In her Budget 2023 speech on Wednesday (February 1), Indian Finance Minister Nirmala Sitharaman introduced the government’s approach towards simplifying the know-your-customer (KYC) process.&nbsp;The finance minister proposed how the Permanent Account Number (PAN) card will be used by the government as a common identifier for all digital processes at government agencies.&nbsp;

The changes proposed are likely to streamline the procedure of KYC and would make the management of documentation of PAN cardholders easier for the Income Tax Department as well as other governmental organisations.

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Here’s what the finance minister said

In her speech, Sitharaman said, “The KYC process will be simplified by adopting a 'risk-based', instead of 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.” &nbsp;

“A one-stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies and regulators will also be set up using DigiLocker service and Aadhaar as the foundational identity,” the finance minister stated.

“For obviating the need for separate submission of 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,” she added. &nbsp;&nbsp;

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DigiLocker, Aadhaar to serve as “foundational identity"&nbsp;

For citizens, Aadhaar and DigiLocker will work as a “foundational identity”, a one-stop place to change address or identity, which will automatically be reflected across other platforms.&nbsp;For example, currently, if an address is updated in Aadhaar, it won’t get updated on the person’s Income Tax portal registration. &nbsp;

This change reflects how the government is working to synchronise the data of citizens across various portals when only one’s Aadhaar gets updated.

The DigiLocker service is being currently used to store and generate documents like PAN’s electronic version, Aadhaar, degrees, driving licences and academic certificates. In future, this platform will facilitate changing one’s details like an address which will eventually get updated at all necessary portals and in all documents.

(With inputs from agencies)

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In her Budget 2023 speech on Wednesday (February 1), Indian Finance Minister Nirmala Sitharaman introduced the government’s approach towards simplifying the know-your-customer (KYC) process.

In her Budget 2023 speech on Wednesday (February 1), Indian Finance Minister Nirmala Sitharaman introduced the government’s approach towards simplifying the know-your-customer (KYC) process. The finance minister proposed how the Permanent Account Number (PAN) card will be used by the government as a common identifier for all digital processes at government agencies. The changes proposed are likely to streamline the procedure of KYC and would make the management of documentation of PAN cardholders easier for the Income Tax Department as well as other governmental organisations. ALSO READ | Union Budget 2023-24: Sitharaman's 5 announcements on personal income tax Here’s what the finance minister said In her speech, Sitharaman said, “The KYC process will be simplified by adopting a 'risk-based', instead of 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.” “A one-stop solution for reconciliation and updating of identity and address of individuals maintained by various government agencies and regulators will also be set up using DigiLocker service and Aadhaar as the foundational identity,” the finance minister stated. “For obviating the need for separate submission of 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,” she added. WATCH | Exclusive | Union Budget 2023: Investment Banker PN Vijay speaks to WION DigiLocker, Aadhaar to serve as “foundational identity" For citizens, Aadhaar and DigiLocker will work as a “foundational identity”, a one-stop place to change address or identity, which will automatically be reflected across other platforms. For example, currently, if an address is updated in Aadhaar, it won’t get updated on the person’s Income Tax portal registration. This change reflects how the government is working to synchronise the data of citizens across various portals when only one’s Aadhaar gets updated. The DigiLocker service is being currently used to store and generate documents like PAN’s electronic version, Aadhaar, degrees, driving licences and academic certificates. In future, this platform will facilitate changing one’s details like an address which will eventually get updated at all necessary portals and in all documents. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

Budget 2023: Govt simplifies KYC; DigiLocker, Aadhaar to serve as ‘foundational identity’

Apple is being razzed over its new 'digital wallet' feature. Indian netizens say the company is 'late to the party' as the service has been available in India for the last 6 years on DigiLocker. Palki Sharma gets you a report.

Gravitas: Apple Vs Digilocker: Netizens mock 'delayed innovation'

India needs to fashion appropriate diplomacy to tackle issues of a digitised world, External Affairs Minister S Jaishankar said here on Monday, adding that there will be the additional challenge for the country to create new partnerships and foster greater mobility to service a knowledge economy.

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"Navigating the economic world will be no less complex than the political one. Here too, nations will strive to optimise outcomes and bridge divides as they pursue their national objectives," the minister said while addressing the Centre for Policy Research's (CPR) annual public forum here.

Jaishankar told the forum that economic challenges offer even less ground for complacency. In the last many years, the world trading system has felt the pressure of gains that some accrued from structural advantages.

