arbitral award is under challenge in a court, a voluntary settlement scheme with standardized terms will be introduced. This will be done by offering graded settlement terms depending on the pendency level of the dispute.
    
    State Support Mission
    
68. The State Support Mission of NITI Aayog will be continued for three years for our collective efforts towards national priorities.
    
    Result Based Financing
    
69. To better allocate scarce resources for competing for development needs, the financing of select schemes will be changed, on a pilot basis, from ‘input-based’ to ‘result-based’.
    
    E-Courts
    
70. For efficient administration of justice, Phase 3 of The E-Courts project will be launched with an outlay of ` 7,000 crores.
    
    Fintech Services
    
71. Fintech services in India have been facilitated by our digital public infrastructure including Aadhaar, PM Jan Dhan Yojana, Video KYC, India Stack and UPI. To enable more Fintech innovative services, the scope of documents available in DigiLocker for individuals will be expanded.
    
    Entity DigiLocker
    
72. An Entity DigiLocker will be set up for use by MSMEs, large businesses and charitable trusts. This will be towards storing and sharing documents online securely, whenever needed, with various authorities, regulators, banks and other business entities.
    
    5G Services
    
73. One hundred labs for developing applications using 5G services will be set up in engineering institutions to realise a new range of opportunities, business models, and employment potential. The labs will cover, among others, applications such as smart classrooms, precision farming, intelligent transport systems, and health care applications.
    
    Lab Grown Diamonds
    
74. Lab Grown Diamonds (LGD) is a technology-and innovation-driven emerging sector with high employment potential. These environment-friendly diamonds which have optically and chemically the same properties as natural diamonds. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years. 
    
75. To reduce the cost of production, a proposal to review the custom duty rate on LGD seeds will be indicated in Part B of the speech. 
    
    Priority 5: Green Growth
    
76. Hon’ble Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement toward an environmentally conscious lifestyle. India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in a green industrial and economic transition. This Budget builds on our focus on green growth.
    
    Green Hydrogen Mission
    
77. The recently launched National Green Hydrogen Mission, with an outlay of ` 19,700 crores, will facilitate the transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports, and make the country assume technology and market leadership in this sunrise sector. Our target is to reach an annual production of 5 MMT by 2030.
    
    Energy Transition
    
78. This Budget provides ` 35,000 crores for priority capital investments towards energy transition and net zero objectives and energy security by the Ministry of Petroleum & Natural Gas.
    
    Energy Storage Projects
    
79. To steer the economy on the sustainable development path, Battery Energy Storage Systems with a capacity of 4,000 MWH will be supported with Viability Gap Funding. A detailed framework for Pumped Storage Projects will also be formulated.
    
    Renewable Energy Evacuation
    
80. The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with an investment of ` 20,700 crores including central support of ` 8,300 crores.
    
    Green Credit Programme
    
81. For encouraging behavioural change, a Green Credit Programme will be notified under the Environment (Protection) Act. This will incentivize environmentally sustainable and responsive actions by companies, individuals and local bodies, and help mobilize additional resources for such activities.
    
    PM-PRANAM
    
82. “PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” will be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
    
    GOBARdhan scheme
    
83. 500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting a circular economy. These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at a total investment of ` 10,000 crores. I will refer to this in Part B. In due course, a 5 per cent CBG mandate will be introduced for all organizations marketing natural and biogas. For a collection of bio-mass and distribution of bio-manure, appropriate fiscal support will be provided.
    
    Bhartiya Prakritik Kheti Bio-Input Resource Centres 
    
84. Over the next 3 years, we will facilitate 1 crore farmers to adopt natural farming. For this, 10,000 Bio-Input Resource Centres will be set up, creating a national-level distributed micro-fertilizer and pesticide manufacturing network.
    
    MISHTI
    
85. Building on India’s success in afforestation, ‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’, MISHTI, will be taken up for mangrove plantation along the coastline and on salt pan lands, wherever feasible, through convergence between MGNREGS, CAMPA Fund and other sources.
    
    Amrit Dharohar
    
86. Wetlands are vital ecosystems which sustain biological diversity. In his latest Mann Ki Baat, the Prime Minister said, “Now the total number of Ramsar sites in our country has increased to 75. Whereas, before 2014, there were only 26…” Local communities have always been at the forefront of conservation efforts. The government will promote their unique conservation values through Amrit Dharohar, a scheme that will be implemented over the next three years to encourage optimal use of wetlands, and enhance bio-diversity, carbon stock,
    eco-tourism opportunities and income generation for local communities.
    
    Coastal Shipping
    
87. Coastal shipping will be promoted as the energy-efficient and lower-cost mode of transport, both for passengers and freight, through PPP mode with viability gap funding. 
    
    Vehicle Replacement
    
88. Replacing old polluting vehicles is an important part of greening our economy. In furtherance of the vehicle scrapping policy mentioned in Budget 2021-22, I have allocated adequate funds to scrap old vehicles of the Central Government. States will also be supported in replacing old vehicles and ambulances.
    
    Priority 6: Youth Power
                                                                                    
89. To empower our youth and help the ‘Amrit Peedhi’ realize their dreams, we have formulated the National Education Policy, focused on skills, adopted economic policies that facilitate job creation at scale, and supported business opportunities.
    
