In the recent announcement of the India’s Union budget 2018, The finance MInister Mr. Arun Jaitley announced various scheme and reforms regarding Healthcare, education, Agriculture, startups, Rural development and Railways etc. In his speech, he also made an important announcement regarding Enterprises and startups in India. He said that the government of India will soon be Providing Unique Identity Number to Startups that will be similar to Aadhar.
Before we get into details about this announcement in this article I would like to tell you about what is Aadhar and why is it Important In India.
What Is Aadhar?
An Aadhaar card is a unique 12-digit number issued to every citizen in India and is a centralised and universal identification number. The Aadhar card is a biometric card and It also includes the address of the holder overleaf and a QR code which can be scanned digitally that stores an individual’s personal details in a government database, and The card is attained only after successful application and then approval from the authority (UIDAI). The authority mails the card to the applicants, but one can also download a PDF copy from the authority’s website. It should be noted that presence of AADHAAR card is not required to avail benefits attached to the card.
Advantages of Aadhar Card
An Aadhar Card is an important document when it comes to KYC formalities, verification, and identification purposes. It is considered as the perfect and ample document that an Indian individual can possess.
Acquisition of Passport
The acquisition of a passport requires plenty of time. You need to execute steps like getting an appointment with the authorities, processing your application, the police verification checks and then the passport is Dispatched. It usually takes weeks and even months to complete all processes and get a passport, but thanks to the use of an Aadhar Card, passports can now be issued within 10 days.
Opening Bank Accounts
Aadhar Cards can be used for KYC, identification and verification purposes in the opening of Bank accounts. Finance companies and banks consider Aadhaar Cards as valid address and photo ID proof for the opening of a bank account and for the ease of kyc.
Jan Dhan Yojna
Aadhaar Card Number is the only document for the opening of a bank account under jan dhan yojna. The scheme is offered to help people in remote and rural areas to avail the benefits and services offered by banks IN India.
The Government directly transfers the subsidy given on lpg to aadhaar card holder account, so that every citizen can get subsidy.
SO now coming to our main topics Govt Plans to Provide Unique Identity Number to Startups like Aadhar , Now I will provide details about this announcement by honorary Finance minister.
As per the announcement, the government will introduce a unique identification number to the enterprises in India that will similar to the Aadhaar system. The finance minister said that by this move the government wishes to remove hurdles and difficulties that come in way of the eased of doing business in India, He said that it will speed up the process of Company Registration in India or any other business entities in India and the benefits given to the enterprises in India can be easily availed by enterprises by this initiative of the indian government.
Aadhaar has prove to be most valuable assets to the country. Aadhaar has proved to be a vital tools in eliminating corruption and in ensuring that each and every citizen in india gets the benefit they deserve.The Finance Minister stressed on the fact that every enterprise, major or small needs a unique ID like aadhar. If a unique identity is assigned to every enterprise in India then A greater transparency can be expected in B2B services and payments transaction.