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"At a stage, it had to turn political; it finally did. But today, this argument extends beyond to non-trade domains like connectivity projects, technology choices, data protection, and security as well as IPR adherence. All of them have strategic connotations and to pretend otherwise is only to delude ourselves. In fact, for that very reason we have started a Technology Division in MEA," he said. 

The implications of the change in American posture on international commitments cannot be overstated, given that this was a key element of the post-1945 order. That other major powers have not moved beyond their national objectives indicates that the resulting deficit will remain unfilled.

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For its part, India has stood out as a country willing to do much more, even with its limited though growing resources. But the problem remains for the world in the foreseeable future, the External Affairs Minister said. 

He also stated that the world has a growing interest in India becoming an additional engine of growth, adding that it is amenable to harnessing the reservoir of talent that India could provide with the passage of time.

"Our strong commitment to realising Sustainable Development Goals is deeply appreciated, including for its global significance. Whether it is in terms of technology, best practices or resources, there is a proclivity to partner with a nation whose prospects are clearly so assured. Our economic engagement with the world also requires careful deliberation and effective preparation lest we end up eroding our own capacities. How to do that best in this emerging geopolitical landscape is a complex exercise that deserves serious strategising," he said. 

Therefore, the last few years have demonstrated a growing Indian capacity to contribute to the global discourse and make a difference to international outcomes, Jaishankar stressed. 

After a generation of extolling the virtues of globalisation, the External Affairs Minister noted that India, today, is a part of a fractured world with polarised debates. 

Not only has the landscape become more difficult but the very articulation of interests has come under challenge, he said."Competition is not just amongst states but often within them, reflecting the tension between the older order and the emerging one. When ideologies, identities and history mix with business, politics, and strategy, it can create a very potent cocktail," he added.

India needs to fashion appropriate diplomacy to tackle issues of a digitised world, External Affairs Minister S Jaishankar said here on Monday, adding that there will be the additional challenge for the country to create new partnerships and foster greater mobility to service a knowledge economy.

India needs to fashion appropriate diplomacy to tackle issues of a digitised world, External Affairs Minister S Jaishankar said here on Monday, adding that there will be the additional challenge for the country to create new partnerships and foster greater mobility to service a knowledge economy. Also read: Digital India empowered people, reduced corruption: PM Narendra Modi on initiative's fourth anniversary "Navigating the economic world will be no less complex than the political one. Here too, nations will strive to optimise outcomes and bridge divides as they pursue their national objectives," the minister said while addressing the Centre for Policy Research's (CPR) annual public forum here. Jaishankar told the forum that economic challenges offer even less ground for complacency. In the last many years, the world trading system has felt the pressure of gains that some accrued from structural advantages. Also read: Opinion: How digital India is finding fruition through social media "At a stage, it had to turn political; it finally did. But today, this argument extends beyond to non-trade domains like connectivity projects, technology choices, data protection, and security as well as IPR adherence. All of them have strategic connotations and to pretend otherwise is only to delude ourselves. In fact, for that very reason we have started a Technology Division in MEA," he said. The implications of the change in American posture on international commitments cannot be overstated, given that this was a key element of the post-1945 order. That other major powers have not moved beyond their national objectives indicates that the resulting deficit will remain unfilled. Also read: Cash, no card for the presidential nomination in digital India For its part, India has stood out as a country willing to do much more, even with its limited though growing resources. But the problem remains for the world in the foreseeable future, the External Affairs Minister said. He also stated that the world has a growing interest in India becoming an additional engine of growth, adding that it is amenable to harnessing the reservoir of talent that India could provide with the passage of time. "Our strong commitment to realising Sustainable Development Goals is deeply appreciated, including for its global significance. Whether it is in terms of technology, best practices or resources, there is a proclivity to partner with a nation whose prospects are clearly so assured. Our economic engagement with the world also requires careful deliberation and effective preparation lest we end up eroding our own capacities. How to do that best in this emerging geopolitical landscape is a complex exercise that deserves serious strategising," he said. Therefore, the last few years have demonstrated a growing Indian capacity to contribute to the global discourse and make a difference to international outcomes, Jaishankar stressed. After a generation of extolling the virtues of globalisation, the External Affairs Minister noted that India, today, is a part of a fractured world with polarised debates. Not only has the landscape become more difficult but the very articulation of interests has come under challenge, he said."Competition is not just amongst states but often within them, reflecting the tension between the older order and the emerging one. When ideologies, identities and history mix with business, politics, and strategy, it can create a very potent cocktail," he added.

Jaishankar says India needs to fashion appropriate diplomacy to tackle issues of digitized world

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