Page 11 - Banking Finance February 2021

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I-T department brings out requirements of the emerging feedback. The commercial roll out to
scenario. all traders and iOS launch will be over
faceless penalty scheme the next few weeks, it further said.
He was responding to a query on the
In another step to eliminate physical priorites of the IBBI in the new year. With the launch of F&O on its platform,
interface between taxpayers and tax Paytm Money is aiming at an overall
authority, the income-tax department "Facilitating the implementation of daily turnover of Rs. 1.5-lakh crore and
has come out with a 'faceless penalty special insolvency framework for 10 lakh trades a day in the next 18 to
scheme'. It is aimed to complement MSMEs (micro, small and medium 24 months.
the faceless assessment scheme by enterprises), prepack, cross border
handling penalty recommendations. insolvency, group insolvency, fresh start KYC only for buying
process in sync with policy jewellery above Rs. 2 lakh
IBBI will strive for developments in this regard will be on
its agenda," Sahoo said. Any purchase of gold, silver jewellery,
malleable regulatory or gems and stones below Rs 2 lakh
He also said the endeavour is to does not require PAN or Aadhaar of
framework promote a platform for distressed the customer as a mandatory Know

The Insolvency and Bankruptcy Board assets that has four elements in the Your Customer (KYC) document.
of India (IBBI) has adapted itself to the interest of efficient price discovery and
new environment in the wake of the value maximisation. Sources in the Department of Revenue
coronavirus pandemic and will strive to (DoR) said the recent notification issued
provide a "malleable regulatory Paytm Money launches under PML Act, 2002, on December 28,
2020, is a requirement of the Financial
framework" within the confines of the F&O trading
insolvency law, according to its Action Task Force (FATF).
Chairperson M S Sahoo. Paytm Money, announced that it now Dealers of precious metals and stones
provides Futures and Options trading need to carry KYC and customer due
A key institution in implementing the (F&O) on its platform. "The platform
Insolvency and Bankruptcy Code (IBC), has launched this service with the most diligence only when they conduct cash
the IBBI has moved to the electronic competitive brokerage at Rs. 10 for all transactions above Rs 10 lakh.
mode for most of its engagements with F&O trades and the low pricing is KYC & customer due diligence is a
stakeholders and has recalibrated without any commitments or packages requirement of FATF - the global money
important regulations amid the or contracts. This is in line with its laundering and terrorist financing
pandemic. intraday charges of Rs. 10, and free overseer.
Sahoo emphasised that the IBBI will for delivery," it said. The company is FATF is an inter-governmental body of
remain vigilant and prepared to take initially giving early access to a select international standards aimed to
on the challenges and adapt to user base on Android and Web to get prevent illegal activities on terror

BANKING FINANCE | FEBRUARY | 2021 | 11