    Pradhan Mantri Kaushal Vikas Yojana 4.0
    
90. Pradhan Mantri Kaushal Vikas Yojana 4.0 will be launched to skill lakhs of youth within the next three years.  On-job training, industry partnership, and alignment of courses with the needs of the industry will be emphasized. The scheme will also cover new-age courses for Industry 4.0 like coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. To skill the youth for international opportunities, 30 Skill India International Centres will be set up across different States.
    
    Skill India Digital Platform
    
91. The digital ecosystem for skilling will be further expanded with the launch of a unified Skill India Digital platform for:
    • enabling demand-based formal skilling,
    • linking with employers including MSMEs, and
    • facilitating access to entrepreneurship schemes.
      National Apprenticeship Promotion Scheme
92. To provide stipend support to 47 lakh youth in three years, Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme will be rolled out.
    
    Tourism
    
93. With an integrated and innovative approach, at At least 50 destinations will be selected through challenge mode. In addition to aspects such as physical connectivity, virtual connectivity, tourist guides, high standards for food streets and tourists security, all the relevant aspects would be made available on an App to enhance the tourist experience. Every destination would be developed as a complete package. The focus of the development of tourism would be on domestic as well as foreign tourists.
    • Sector-specific skilling and entrepreneurship development will be dovetailed to achieve the objectives of the ‘Dekho Apna Desh’ initiative. This was launched as an appeal by the Prime Minister to the middle class to prefer domestic tourism over international tourism. For the integrated development of theme-based tourist circuits, the ‘Swadesh Darshan Scheme’ was also launched. Under the Vibrant Villages Programme, tourism infrastructure and amenities will also be facilitated in border villages.
      
      Unity Mall
      
94. States will be encouraged to set up a Unity Mall in their state capital or most prominent tourism centre or the financial capital for the promotion and sale of their own ODOPs (one district, one product), GI products and other handicraft products, and for providing space for such products of all other states. 
    
    Priority 7: Financial Sector
    
95. Our reforms in the financial sector and innovative use of technology have led to financial inclusion at scale, better and faster service delivery, ease of access to credit and participation in financial markets. This Budget proposes to further these measures.  
    
    Credit Guarantee for MSMEs
    
96. Last year, I proposed revamping the credit guarantee scheme for MSMEs. I am happy to announce that the revamped scheme will take effect from 1st April 2023 through an infusion of ` 9,000 crores in the corpus. This will enable additional collateral-free guaranteed credit of ` 2 lakh crore. Further, the cost of the credit will be reduced by about 1 per cent.    
    
    National Financial Information Registry
    
97. A national financial information registry will be set up to serve as the central repository of financial and ancillary information. This will facilitate the efficient flow of credit, promote financial inclusion, and foster financial stability. A new legislative framework will govern this credit public infrastructure, and it will be designed in consultation with the RBI.
    
    Financial Sector Regulations
    
98. To meet the needs of Amrit Kaal and to facilitate optimum regulation in the financial sector, public consultation, as necessary and feasible, will be brought to the process of regulation-making and issuing subsidiary directions.
    1. To simplify, ease and reduce the cost of compliance, financial sector regulators will be requested to carry out a comprehensive review of existing regulations. For this, they will consider suggestions from public and regulated entities. Time limits to decide the applications under various regulations will also be laid down.
       
       GIFT IFSC
99. To enhance business activities in GIFT IFSC, the following measures will be taken: Delegating powers under the SEZ Act to IFSCA to avoid dual regulation, Setting up a single window IT system for registration and approval from IFSCA, SEZ authorities, GSTN, RBI, SEBI and IRDAI, Permitting acquisition financing by IFSC Banking Units of foreign banks, Establishing a subsidiary of EXIM Bank for trade
    re-financing, Amending IFSCA Act for statutory provisions for arbitration, and ancillary services, avoiding dual regulation under SEZ Act, and Recognizing offshore derivative instruments as valid contracts.
    
    Data Embassy
    
100. For countries looking for digital continuity solutions, we will facilitate the setting up of their Data Embassies in GIFT IFSC.
     
     Improving Governance and Investor Protection in Banking Sector
     
101. To improve bank governance and enhance investors’ protection, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed.
     
     Capacity Building in Securities Market
     
102. To build the capacity of functionaries and professionals in the securities market, SEBI will be empowered to develop, regulate, maintain and enforce norms and standards for education in the National Institute of Securities Markets and to recognize awards of degrees, diplomas and certificates.
     
     Central Data Processing Centre
     
103. A Central Processing Centre will be set up for faster response to companies through centralized handling of various forms filed with field offices under the Companies Act.
     
     Reclaiming of shares and dividends
104. For investors to reclaim unclaimed shares and unpaid dividends from the Investor Education and Protection Fund Authority with ease, an integrated IT portal will be established.
     
     Digital Payments
     
105. Digital payments continue to find wide acceptance. In 2022, they show an increase of 76 per cent in transactions and 91 per cent in value. Fiscal support for this digital public infrastructure will continue in 2023-24.
     
     Azadi Ka Amrit Mahotsav Mahila Samman Bachat Patra
     
106. For commemorating Azadi Ka Amrit Mahotsav, a one-time new small savings scheme, Mahila Samman Savings Certificate, will be made available for a two-year period up to March 2025. This will offer a deposit facility of up to` 2 lacks in the name of women or girls for a tenor of 2 years at a fixed interest rate of 7.5 per cent with a partial withdrawal option.
     
