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No Aadhaar, No Bank Transaction

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Aadhar Card India

After the Supreme Court gave some concessions to people who choose not to get Aadhaar, a 12-digit biometric identity number, news has emerged of the government making the unique identity mandatory for all bank accounts. All existing account holders are asked to submit aadhaar to banks by Dec 31, 2017, failing which accounts will become invalid. Till now, it was mandatory to provide PAN number or Form 60 to banks while opening accounts or for high-value transactions.

In recent months, most banks had been encouraging account holders through SMS and phone calls to link Aadhaar with their bank accounts. This was probably done to pre-attempt the possibility of it becoming compulsory in future. The Union Budget 2016-17 had mandated seeding of Aadhaar number with PAN to negate the possibility of individuals evading tax using multiple PANs.

In fact, experts had been anticipating the government would make it mandatory to link bank accounts with Aadhaar number after the decision to link of PAN with Aadhaar. The apex court had granted “partial relief” to those who do not have an Aadhaar number or an Aadhaar enrolment ID, ruling that the PAN of such individuals will not be cancelled for the time being. The government has court’s permission to link its welfare schemes which are voluntary in nature with Aadhar. This means if a citizen does not want to avail benefits like old age pension or widow pension then he/she can stay away from Aadhaar.

Small deposit bank accounts can be opened at a branch where it is possible to manually monitor and ensure that foreign remittance are not credited to such account and stipulated limits on the monthly and annual aggregate of transactions and balance are not breached. Although frozen accounts can be reactivated by linking to Aadhaar details. The money will be safe but the accounts will not be operational. Once the account holder shows the required documents they will be unfrozen.

This was because bank accounts of the person would already have PAN (as KYC requirement). Once aadhaar is linked with PAN, it will certainly lead to an automatic link with the bank accounts as well. Hence, the interconnection of PAN card, Aadhaar and bank accounts, implies that the government will be able to keep a track of your financial transactions.The move is aimed at keeping a check on small accounts. Currently, accounts can be opened without having valid KYC or Know Your Customer documents for a maximum deposit of Rs. 50,000.

Commenting on this development, West Bengal Chief Minister Mamata Banerjee tweeted, “The poorest of the poor, the marginalised people will be the worst sufferers if Aadhaar is made mandatory unilaterally”. “Aadhaar has serious issues about privacy. The government must not make it mandatory before 100% coverage is achieved,” a second tweet read. Banerjee had earlier criticised the Centres decision to make Aadhaar cards mandatory for availing the mid-day meal scheme and accused it of snatching the rights of the poor.She had alleged that rather than supporting the poor, the Centre was snatching away their rights.

Some 65% of India’s estimated 70 crore savings accounts are Aadhaar-linked. The government issued one billion Aadhaar cards till April 2016, the latest year for which data is available.

As per the FATCA pact signed by India and the United States, banks and financial institutions were asked to obtain this self-certification for all individual and entity accounts that were opened between July 1, 2014, and August 31, 2015. It was in July 2015 that India and the US had signed a tax information sharing agreement under a new US law, FATCA. This was done with plans to boost efforts for automatic exchange of financial information between the two nations so that tax evaders can be caught.

A few selected minds are gifted with a dream of writing and only a few words can describe their whole world. A writer by the day and a philosopher by the night. I believe that tactfulness and fearless approach is a writer USP. An aspiring journalist, foodie and an automobile enthusiast.

India

Ram Mandir Opening For “Darshan” In 2023

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Ram Mandir Opening 2023 | News Aur Chai

The Ram Mandir in Ayodhya is expected to allow visitors by December 2023, with the completion of construction only in 2025.

Sources in the Shri Ram Janmabhoomi Teerth Kshetra have revealed that the colossal project of building the Ram Mandir in Ayodhya, Uttar Pradesh, will be opening for devotees towards the end of 2023. In contrast, the project’s entire construction completion is expected towards the end of 2025. The sanctum sanctorum (Garbha Griha), along with the mandir’s first floor, will be ready by December 2023. Devotees will be allowed to visit the long-awaited mandir soon after the construction is completed.

An ANI report said, “The grand Ram Mandir being constructed in Ayodhya will be opened for devotees from December 2023. Sources told ANI that Garbhagriha, all five mandaps and the first floor will be ready by December 2023 and the mandir will be opened for devotees”.

The sanctum sanctorum will be as high as 161 feet and built using Rajasthani marble and stones. Engineers and architects are taking all measures to ensure the longevity of this enormous project. The second stage of construction is expected to begin in December this year. Currently, the structure is at a standstill as a result of monsoons. Another reason for the delay is the coronavirus pandemic that depleted the force with which the mandir’s construction was expected to go on.

The announcement of the mandir being opened to visitors in 2023 has brought up questions about the political agenda. It is believed that the Bharatiya Janata Party (BJP) aims to use the mandir to catapult themselves into a position of advantage during the 2024 Lok Sabha elections. Opening the mandir to devotees in December 2023 will give the BJP an easy 6-month gap to the general elections in 2024.

The opening of the long-awaited Ram Mandir in Ayodhya could be the factor that diverts the public, at least the Hindu’s in favour of BJP. Thus, securing them a vote bank based on religious sentiments upheld by the party in their previous tenure as the ruling party.

The Ram Janmabhoomi Mandir will be 360 feet long, 235 feet wide, and 20 feet high mandir will be completely ready by the end of 2025. The project will include amenities and structures like museums, archives, research centre, Sant Niwas, gau and Yagya shala, Etc. The main attraction is the Ram Mandir.

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Business

How SEBI’s New Margin Rule Is Affecting Retail Traders?

