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Ministry of Finance

Expert Committee on Longevity Finance recommends setting up of Longevity Hub at GIFT-IFSC

Dated: 13 APR 2022

International Finance Services Centres Authority (IFSCA) constituted Expert Committee on Longevity Finance, co-chaired by Ms. Kaku Nakhate, Country Head (India), Bank of America and Mr. Gopalan Srinivasan, Ex-CMD, New India Assurance Co. Ltd. submitted its final report to Chairperson, IFSCA on 12^th April 2022.

The committee examined emerging trends in Longevity Economy globally and observed that people over 60 years are still very much a highly productive demographic group in terms of purchasing power and make up the wealthiest part of financial system with a global spending power of $15 trillion.

Highlighting the critical role of financial services sector for the growth of Longevity industry, the Committee recommended the setting up of first Global Longevity Hub (GLH) in GIFT-IFSC and suggested that the hub should focus on developing the longevity economy by offering various longevity finance solutions in coordination with leading corporates and financial institutions such as Banks, Pension Funds, Asset Management Funds, Insurance Companies, etc.

Ms. Kaku Nakhate, Co-Chair of the Expert Committee stated, “Advances in healthcare and medical technology have increased the lifespan of humans. The long-term vision of building a strong longevity finance hub at IFSC can open-up opportunities in wealth management, insurance, pension, silver entrepreneurship and medial tourism. This will help GIFT IFSC emerge as a global leader in longevity finance, immediately addressing the requirements of baby boomers, Gen X & Gen Y cohorts, and setting the path for millennials. I would encourage global banks, insurance companies, financial institutions, and fintechs & health-techs to set up shops here to create a unique longevity hub for the world.”

“This is a great move and will have very positive impact on the role of silver generation,” observed Mr. Gopalan Srinivasan, Co-Chair of the Expert Committee. He further stated, “It has been a pioneering effort on the part of IFSCA to establish an expert committee on Longevity Finance and recognize the importance of developing longevity finance hub in IFSC. The Hub will focus on skill development, entrepreneurial development and also address the demand of financial and insurance products for silver generation.”

Chairperson, IFSCA, thanked the Expert Committee for their valuable recommendations and supported the idea of promoting Longevity Finance as one of the priorities in GIFT IFSC under the overall framework of Sustainable Finance.

The committee members comprised of leaders from the entire longevity finance ecosystem including from areas such as banking, insurance, wealth management, FinTech, legal, compliance and management consultancy.

The report of the committee can be accessed through the weblink:

https://ifsca.gov.in/Viewer/ReportandPublication/29   

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RM/KMN
(Release ID: 1816374)

Press Information Bureau
Government of India
Ministry of Commerce & Industry
Dated: 30 MAR 2022

Innovations In Startups

Startups and the entire innovation ecosystem are the engines of growth for any country. Recognizing this aspect, the Government launched Startup India initiative on 16th January 2016 with an aim to build a stronger ecosystem for nurturing India’s startup culture that would further drive our economic growth, support entrepreneurship, and enable large-scale employment opportunities.

Sustained Government efforts in this direction have resulted in increasing the number of recognized Startups from 726 in FY 2016-17 to 65,861 in FY 2021-22 (as on 14th March 2022). There is at least one recognized startup from every State and UT and nearly 50% of the recognized startups are from Tier-II and III cities. Recognized startups are spread across over 640 districts and have reported creation of more than 7 lakh jobs.

Assisted by the States’ Startup Rankings on Support to Startup Ecosystems, which is primarily an exercise to identify good practices, learn from each other and helping each other in formulation and implementation of policies in true spirit of cooperative federalism, a momentum has been built across states to build favourable policy landscape for startups. Mentorship has been a key pillar of evaluation under this ranking exercise which has played an important role in enabling mentorship to startups across the country.

To identify the depth, quality and spread of innovation and entrepreneurship in country, the Government instituted the National Startup Awards (‘NSA’). The winners of NSA have emerged from Bengaluru, Delhi, Hyderabad Chennai, Mumbai Mysuru, Bhopal, Ernakulam, Gurugram, Kochi, Lucknow, Margao, Sonipat and Tiruvanantpuram etc. The winners and finalists of NSA are also provided handholding support across various pillars including mentorship. The Government under the Startup India initiative also helps Indian startups to connect with global startup ecosystems through various engagement models including enabling global mentorship.

Startups, have actively contributed in Government’s flagship programs such as Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Smart Cities Mission, Swachh Bharat Mission, National Heritage City Development and Augmentation Yojana (HRIDAY scheme) to improve urban infrastructure and service provision.

Furthermore, DPIIT has recognized startups which are spread across 56 diversified sectors. More than 20% of these startups are in sectors such as Automotive, Green Technology, Healthcare and Lifesciences, Renewable Energy, etc. Over 4,500 recognized startups are in Sectors like Construction, House-hold Services, Logistics, Real Estate and Transportation and Storage contributing towards urban concerns.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Shri Som Parkash, in a written reply in the Lok Sabha today.

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 30th March, 2022

PRESS RELEASE

Amendment to the provisions of Income-tax Rules, 1962 for prescribing fees under section 234H of the Income-tax Act, 1961

Under the provisions of the Income-tax Act, 1961 (“the Act”), every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31st March, 2022. On failure to do so, his PAN shall become inoperative and all procedures in which PAN is required shall be halted. The PAN can be made operative again upon intimation of Aadhaar to the prescribed authority after payment of a prescribed fee.

In order to mitigate the inconvenience to the taxpayers, as per Notification No.17/2022 dated 29th March, 2022, a window of opportunity has been provided to the taxpayers upto 31st of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. As a result, taxpayers will be required to pay a fee of Rs. 500 up to three months from 1st April, 2022 and a fee of Rs.1000 after that, while intimating their Aadhaar.

However, till 31st March, 2023 the PAN of the assessees who have not intimated their Aadhaar, will continue to be functional for the procedures under the Act, like furnishing of return of income, processing of refunds etc. A detailed Circular No.7/2022 dated 30.03.2022 has also been issued in this regard.

After 31st March, 2023, the PAN of taxpayers who fail to intimate their Aadhaar, as required, shall become inoperative and all the consequences under the Act for not furnishing, intimating or quoting the PAN shall apply to such taxpayers.

(Surabhi Ahluwalia)
Commissioner of Income Tax
(Media & Technical Policy)
Official Spokesperson, CBDT