     Senior Citizens
     
107. The maximum deposit limit for Senior Citizen Savings Scheme will be enhanced from ` 15 lacks to ` 30 lakhs.
     •  The maximum deposit limit for Monthly Income Account Scheme will be enhanced from ` 4.5 lacks to ` 9 lacks for a single account and from ` 9 lacks to ` 15 lacks for a joint account.
       
       Fiscal Management
       Fifty-year interest-free loan to States
       
108. The entire fifty-year loan to states has to be spent on capital expenditure within 2023-24. Most of this will be at the discretion of states, but a part will be conditional on states increasing their actual capital expenditure. Parts of the outlay will also be linked to, or allocated for, the following purposes:
     • Scrapping old government vehicles,
     • Urban planning reforms and actions,
     • Financing reforms in urban local bodies to make them creditworthy for municipal bonds,
     • Housing for police personnel above or as part of police stations,
     • Constructing Unity Malls,
     • Children and adolescents’ libraries and digital infrastructure, and
     • The state shares the capital expenditure of central schemes.
       
       Fiscal Deficit of States
       
109. States will be allowed a fiscal deficit of 3.5 per cent of GSDP of which 0.5 per cent will be tied to power sector reforms.
     
     Revised Estimates 2022-23
     
110. The Revised Estimate of the total receipts other than borrowings is
     ` 24.3 lakh crore, of which the net tax receipts
     are ` 20.9 lakh crore. The Revised Estimate of the total expenditure is
     ` 41.9 lakh crore, of which the capital expenditure is about ` 7.3 lakh crore.
     • The Revised Estimate of the fiscal deficit is 6.4 per cent of GDP, adhering to the Budget Estimate.      
       
       Budget Estimates 2023-24
       
111. Coming to 2023-24, the total receipts other than borrowings and the total expenditure are estimated at ` 27.2 lakh crore and ` 45 lakh crore respectively. The net tax receipts are estimated at ` 23.3 lakh crore.    
     • The fiscal deficit is estimated to be 5.9 per cent of GDP. In my Budget Speech for 2021-22, I announced that we plan to continue the path of fiscal consolidation, reaching a fiscal deficit below 4.5 per cent by 2025-26 with a fairly steady decline over the period. We have adhered to this path, and I reiterate my intention to bring the fiscal deficit below 4.5 per cent of GDP by 2025-26.
     •  To finance the fiscal deficit in 2023-24, the net market borrowings from dated securities are estimated at ` 11.8 lakh crore. The balance financing is expected to come from small savings and other sources. The gross market borrowings are estimated at ` 15.4 lakh crore.
       
       I will, now, move to Part B.
       
