Want to know how PM Narendra Modi’s BHIM-Aadhaar App will change your life?

Prime Minister Narendra Modi Formally launched the Aadhaar Pay on the birth anniversary of the Father of Indian Constitution Dr Bhim Rao Ambedkar which may change the payment sector in India. It is a biometric-based payment system which will enable you to make payments with the help of thumb impressions. PM Modi had talked about the Aadhaar Pay, for the first time on New Year’s eve, on December 30.

After the November 8 announcement to scrap Rs 15.44 lakh crore of high value notes, the Modi government has rolled out scheme after scheme to dissuade Indians from dealing in cash and switching to digital transactions.

In December 2016, Modi launched the BHIM app for facilitating electronic payments by consumers. In March, the government launched Aadhaar Pay, a new Android-based smartphone app.

Meanwhile, this new app will be available in many new languages including Bengali, Gujarati, Malayalam, Tamil, Odiya, and Telegu. Moreover BHIM App will also have a new feature of spam report. Using this, you can block unwanted and unknown payment requests.

Do you think BHIM Aadhaar app will help PM modi to fulfill his dream of cashless economy ?

Do India needs this app?

Yes It will be the platform for traders along with two incentive schemes on April 14, to push Indians towards a “less-cash” economy and curb black money generation..

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(Now,Link Aadhaar Card and PAN Card.)

Let us discuss about the benefits of BHIM-Aadhaar App

First question arise on our minds as a common man How will Aadhaar Pay work and how it will make our life easier? Traders can download the app from play store or iTunes. After that, they can log in with their Aadhaar number using the fingerprint scanner. Once the app is validated, traders can use it to take payments. The Aadhaar Pay is expected to make people’s life easier and less dependence on credit or debit cards and reduce cash transactions. 

How to use the BHIM App and what are the benefits? 

Traders can download the app from play store or iTunes. After that, they can log in with their Aadhaar number using the fingerprint scanner. Once the app is validated, Traders can use it to take payments. Customers do not need a debit card or credit card for payments through Aadhaar Pay. Also, Aadhar Pay would end the need to have an internet connection, many payment apps, or POS machines. Aadhaar Pay would not charge Merchant Discount Rate (MDR). MDR is the charge paid by the merchants to a bank merchant for accepting digital transactions through credit or debit cards.

Only traders need to have Aadhaar Pay: 

Aadhaar Pay is an app that needs to be carried by the merchants only. Users just need to have an Aadhaar-linked bank account and mobile phone, credit or debit cards. Traders can download the Aadhaar Pay app to take payments online from customer’s bank account to their own account using the 12-digit unique Aadhaar number of the clients where clients can choose any of their bank accounts to do the transactions.

Modi also launched two incentive schemes for the Bhim app - cashback and referral bonus - with an outlay of Rs 495 crore for six months. He said for every person introduced to the Bhim app, one will get a cashback of Rs 10+ "If you refer 20 persons a day, you can earn Rs 200," he added. Bhim-Aadhaar Pay, the merchant interface of Bhim_app, will pave the way for digital payments using biometric data - fingerprints or iris scanners - on a trader's device which could even be a smart phone with a biometric reader.

Now,Link Aadhaar Card and PAN Card.

As the government insists that one's Aadhaar account and Permanent Account Number (PAN) should be linked by July 31 this year to pay income taxes, millions of Indians have faced issues with syncing the two accounts due to small differences in how their names are spelt. Individuals struggling to link their Permanent Account Number with Aadhaar. This problem can happen even if there are minor differences in how the name is recorded -- like the use of one's full name in PAN and initials in Aadhaar. Issues have also cropped up due to use of special characters in the initials and punctuation that often form a person's name as Aadhaar doesn't recognize such characters but PAN does.

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If you don’t link PAN Card to Aadhaar By 31st July then the PAN card will be invalid. Why did the Government do this? Because some people have two or more PAN Cards, which helps him evade tax. 

With the linking of PAN with Aadhaar being made mandatory, individuals can log on to e-filing website of the income tax department or NSDL but the seeding cannot happen if the name is differently spelt in the two cards — like the use of the full name in PAN and initials in Aadhaar.

If an individual's name on the Aadhaar does not match his/her name on the PAN card, then the individuals can simply upload a scanned copy of PAN to get the work done. 

• A taxpayer can also log in to the Aadhaar website and request for a change in the name which will be verified using a one-time password on the phone number registered with the Unique Identification Authority of India (UIDAI)

• One-Time Passwords (OTP) will be used in cases where there are people who have gotten married and changed their surname. In such instances the tax department will give an OTP option wherein the password would be sent to the Aadhaar-registered mobile number. The tax department, on its part, would match the year of birth of the taxpayer with the Aadhaar database.

• The tax department is also planning to introduce an option on the e-filing portal through which taxpayers can choose to link the Aadhaar without changing the name by opting for OTP, provided that the year of birth of the person matches in both documents.

• The tax department will start educating taxpayers through various media outreach on ways to link the PAN with Aadhaar,

Over 1.08 crore assessees already have Aadhaar-linked PAN, but the number is abysmally low as there are over 25 crore PAN card holders in the country, while Aadhaar has been issued to 111 crore people. As per statistics with the tax department, only six crore people file income tax returns at present.