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The Ministry of Consumer Affairs, Food and Public Distribution launched web portal of Warehousing Development and Regulatory Authority (WDRA) & Electronic Negotiable Warehouse Receipt (e-NWR) System under Digital India mission.
These initiatives aims at simplifying Warehouse Registration Rules, digitizing entire process of registration, monitoring and surveillance as well as creation and management of NWRs in electronic form through two repositories.
Negotiable warehouse receipts
NWRs are documents issued by warehouses to depositors against commodities deposited in warehouses for which warehouse is bailee. They are transferred by endorsement and delivery i.e. either original depositor or holder in due course (transferee) can claim commodities from warehouse.
NWRs can be traded, sold, swapped and used as collateral to support borrowing or loans from banks. These receipts were made negotiable under Warehouse (Development and Regulation) Act, 2007 and are regulated by Warehousing Development and Regulatory Authority (WDRA).
e-NWR will have no chances of any tempering, mutilation, fudging, loss or damage and also no possibility of any multiple financing. Hence, it will not only facilitate an easy pledge financing by banks and other financial institutions but also smooth trading on various trading centres like commodity exchanges, electronic National Agriculture Markets (e-NAM) and other electronic platforms. e-NWR will also help to save expenditure in logistics as stocks could be traded through multiple buyers without physical movement and can be even split for partial transfer or withdrawal.
These initiatives will revolutionise marketing of agricultural commodities and help farmers realize better price for their produce which will be step towards doubling farmers’ income by 2022. The whole purpose of simplifying processes and moving towards online system will enhance WDRA’s regulatory functions and bring greater fiduciary trust among banks, depositors and trade on e-NWR system.
The Union Finance Ministry has launched Aaykar Setu, a new tax payer service module. The new e-initiative literally means taxpayer’s bridge and will be available in android phones.
It compiles various tax tools, dynamic updates, live chat facility and important links to various processes within the Income Tax Department (ITD) in a single module.
Aaykar Setu has been launched in mobile responsive android application and also in desktop version to enhance mobile access as well as desktop access. This e-initiative aims provide better taxpayer services and also help in reducing the direct physical interface between assesses and tax assessing authorities.
It will allow IDT to directly communicate with the taxpayers on a range of multiple informative and useful tax services. The tax payers will also be able to receive regular updates regarding important tax dates, forms and notifications on mobile numbers registered with the ITD.
The mobile app will allow entities track TDS, pay taxes and apply for permanent account number (PAN). It will also help people link their 12-digit biometric identifier Aadhaar with PAN card. To avail this service, all taxpayers will have to register their mobile numbers in the Aaykar Setu module in order to receive such SMS alerts.