Union Budget 2020: Uber, Paytm & Co Demand Streamlining Of KYC Norms

Union Budget 2020: Uber, Paytm & Co Demand Streamlining Of KYC Norms

SUMMARY

Finance minister started pre-budget discussions with stakeholder groups from across sectors from December 16

The first set of meetings saw fintech companies suggesting reduction of GST and initiatives for better financial inclusion

The meeting was attended by representatives from Apple, Uber, Paytm, Reliance Jio Infocomm, IIM and ISB, MAIT and Nasscom, others

In a pre-budget consultation meeting on Monday (December 16) with finance minister Nirmala Sitharaman, fintech players demanded a reduction of Goods and Services Tax (GST) on term insurance and the streamlining of KYC norms for better financial inclusion.

The meeting was attended by representatives from Apple, Uber, Paytm, Wipro, Reliance Jio Infocomm, IIM and ISB, and associations including MAIT and Nasscom.

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