     • PART B
     • Indirect Taxes
       
     • My indirect tax proposals aim to promote exports, boost domestic manufacturing, enhance domestic value addition, and encourage green energy and mobility.
       1. A simplified tax structure with fewer tax rates helps in reducing compliance burden and improving tax administration. I propose to reduce the number of basic customs duty rates on goods, other than textiles and agriculture, from 21 to 13. As a result, there are minor changes in the basic customs duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha.
     • Green Mobility
       1. To avoid cascading taxes on blended compressed natural gas, I propose to exempt excise duty on GST-paid compressed biogas contained in it. To further provide impetus to green mobility, customs duty exemption is being extended to the import of capital goods and machinery required for the manufacture of lithium-ion cells for batteries used in electric vehicles.
     • Electronics
       1. As a result of various initiatives of the Government, including the Phased Manufacturing programme, mobile phone production in India has increased from 5.8 crore units valued at about ` 18,900 crores in 2014-15 to 31 crore units valued at over ` 2,75,000 crore in the last financial year. To further deepen domestic value addition in the manufacture of mobile phones, I propose to provide relief in customs duty on the import of certain parts and inputs like camera lenses and continue the concessional duty on lithium-ion cells for batteries for another year.
          • Similarly, to promote value addition in the manufacture of televisions, I propose to reduce the basic customs duty on parts of open cells of TV panels to 2.5 per cent.
     • Electrical
       1. To rectify the inversion of duty structure and encourage the manufacturing of electric kitchen chimneys, the basic customs duty on electric kitchen chimneys is being increased from 7.5 per cent to 15 per cent and that on heat coils for these is proposed to be reduced from 20 per cent to 15 per cent.
     • Chemicals and Petrochemicals
       1. Denatured ethyl alcohol is used in the chemical industry.
           I propose to exempt basic customs duty on it. This will also support the Ethanol Blending Programme and facilitate our endeavour for the energy transition. Basic customs duty is also being reduced on acid-grade fluorspar from 5 per cent to 2.5 per cent to make the domestic fluorochemicals industry competitive. Further, the basic customs duty on crude glycerin for use in the manufacture of epichlorohydrin is proposed to be reduced from 7.5 per cent to 2.5 per cent.
     • Marine products
       1. In the last financial year, marine products recorded the highest export growth benefitting farmers in the coastal states of the country. To further enhance the export competitiveness of marine products, particularly shrimps, duty is being reduced on key inputs for the domestic manufacture of shrimp feed.
       2. Lab Grown Diamonds
       3. India is a global leader in cutting and polishing natural diamonds, contributing about three-fourths of the global turnover by value. With the depletion in deposits of natural diamonds, the industry is moving towards Lab Grown Diamonds (LGDs) and it holds huge promise. To seize this opportunity, I propose reducing basic customs duty on seeds used in their manufacture.
     • Precious Metals
       1. Customs Duties on dore and bars of gold and platinum were increased earlier this fiscal. I now propose to increase the duties on articles made therefrom to enhance the duty differential. I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum.
     • Metals
       1. To facilitate availability of raw materials for the steel sector, exemption from Basic Customs Duty on raw materials for manufacture of CRGO Steel, ferrous scrap and nickel cathode is being continued.
          • Similarly, the concessional BCD of 2.5 per cent on copper scrap is also being continued to ensure the availability of raw materials for secondary copper producers who are mainly in the MSME sector.
     • Compounded Rubber
       1. The basic customs duty rate on compounded rubber is being increased from 10 per cent to ‘25 per cent or ` 30/kg whichever is lower’, at par with that on natural rubber other than latex, to curb circumvention of duty.
     • Cigarettes
       1. National Calamity Contingent Duty (NCCD) on specified cigarettes was last revised three years ago. This is proposed to be revised upwards by about 16 per cent.
     • Direct Taxes
       1. I now come to my direct tax proposals. These proposals aim to maintain the continuity and stability of taxation, further simplify and rationalise various provisions to reduce the compliance burden, promote the entrepreneurial spirit and provide tax relief to citizens.
          1. It has been the constant endeavour of the Income Tax Department to improve Tax Payer’s Services by making compliance easy and smooth. Our taxpayers’ portal received a maximum of 72 lakh returns in a day; processed more than 6.5 crore returns this year; the average processing period reduced from 93 days in financial year 13-14 to 16 days now;
             and 45 per cent of the returns were processed within 24 hours. We intend to further improve this, roll out a next-generation Common IT Return Form for taxpayer convenience, and also plan to strengthen the grievance redressal mechanism.
     • MSMEs and Professionals
       1. MSMEs are the growth engines of our economy.  Micro enterprises with a turnover of up to 2 crore and certain professionals with a turnover of up to 50 lacks can avail the benefit of presumptive taxation. I propose to provide enhanced limits of 3 crores and 75 lacks respectively, to the taxpayers whose cash receipts are no more than 5 per cent. Moreover, to support MSMEs in the timely receipt of payments, I propose to allow a deduction for expenditure incurred on payments made to them only when payment is actually made.
     • Cooperation
       1. Cooperation is a value to be cherished. In realizing our Prime Minister’s goal of “Sahkar se Samriddhi”, and his resolve to “connect the spirit of cooperation with the spirit of Amrit Kaal”, in addition to the measures proposed in Part A, I have a slew of proposals for the co-operative sector.
          1. First, new co-operatives that commence manufacturing activities by
          31.3.2024 shall get the benefit of a lower tax rate of 15 per cent, as is presently available to new manufacturing companies. Secondly, I propose to provide an opportunity to sugar co-operatives to claim payments made to sugarcane farmers for the period prior to the assessment year 2016-17 as an expenditure. This is expected to provide them with a relief of almost ` 10,000 crores. Thirdly, I am providing a higher limit of 2 lacks
          1. per member for cash deposits to and loans in cash by Primary Agricultural Co-operative Societies (PACS) and Primary Co-operative Agriculture and Rural Development Banks (PCARDBs).
          1. Similarly, a higher limit of 3 crores for TDS on cash withdrawal is being provided to cooperative societies.
     • Start-Ups
       1. Entrepreneurship is vital for a country’s economic development. We have taken a number of measures for start-ups and they have borne results. India is now the third largest ecosystem for start-ups globally and ranks second in innovation quality among middle-income countries. I propose to extend the date of incorporation for income tax benefits to start-ups from 31.03.23 to 31.3.24. I further propose to provide the benefit of carry forward of losses on change of shareholding of start-ups from seven years of incorporation to ten years.
     • Appeals
       1. To reduce the pendency of appeals at the Commissioner level, I propose to deploy about 100 Joint Commissioners for the disposal of small appeals. We shall also be more selective in taking up cases for scrutiny of returns already received this year.
     • Better targeting of tax concessions
       1. For better targeting of tax concessions and exemptions,
           I propose to cap deduction from capital gains on investment in residential houses under sections 54 and 54F to ` 10 crores. Another proposal with similar intent is to limit income tax exemption from proceeds of insurance policies with very high value.
     • Rationalisation
       1. There are a number of proposals relating to rationalisation and simplification. Income of authorities, boards and commissions set up by statutes of the Union or State for the purpose of housing, development of cities, towns and villages, and regulating, or regulating and developing an activity or matter, is proposed to be exempted from income tax. Other major measures in this direction are:
       2. Removing the minimum threshold of ` 10,000/- for TDS and clarifying taxability relating to online gaming;
       3. Not treating conversion of gold into the electronic gold receipt and vice versa as capital gain;
       4. Reducing the TDS rate from 30 per cent to 20 per cent on the taxable portion of EPF withdrawal in non-PAN cases; and
       5. Taxation on income from Market Linked Debentures.
     • Others
       1. Other major proposals in the Finance Bill relating to the following:
       2. Extension of period of tax benefits to funds relocating to IFSC, GIFT City till 31.03.2025;
       3. Decriminalisation under section 276A of the Income Tax Act;
       4. Allowing carry forward of losses on strategic disinvestment including that of IDBI Bank; and
       5. Providing EEE status to Agniveer Fund.
     • Personal Income Tax
     • Now, I come to what everyone is waiting for — personal income tax. I have five major announcements to make in this regard. These primarily benefit our hard-working middle class.
       1. The first one concern rebate. Currently, those with income up to
          5 lacks do not pay any income tax in both old or new tax regimes. I propose to increase the rebate limit to 7 lacks in the new tax regime. Thus, persons in the new tax regime, with income up to 7 lacks will not have to pay any tax.
     • The second proposal relates to middle-class individuals.
     •  I introduced, in the year 2020, the new personal income tax regime with six income slabs starting from ` 2.5 lacks. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to 3 lacks. The new tax rates are:

