INSUBCONTINENT EXCLUSIVE:
Fintech companies have sought tax concessions in budget plan for promoting financial inclusionNew Delhi: Stepping up need for tax
concessions in the forthcoming budget plan, the fintech market is stressing that the fiscal and non-fiscal incentives are required to
promote financial addition and move towards a less-cash economy.The fintech market and experts have advised finance minister Nirmala
Sitharaman to decrease the tax deductible at source (TDS) rates, stating such a relocation would release the capital for the sector without
any impact on the government's revenue.Ms Sitharaman is arranged to provide the spending plan for the next fiscal year on February 1
Nitin Jain, Partner, Financial Providers, PwC India, said credentials criteria for digital lending institutions, short-term credit,
collaboration standards with loan company, data governance standards, transparency norms are all required to make sure an optimum service
environment for digital lending.Mihir Gandhi, Partner - & Payments Transformation Leader, PwC India, worried on increasing the scope of the
Payments Facilities Development Fund (PIDF) and introducing Reserve bank Digital Currency for wholesale and retail payment
transactions.Shruti Aggarwal, Co-founder, Stashfin, said the financial empowerment of women also causes her family being economically
empowered.It will be encouraging to have a budget that is assisted by this concept, with a specific concentrate on the digital financial
addition of every lady to enable her to be economically 'atmanirbhar', she said, and revealed hope that the spending plan will incentivise
smaller sized NBFCs led by ladies business owners through tax rebates.On what must be in the spending plan, Kapil Mehta, Co-founder,
SecureNow, stated fintech plays a major function in providing access to finance and insurance coverage for small companies and people in
It would be incredibly valuable if, in the Budget, TDS rate for fintech startups is minimized to 1 per cent
This will maximize much-needed working capital without costing the exchequer since the TDS is reimbursed in any case for loss making
companies, he said.Mr Mehta likewise suggested that to promote monetary access, the federal government might have large PSUs develop a
financial inclusion fund, similar to the CSR requirements
This fund might be run in an industrial manner.Nitya Sharma, CEO - & Co-Founder, Simpl, stressed that there is an immediate need to deepen
monetary inclusion and create a more robust financial ecosystem that would have the ability to withstand future disturbances like the