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SEBI Margin Rule | News Aur Chai

Securities and Exchange Board of India has introduced new margin rules for traders. Traders and Brokers are not happy with the new regulations because they will have to invest a large amount of cash in fulfilling margin requirements for trade.

SEBI had introduced the new margin rule in the year 2020 for intraday traders. It is being implemented in a phased manner. Traders were supposed to maintain 25 per cent of the peak margin in the first phase; the margin was raised by 50 per cent in the second phase. In the third phase, as per the new margin rule, intraday traders will have to pay a 100 per cent upfront margin. According to new norms, the margin requirements will be calculated four times during every trading session because the money margin must be greater than the need.

As per the new rule, brokers must collect margin from investors for any purchase or sale, and if they fail to do so, they will have to pay the penalty. Thus, brokers will not receive power of attorney. Brokers cannot use power of attorney for pledging anymore.

Those investors who want to make use of margin will have to create margin pledges separately. As per the new rule, investors will have to pay at least a 30 per cent margin upfront to avail a margin loan. Shares brought today cannot be sold tomorrow. Funds from shares sold today cannot be used for new trades on the same day.

The market experts said that there must be proper adjustments for implementing new rules, or it may create chaos, trouble and disturbance to the market participants. The CEO and founder of Zerodha broking firm, Nithin Kamath tweeted that, “the day when the new rules came into effect was the dreaded day for brokers, exchanges, intraday traders”.

Traders Are Not Happy:

Changes in rules have evoked strong reactions from traders because they will have to invest a large amount of cash in fulfilling margin requirements for trades as per new margin rules. Even the trading in futures and options will become more expensive. Traders are disappointed because they will have to pay up more money to bet in stock markets. As per new margin rules, Traders are also liable for the penalty if the rules are not followed during the trading session. If a trader wants to buy Nifty worth Rs 10 lakh, he will have to pay a 20 per cent margin of around 2 lakh. If the margin of the trader does not meet the need, he will be penalized. Traders will have to pay the minimum amount for opening the Multilateral Trading facility account, and they have to maintain a minor balance at all times.

Why Gas SEBI Introduced A New Margin Rule?

SEBI has introduced new rules to protect retail investors from purchasing difficulty. The intended goal of SEBI behind new margin rules is to bring down the difficult market situation and avoid huge fluctuation in stock markets during extreme stress. The new margin rules are likely to bring transparency to the market; it is expected to strengthen the market’s safety.

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Hollywood

Keanu Reeves Returns with “The Matrix Resurrection”

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Matrix Resurrections 2021 | News Aur Chai

The expectation of the unexpected fourth instalment of The Matrix Resurrections in the sci-fi establishment has started with another banner prodding the arrival of its first trailer.

The film Matrix 4 comes out 18-years after The Matrix Revolutions. It is planning to be the last film in a trilogy reporting the transformation of Computer programmer Thomas Anderson into cybercriminal Neo. As he finds the conventional world, he occupies a recreated reality.

Loosening up the expectation, with a special promotional. It highlights red and blue pills sit next to each other underneath the clear message: ‘The Choice is yours.’ Fans of the famous establishment will perceive the pills as a definitive choice given to Neo, played by Keanu Reeves, as he picks between life in the conflict assaulted real world or the ‘beautiful prison’ of a substitute reality. Penetrating static fills in as the scenery, as small strings of Matrix code has seen falling inside the pills before the whole scene liquefies.

Fans can proceed with their adventure on WhatIsTheMatrix.com, an intelligent pick your-own-experience style site. Given a similar decision there, red brings you down a rabbit hole where you’re told: ‘This is the moment for you to show us what’s real.’ Then scenes from the film teaser, showing the slight hindrance between the natural world and the fake world known as The Matrix. One of the Best Scenes is Reeves’ Neo gulping a blue pill while a lot more seasoned, a balder man shows up in his appearance.

The scenes reviewed rely upon which pill selection and each emphasis on the decision made. The Red Pill requests that the watcher go further into the reality behind the Matrix. While the Blue Pill cautions them to avoid it again so as not to agitate the norm and welcome undesirable risk.

Still, the viewer’s decision makes, in any case, every secret seems to end with a brief look at Keanu Reeves as Neo, with different eyes. He either collaborates with characters who could be his partners in the film or plans to fight against its expected scalawags, be they Agents, pernicious projects, or even people.

The person who clicks on the blue pill will hear Harris’s voiceover saying: “You’ve lost your capacity to discern reality from fiction.” Before encouraging the viewer to embrace that their situation is genuine. At the current time, streaks on the screen, and Harris peruses it, saying, “anything else is your mind playing tricks on you.” By contrast, ones’ who click on the red pill hear Abdul-Mateen’s voice revealing to them that while they trust it’s the current time — once more. With Abdul-Mateen perusing the time out loud — “that couldn’t be further from the truth.” Regardless, a progression of quick-cut shots from “Revivals” streaks on the screen during the two situations. As each time a viewer taps on a pill, the recording changes.

‘This could be this is the first day of the rest of your life, but if you want it, you gotta fight for it.’ The portrayal wraps while showing star Keanu Reeves prepared to battle. Then, at that point, finishing on a vile note, they show somebody contacting the PC port at the rear of their head and inquire: ‘We don’t want anyone to get hurt, do we?’

From visionary movie producer Lana Wachowski. The new film reunites unique stars Keanu Reeves and Carrie-Anne Moss as Neo and Trinity, the infamous roles they made well known.’ The first Matrix film in 1999 met with much essential acclaim upon its introduction. The element is following up by two other movies, which were both delivered in 2003. Warner Bros. uncovered the title for the fourth Matrix film during its CinemaCon board. The Matrix Resurrections will release on December 22, 2021.

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