0-3 lakh	Nil
3-6 lakh	5 per cent
6-9 lakh	10 per cent
9-12 lakh	15 per cent
12-15 lakh	20 per cent
Above ` 15 lakh	30 per cent

This will provide major relief to all taxpayers in the new regime. An individual with an annual income of ` 9 lacks will be required to pay only

45,000/-. This is only 5 per cent of his or her income. It is a reduction of 25 per cent on what he or she is required to pay now, ie, 60,000/-. Similarly, an individual with an income of 15 lacks would be required to pay only 1.5 lacks or 10 per cent of his or her income, a reduction of 20 per cent from the existing liability of ` 1,87,500/.

My third proposal is for the salaried class and the pensioners including family pensioners, for whom I propose to extend the benefit of the standard deduction to the new tax regime. Each salaried person with an income of 15.5 lacks or more will thus stand to benefit by ` 52,500.

My fourth announcement on personal income tax is regarding the highest tax rate which in our country is 42.74 per cent. This is among the highest in the world. I propose to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime. This would result in a reduction of the maximum tax rate to 39 per cent.

Lastly, the limit of 3 lacks for tax exemption on leave encashment on the retirement of non-government salaried employees was last fixed in the year 2002, when the highest basic pay in the government was ` 30,000/- pm. In line with the increase in government salaries, I am proposing to increase this limit to 25 lacks.

We are also making the new income tax regime the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.

Apart from these, I am also making some other changes as given in the Annexure.

As a result of these proposals, the revenue of about 38,000 crores 37,000 crores in direct taxes and ` 1,000 crores in indirect taxes – will be forgone while revenue of about 3,000 crores will be additionally mobilized. Thus, the total revenue forgone is about ` 35,000 crore annually.

Mr Speaker Sir, with these words, I commend the Budget to this august House.

https://pancardapplyonline.com/

Joint and savings accounts are two very different types of accounts, each with its own unique features and use. A joint account is a type of bank account that is owned by two or more people, while a savings account is a type of bank account used to save money for future use. Both can be beneficial in different ways, but there are some important differences between the two types of accounts.

To start, let’s look at joint accounts. Joint accounts are primarily used to manage shared finances between two or more people. This type of account is often established by couples, families, or business partners in order to share bills and other expenses. Joint accounts offer many advantages, such as the ability to easily transfer funds between members, the convenience of managing expenses from one place, and the ability to easily track spending.

However, joint accounts also come with a few downsides. The most important of these is that all account holders are jointly responsible for any debt associated with the account. This means that if one account holder fails to pay a bill or make a payment, the other account holders are responsible for making up the difference. Joint accounts also cannot be used to earn interest, as most savings accounts do.

Next, let’s look at savings accounts. Savings accounts are used to save money for future use, such as a down payment on a house or to pay for college tuition. They offer a range of benefits, including the ability to earn interest on deposits, the convenience of automatic deposits, and the protection of FDIC insurance.

However, savings accounts also come with some drawbacks. They typically have low-interest rates and require a minimum balance to maintain. In addition, withdrawals from a savings account are limited to six per month, and any money withdrawn is subject to federal taxes.

In conclusion, there are many differences between joint and savings accounts. Joint accounts are best suited for managing shared finances, while savings accounts are better for saving money for future use. Both types of accounts come with their own set of pros and cons, and it is important to consider these when deciding which type of account best meets your needs.

PAN Card is required for a Bank account?

Yes, a PAN Card (Permanent Account Number) is required for a bank account in India. PAN is a 10-digit alphanumeric identification number issued by the Income Tax Department of India. It is used for all financial transactions and filing of income tax returns. Banks typically require a PAN Card for opening an account, and if the account holder does not have one, they must apply for it before the account can be opened.

What is HUF PAN Card?

HUF PAN Card is a PAN Card issued to Hindu Undivided Families (HUFs) for the purpose of taxation. A HUF PAN Card is issued to the Karta (Head of the Family) of the Hindu Undivided Family. It is important to note that only a Karta can apply for a HUF PAN Card. If you need to apply for a HUF PAN Card, you can visit the website PAN Card Apply Online and select the ‘New PAN Card’ option. You will then be required to fill in the form with the required details. After submitting the form, you will be asked to make the payment of the processing fee. Once the price is successful, you will be asked to send the documents required for making the corrections. Once the documents are received and verified, your request for a HUF PAN Card will be processed and the new PAN Card will be sent to you.

How to apply for HUF PAN Card?

If you need to apply for a HUF PAN Card, you can visit the website PAN Card Apply Online and select the ‘Business PAN Card’ option. You will then be required to fill in the form with the required details. After submitting the form, you will be asked to make the payment of the processing fee. Once the price is successful, you will be asked to send the documents required for making the corrections. Once the documents are received and verified, your request for a HUF PAN Card will be processed and the new PAN Card will be sent to you. Please note, only the Karta of the Hindu Undivided Family is eligible to apply for a HUF PAN Card.

