Archives April 2022

Bharat Interface for Money (BHIM)

Bharat Interface for Money (BHIM) is an app that lets you make simple, easy and quick payment transactions using Unified Payments Interface (UPI). You can make instant bank-to-bank payments and Pay and collect money using just Mobile number or Virtual Payment Address (UPI ID).

The following are the features of BHIM:
  • Send Money: Send money by entering Virtual Payment Address (UPI ID), Account number and QR Scan.
  • Request Money: Collect money by entering Virtual Payment Address (UPI ID). Additionally through BHIM App, one can also transfer money using Mobile No. (Mobile No should be registered with BHIM or *99# and account should be linked).
  • Scan & Pay: Pay by scanning the QR code through Scan & Pay or generate your to let others make easy payments to you.
  • Transactions: Check your transaction history and also pending UPI collect requests (if any) You can raise complaint for the declined transactions by clicking on report issue in transactions.
  • Profile: You can view the static QR code and Payment addresses linked to your account. You can also share the QR code through various messenger applications like WhatsApp, Email etc. available on phone and can also download the QR code.
  • Bank Account: Switch between multiple bank accounts linked with your BHIM App. You can set/change your UPI PIN or check your balance.
  • Language: Currently BHIM is available in 20 languages, i.e., Hindi, English, Tamil, Telugu, Malayalam, Bengali, Odia, Kannada, Gujarati, Marathi, Assamese, Bengali, Bhojpuri, Haryanvi, Marwari, Konkani, Manipuri, Khasi, Mizo and Urdu.
  • Block User: Block/Spam users who are sending you collect requests from illicit sources.
  • Privacy: Allow a user to disable and enable mobilenumber@upi in the profile if a secondary UPI ID is created (QR for the disabled UPI ID is also disabled).
  • Scan: Scan any QR code sticker that has the UPI and BHARAT QR logos on it with the BHIM app. You can also generate your QR code to make it easier for others to pay you.
  • IPO using BHIM: Apply for any IPO by entering your BHIM UPI ID on the IPO application, and then proceed by approving on the BHIM app.
  • Bill Payments on BHIM: The BHIM app supports in-app utility bill payments to help users pay bills on the go with the help of BHIM BillPay.
  • UPI AUTOPAY: You can now enable recurring e-mandates using any UPI enabled app for recurring payments such as mobile bills, electricity bills, EMI payments, entertainment/OTT subscriptions, insurance, mutual funds among others.
Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood. It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience.

With the above context in mind, NPCI conducted a pilot launch with 21 member banks. The pilot launch was on 11th April 2016 by Dr. Raghuram G Rajan, Governor, RBI at Mumbai. Banks have started to upload their UPI enabled Apps on Google Play store from 25th August, 2016 onwards.

How is it unique?
  • Immediate money transfer through mobile device round the clock 24*7 and 365 days.
  • Single mobile application for accessing different bank accounts.
  • Single Click 2 Factor Authentication – Aligned with the Regulatory guidelines, yet provides for a very strong feature of seamless single click payment.
  • Virtual address of the customer for Pull & Push provides for incremental security with the customer not required to enter the details such as Card no, Account number; IFSC etc.
  • QR Code
  • Best answer to Cash on Delivery hassle, running to an ATM or rendering exact amount.
  • Merchant Payment with Single Application or In-App Payments.
  • Utility Bill Payments, Over the Counter Payments, QR Code (Scan and Pay) based payments.
  • Donations, Collections, Disbursements Scalable.
  • Raising Complaint from Mobile App directly.
Participants in UPI
  • Payer PSP
  • Payee PSP
  • Remitter Bank
  • Beneficiary Bank
  • NPCI
  • Bank Account holders
  • Merchants
Fine for not linking PAN Card-Aadhaar Card

Have PAN Card, Aadhaar? You will have to pay Rs 1000 fine for not doing this before April 1

Fine for not linking PAN Card-Aadhaar Card: Not linking PAN and Aadhaar by March 31, 2022 may cost you Rs 1000 as penalty, according to the Income Tax rules.

Fine for not linking PAN Card-Aadhaar Card: Not linking PAN and Aadhaar by March 31, 2022 may cost you Rs 1000 as penalty, according to the Income Tax rules.

According to Section 234H of the Income Tax Act, 1961, a penalty of Rs 1000 needs to be paid as late fee if a person fails to intimate his/her Aadhaar to the Income Tax Department. The last date for linking PAN and Aadhaar is March 31, 2022

Section 234H was introduced by Finance Act 2021 and made effective from April 1, 2021. Section 139AA of Income Tax Act makes it mandatory for individuals to link their PAN and Aadhaar numbers.

Meanwhile, responding to a query today on whether the Government proposes any penalty for not linking PAN Card with Aadhaar, Minister of State for Finance Pankaj Chaudhary said in a written reply: “Finance Act, 2021 inserted a new section 234H in the Income-tax Act, 1961 to complete the process of PAN-Aadhar linking. This section provides that where a person who is required to intimate his Aadhaar under subsection (2) of section 139AA and fails to do so on or before a prescribed date, he shall be liable to pay a fee not exceeding a sum of one thousand rupees as may be prescribed, at the time of making intimation under sub-section (2) of section 139AA after the said date.”

“31st March, 2022 is the last date for intimating Aadhaar as notified vide notification dated 17.09.2021,” he added.

The Government has extended the last date of linking PAN Card and Aadhaar a number of times in past. However, the due date may not be extended.

If PAN is not linked with Aadhaar by March 31 then if will become inoperative. PAN is required for filing Income Tax Returns and for various other purposes.

PAN-Aadhaar linking can be done easily online (read how to link PAN and Aadhaar here).

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