Union Budget Current Affairs - 2020

Finance Minister launched instant Aadhaar based E-KYC

On May 27, 2020, the Union Finance Minister Nirmala Sitaraman launched instant Aadhaar based E-KYC.

Highlights

The facility will be available for PAN applicants that possess valid Aadhaar number. They should also have a mobile number registered with Aadhaar. The process of allotting PAN is paperless and is also free of cost.

Union Budget

The instant Aadhaar based E-KYC was introduced by the Finance Minister in the Union Budget 2020-21. She announced that a system will be brought in that will instantly provide PAN without the requirement of filling up of application form.

About PAN

PAN is Permanent Account Number. It is a 10-digit alpha numeric number that is issued by Income Tax Department. It enables income tax department to link the transaction of the person with the department. The transactions include TDS, TCS, tax payments, income returns, correspondence, specified transactions, etc.

It is now mandatory to provide PAN on return of income. Also, it was made mandatory to provide PAN for all challan payments since 2005.

COVID-19: President Ram Nath Kovind to donate 30% of his salary for a year

The President Ram Nath Kovind recently announced that he is to donate 30% of his salary to aid the GoI in the fight against COVID-19. The Rashtrapti Bhavan will also follow set of restrictions under the instruction of the President to save money and aid the fight. This is being done to set an example to economize expenditure and save money to fight against COVID-19

Highlights

Apart from the salary cut, domestic tours and programmes of the president will also be cut. This will help in social distancing restrictions and also will help to minimize expenditure. Also, the president will minimize his at home ceremonies by decreasing his guest lists, reducing food menu and also by using lesser flowers and decorative items. The repair and maintenance works of Rashtrapati Bhavan are to be minimized.

Salary of the president

The Union Budget 2018 increased the salaries of president and vice president of the country. Currently, the salary of president of India is 5 lakhs per month. Before the raise, it was Rs 1.5 lakhs per month. Also, the vice president salary was increased from Rs 1.10 lakhs to Rs 4 lakhs. The salaries of state governors were also increased to Rs 3.5 lakhs. All the raises were introduced by the Union Budget 2018

Article 59

The article says that the emoluments and allowances of the President of India shall not be reduced during his term of office. But in this case, the President is offering it as donation at his will and the salary is not being cut.

The article also empowers the President to use his official residence without rent.