Who is eligible to apply for HUF PAN Card?

Only the Karta of the Hindu Undivided Family is eligible to apply for a HUF PAN Card. A HUF PAN Card is issued to the Karta (Head of the Family) of the Hindu Undivided Family. The Karta is the person who manages the properties and finances of the family. He is responsible for filing the income tax return of the HUF. If you are the Karta of the Hindu Undivided Family, you can apply for a HUF PAN Card.

How to apply for correction, PAN Card?

If you want to make any corrections to your PAN Card, you can visit the PAN Card Apply Online website and choose the ‘menu’ option. Then select the ‘Changes or Correction in Existing PAN Data’ option. You will then be required to fill in the form with the required details. After submitting the form, you will be asked to pay the processing fee. Once the payment is successful, you will be asked to send the documents required for making the corrections. Once the documents are received and verified, your request for correction will be processed and the updated PAN Card will be sent to you.

Benefits of HUF PAN Card

The main benefit of having a HUF PAN Card is that it allows the members of the Hindu Undivided Family to file a single income tax return. This simplifies the process of filing taxes and makes it easier to track the taxes paid by the members of the family. A HUF PAN Card can also be used to open a bank account in the name of the HUF. This makes it easier to manage the finances of the family. It also allows the members of the family to avail of tax exemptions and deductions.

The Aadhaar number is a unique identification number issued by the Indian government to every individual resident of India. An Electronic Know Your Customer (KYC) service can be used to generate an electronic identity (EID) from the Aadhaar number. The EID is a secure digital identity that can be used for various purposes such as authentication, digital signatures, and more. To generate an EID, an individual will need to provide their Aadhaar number and undergo a biometric or demographic verification process.

Aadhaar is required to apply for PAN Card

Yes, that’s correct. In India, an Aadhaar number is mandatory to apply for a Permanent Account Number (PAN) card, which is a unique 10-digit alphanumeric identifier issued by the Income Tax Department of India. The PAN card is used for various financial transactions, including paying taxes, receiving taxable income, and opening a bank account. By linking the Aadhaar number with the PAN card, the Indian government aims to ensure that individuals cannot hold multiple PAN cards, which is a common practice to evade taxes.

Yes, a PAN number is mandatory for applying for and using credit cards in India.

Why it’s compulsory

PAN (Permanent Account Number) is mandatory for credit card application and usage in India because it is a unique identifier issued by the Income Tax Department of India, and helps the government keep track of financial transactions.

The government uses the PAN to track transactions to prevent tax evasion and money laundering.

How the government will track PAN

The government uses PAN to track financial transactions as all credit card transactions are linked to the PAN number. The information is reported to the Income Tax Department by financial institutions, including banks and credit card companies. This helps the government keep track of an individual’s financial transactions and ensures that taxes are paid on all taxable income. Additionally, the PAN helps to prevent fraudulent activities by providing a unique and permanent identifier for each cardholder.

what happen if I defaulted on my credit card

If you default on your credit card payment, the following consequences may occur:

1. Damaged credit score: Late or missed payments can negatively impact your credit score, making it harder to obtain loans or credit in the future.
2. Interest and penalties: You may incur additional interest charges and late fees, which will increase your overall debt.
3. Legal action: In severe cases, the bank may take legal action to recover the debt, including wage garnishment or bank account seizure.
4. Collection calls: You may receive calls from collection agencies trying to collect the debt.
5. Impact on future credit: Defaulting on a credit card can also impact your ability to get approved for future credit, rental applications or other financial services.

It’s important to make timely payments and keep your credit card debt under control to avoid these consequences

After default payment to credit card and loan, If I apply for a new pan card with different proof my loan or card will approve?

Applying for a new PAN card with different identification proof does not guarantee approval for a new loan or credit card. Financial institutions consider various factors when evaluating loan or credit card applications, including your credit history and score. If you have defaulted on the previous credit card or loan payments, this information will likely be reflected in your credit report and could negatively impact your ability to be approved for new credit.

In such cases, it is advisable to improve your credit score and rectify any past default before applying for a new loan or credit card. This may involve paying off outstanding debts, making timely payments, and demonstrating responsible use of credit over time.

I have PAN due to cibil score can I hide my PAN and apply for a new PAN Card?

No, you cannot hide your PAN and apply for a new PAN card to improve your CIBIL score. The PAN is a unique and permanent identifier assigned to an individual for life, and cannot be changed or altered.

If you have a low CIBIL score, the best approach is to take steps to improve it, such as making timely payments on all outstanding debts, keeping your credit card balances low, and avoiding applying for multiple loans or credit cards in a short period. Additionally, you can also obtain a copy of your CIBIL report to check for any errors or inaccuracies that may be affecting your score.

Then what is the way to improve my cibil score without paying a loan?

Here are some ways to improve your CIBIL score without paying off your loan:

1. Pay bills on time: Late payments hurt your CIBIL score. Pay your bills, including credit card and utility bills, on time to demonstrate responsible credit behaviour.
2. Keep credit card balances low: High credit card balances relative to your credit limit can lower your CIBIL score. Keep your credit card balances low to maintain a good score.
3. Limit new credit applications: Applying for multiple loans or credit cards in a short period can lower your CIBIL score. Limit new credit applications to only what is necessary.
4. Dispute errors: Check your CIBIL report for any errors and dispute them with the credit bureau to ensure that your report is accurate.
5. Be consistent: Consistently demonstrating responsible credit behaviour over time can improve your CIBIL score.

Remember, improving your CIBIL score takes time and requires a consistent commitment to managing your finances responsibly.

I have a domestic PAN, If I apply for NRI by hiding local PAN dept will issue New PAN

No, the Income Tax Department of India will not issue a new PAN if you apply for an NRI PAN by hiding your domestic PAN. The PAN is a unique and permanent identifier that is assigned to an individual for life and cannot be changed or altered. Attempting to hide or alter your PAN information can result in serious consequences, including fines and legal action.

If you have a domestic PAN and become an NRI, you should inform the Income Tax Department of India and provide the necessary documentation to update your status from a domestic taxpayer to an NRI. This will ensure that your PAN information is accurate and up to date and that you comply with all Indian tax laws.

I have dual PAN its an issue?

Having two PAN numbers is illegal in India and can result in serious consequences, including fines and legal action. The PAN is a unique and permanent identifier assigned to an individual for life, and having multiple PANs can create confusion and hinder the government’s ability to track financial transactions accurately.

If you have two PAN numbers, you should inform the Income Tax Department of India and provide the necessary documentation to consolidate them into a single PAN. This will ensure that your PAN information is accurate and up to date and that you comply with all Indian tax laws.

How to surrender PAN Card in India

Here is the process to surrender your PAN in India:

1. Obtain Form: You need to obtain the PAN Application Form from the official NSDL or UTIITSL website.
2. Fill out the form: Fill out the form with your personal and contact information, and select the “Surrender/Cancellation of PAN” option.
3. Provide reason: Provide the reason for surrendering your PAN in the form.
4. Submit form and documents: Submit the completed form along with any required supporting documents to the nearest NSDL or UTIITSL centre.
5. Wait for confirmation: The Income Tax Department will process your request and send you a confirmation of the cancellation of your PAN.

It is important to note that surrendering your PAN will cancel all your financial transactions linked to it, and may have tax implications. Therefore, it is recommended to consult with a tax professional or financial advisor before surrendering your PAN.

To transfer money from a SIM card to a bank account, you will need to use a mobile wallet or mobile banking service provided by your mobile network operator. Here’s how you can do it:

1. Register for the mobile wallet or mobile banking service by visiting the mobile network operator’s website or by visiting a mobile network operator’s retail store.
2. Load money into the mobile wallet using your credit or debit card or through a bank transfer.
3. Initiate a money transfer to your bank account by selecting the “Transfer to Bank” option and entering your bank account details.
4. Confirm the transaction and the transferred amount will be credited to your bank account.

Note: Availability of this service may vary depending on your mobile network operator and your location. Some mobile network operators may charge a fee for this service. It’s advisable to check with your mobile network operator for the most updated information on fees and the process for transferring money from a SIM card to a bank account.

You can link your PAN card with your Aadhaar by following these steps:

1. Visit the income tax e-filing portal
2. Click on the “Link Aadhaar” tab under the “Quick Links” section
3. Enter your PAN number, Aadhaar number, and name as per Aadhaar
4. Ensure that the details you enter match your PAN and Aadhaar records
5. If the details match, click on the “Link Aadhaar” button
6. The portal will display the message “Aadhaar-PAN linking is successful”.

Note: To link your PAN and Aadhaar, your mobile number must be linked to both your PAN and Aadhaar.

What should I do to name a match in PAN or Aadhaar?

If the name mentioned on your PAN card and Aadhaar card does not match, you need to update one of the two documents to ensure their details match. Here’s what you can do:

1. Update your PAN card details: If the name on your Aadhaar is correct and it is different from the name on your PAN card, you can update your PAN card with your correct name.
2. Update your Aadhaar card details: If the name on your PAN card is correct and it is different from the name on your Aadhaar card, you can update your Aadhaar card with your correct name.

You can update your name on PAN card and Aadhaar by visiting the respective official websites of the two agencies. You can also visit a nearby PAN card or Aadhaar enrollment centre to update your details.

1. SBI internet banking: Log in to your online SBI account, view transactions and download statements.
2. SBI mobile banking: Download the SBI Anywhere app, and check transactions using the app.
3. SMS banking: Send an SMS to a designated number to receive mini-statements and transaction details.
4. ATMs: Use an SBI ATM, and select the “Mini Statement” option to receive transaction details.
5. Passbook: Visit an SBI branch and update your passbook to view transactions.
6. Customer care: Call the SBI customer care number to ask for transaction details.
   
   PAN Card requirement by Bank
   
   A PAN (Permanent Account Number) card is required by banks in India for various financial transactions such as:

• Opening a bank account: PAN is mandatory to open a bank account in India.
• Fixed deposits: PAN is required for fixed deposit transactions above a certain amount.
• Loan applications: PAN is required to apply for loans such as personal loans, home loans, car loans, etc.
• Transactions above a specified limit: PAN is required for transactions above a specified limit, such as cash deposits, cash withdrawals, etc.
• Investment in mutual funds: PAN is required to invest in mutual funds, equity, and other securities.
• Payment of taxes: PAN is required for payment of taxes such as TDS, TCS, etc.

Note: PAN is issued by the Income Tax Department of India and is a unique, 10-digit alphanumeric identifier for all financial transactions in India

It is illegal and unethical to bypass the OTP (One-Time Password) for online transactions using a debit card. OTPs are an important security measure used to protect online transactions and prevent fraud. Attempting to bypass the OTP process can result in financial losses, legal consequences, and damage to your financial reputation.

Instead of trying to bypass the OTP, it is recommended to take steps to ensure the security of your online transactions, such as:

• Keep your device secure: Use a secure device for online transactions and ensure that it is protected with a strong password and up-to-date security software.
• Use a trusted network: Connect to a trusted and secure network, such as your home Wi-Fi or a secured public Wi-Fi, when making online transactions.
• Keep your card information secure: Keep your debit cards information, such as the card number and security code, secure and do not share it with anyone.
• Monitor your accounts regularly: Regularly monitor your bank account activity to detect any suspicious transactions or unauthorized access.
• Report suspicious activity: If you notice any suspicious activity on your bank account, report it immediately to your bank and take appropriate action, such as closing the account and opening a new one.

In conclusion, it is important to follow the proper and secure procedures for online transactions to protect your financial security and avoid potential risks and consequences.

Difference between debit cards and OTP

A debit card is a payment card linked to a bank account that enables the cardholder to withdraw money or make purchases using funds from the account. On the other hand, an OTP (One-Time Password) is a unique, temporary code that is generated for a specific transaction and sent to the customer’s registered mobile number or email.

In short, a debit card is a physical card used for transactions, while an OTP is a temporary code used for authentication and security purposes. The OTP is often used as an additional layer of security for online transactions, where the user has to enter the code received on their registered mobile number or email to confirm the transaction.

Difference between debt cards and PAN Card

A debit card is a payment card linked to a bank account that enables the cardholder to withdraw money or make purchases using funds from the account. A Permanent Account Number (PAN) card, on the other hand, is a unique 10-digit alphanumeric identifier issued by the Indian Income Tax Department to individuals and entities for tax purposes.

In short, a debit card is used for transactions and accessing funds, while a PAN card is used for identification and tax purposes. A PAN card is required to be quoted while opening a bank account, making financial transactions above a certain threshold, and filing income tax returns in India.

If your divorced husband knows your bank account information, it is important to take steps to protect your financial security. Here are some steps you can take:

1. Change passwords: Change the passwords for online access to your bank accounts and consider using strong, unique passwords.
2. Update contact information: Update your contact information, such as your phone number and email address, with your bank to ensure that you receive notifications and alerts in a timely manner.
3. Monitor account activity: Regularly monitor your bank account activity to detect any suspicious transactions or unauthorized access.
4. Report suspicious activity: If you notice any suspicious activity on your bank account, report it immediately to your bank and take appropriate action, such as closing the account and opening a new one.
5. Consider legal action: If you believe that your ex-husband has taken unauthorized access to your bank account, you may consider taking legal action to protect your rights and financial security.
6. Seek professional help: If you are concerned about your financial security, consider seeking the advice of a financial professional or attorney to help you navigate the situation and take appropriate action.

In conclusion, it is important to be proactive in protecting your financial security, especially in situations where your personal information, such as bank account information, may be at risk.

To transfer your SBI account from one branch to another, you can follow these steps:

1. Visit the SBI branch where your account is currently held
2. Fill out the account transfer form and provide a reason for the transfer
3. Provide proof of identity and address
4. Submit the form and required documents to the bank
5. Wait for the bank to process the transfer, which may take up to 10-15 working days

Note: Some SBI branches may offer the option to transfer the account online, in which case you can follow the instructions provided by the bank’s website. It is advisable to check with your current SBI branch for the specific process and requirements for transferring the account.

Bank account portability

Bank account portability refers to the ability of customers to transfer their existing bank account from one bank to another while retaining the same account number. This means that the customer’s transactions, standing instructions, and bank details will remain unchanged, and they will only need to update their bank details with their employer, other banks, and other parties they transact with.

The facility of bank account portability was introduced by the Reserve Bank of India (RBI) to promote customer convenience and increase competition among banks. Customers can avail of this facility by following the steps outlined by their bank, which usually involve filling out a form and providing proof of identity and address.

This service is available for both savings and current accounts and helps customers switch banks without having to go through the hassle of closing their existing accounts and opening a new one, which often involves updating their account details with various parties.

PAN Card is important to Bank

A PAN (Permanent Account Number) card is important for banking in India for several reasons:

1. Taxation: PAN is required for any financial transactions above a certain threshold, such as cash deposits, investments, and opening a bank account. This helps the government track an individual’s financial transactions for taxation purposes.
2. Unique identification: PAN serves as a unique identifier for an individual and helps avoid confusion and errors while maintaining the records of multiple accounts held by a person.
3. Anti-money laundering: PAN helps banks comply with anti-money laundering regulations by allowing them to track and report any suspicious transactions.
4. KYC (Know Your Customer) norms: PAN is one of the required documents for KYC (Know Your Customer) norms, which are mandatory for opening a bank account in India.
5. Credit history: PAN is linked to an individual’s credit history, which helps banks assess the creditworthiness of a customer while processing loan applications.

In conclusion, PAN plays a crucial role in banking and financial transactions in India and is mandatory for a wide range of financial activities.