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By:

Abhijit Mulye

21 August 2024 at 11:29:11 am

Govt assures swift UCC implementation

Mumbai: Maharashtra government unequivocally declared its commitment to implementing the Uniform Civil Code across the state, assuring the legislative assembly that a comprehensive legal framework is already in the advanced stages of formulation. Minister of State for Home Yogesh Kadam categorically stated on the floor of the House on Tuesday that the ruling Mahayuti administration is entirely positive about the swift introduction of the Uniform Civil Code to standardize personal laws. To...

Govt assures swift UCC implementation

Mumbai: Maharashtra government unequivocally declared its commitment to implementing the Uniform Civil Code across the state, assuring the legislative assembly that a comprehensive legal framework is already in the advanced stages of formulation. Minister of State for Home Yogesh Kadam categorically stated on the floor of the House on Tuesday that the ruling Mahayuti administration is entirely positive about the swift introduction of the Uniform Civil Code to standardize personal laws. To facilitate this monumental legislative transition, the state government has formally sanctioned the constitution of a dedicated expert committee, which is being spearheaded by a retired High Court judge. This committee has been entrusted with the critical responsibility of meticulously preparing the draft bill for the Uniform Civil Code, which the government intends to enact immediately upon the submission of the final report. Emphasising the overarching objectives of the proposed legislation, Kadam noted that the Uniform Civil Code would universally apply to every citizen irrespective of their religious affiliations and would explicitly incorporate a stringent ban on the controversial practice of polygamy. The minister drew direct parallels with the legislative measures recently adopted by states like Uttarakhand, underscoring that the impending law in Maharashtra would similarly entail severe penal consequences, potentially including imprisonment for up to seven years for violations related to polygamy and illegal divorce practices. He firmly maintained that the government’s approach is fundamentally secular, harboring no animosity toward any specific religion, but is rather driven by the constitutional imperative to extend equal rights, legal protection, and comprehensive justice to women from all communities. This definitive policy assurance from the government was catalysed by a highly volatile calling attention motion initiated by BJP legislator Devyani Farande, which thrust the deeply sensitive issues of triple talaq and polygamy into the center of the assembly’s monsoon session. Farande brought the ongoing plight of Muslim women to the immediate attention of the House, asserting that despite the central government’s strict legislative prohibition, the illegal practice of instant divorce continues to flourish unabated.

India’s New Money Rules, Explained

From UPI payments to credit cards and loans, recent financial changes are making everyday transactions safer, faster and easier to manage.

India’s financial system is changing quickly, especially with the growth of digital payments and stricter banking rules. Recent updates in UPI payments, credit cards and loans are designed to make transactions safer, more transparent and easier for everyone. From paying a grocery bill to applying for a home loan, these changes are beginning to affect the way people manage money in their everyday lives. But what do these updates actually mean for common people? Let’s break it down.


UPI Gets Smarter

The Unified Payments Interface (UPI) has become an integral part of daily life, whether for paying grocery bills or transferring money to friends and family. Recent changes have made the platform more versatile, with easier linking of credit cards, higher transaction limits for select payments such as education fees and taxes, and improved auto-pay features for bills and subscriptions.In practical terms, UPI is no longer just a payment tool — it is becoming a more complete financial convenience platform.For users, these upgrades mean faster payments, reduced dependence on cash, and greater convenience. For small businesses, they enable instant settlements and more efficient cash-flow management.


Tighter Security Checks

As digital payments continue to grow, security has become a top priority. The Reserve Bank of India (RBI) has introduced stricter safeguards, including stronger authentication through OTPs, PINs and biometrics, instant alerts for every transaction, and improved fraud-detection systems.


These measures are designed to reduce the risk of fraud, but users still need to remain cautious and avoid sharing OTPs or other sensitive details.


Greater User Control

Credit card usage is becoming more transparent and user-friendly, with new rules aimed at giving customers greater control over how their cards are issued and managed. Under these changes, no card can be activated without the user’s explicit consent, banks cannot raise credit limits without prior approval, and customers must be given clearer information about charges, interest rates and penalties.These measures are expected to reduce hidden surprises, improve transparency and help users keep better control over their spending.


Borrowing Gets Easier

Loan rules have also been updated to make borrowing easier and more structured, particularly for those seeking housing and personal loans. Housing finance has become more accessible, especially for middle-income groups, while loan approvals are being processed faster through simplified procedures and better coordination between banks and financial institutions.For individuals, these changes mean easier access to funds, whether for buying a home, meeting urgent financial needs or managing personal expenses more efficiently.


Transparency in Income and Taxes

One of the biggest impacts of digital payments is the greater transparency they bring to financial transactions. Every payment leaves a digital trail, making it easier to track income and expenses, file taxes more accurately, and reduce the chances of disputes with tax authorities.At the same time, this also means that individuals and businesses must be more careful about maintaining proper records and reporting income correctly.


Small Businesses Boost

Small shops and local businesses are among the biggest beneficiaries of the shift to digital payments. QR code-based transactions have made payments simpler, instant settlements have improved cash flow, and easy access to transaction histories has made it easier for businesses to track sales and manage daily operations more efficiently.


At the same time, small business owners should remain mindful of service charges and regularly review their accounts to avoid unnecessary costs or discrepancies.


Overall, these changes are making India’s financial system safer, faster, and more transparent. For everyday users, it means more convenience and control. For businesses, it opens up new opportunities for growth.


The key is simple: stay informed, use digital tools wisely, and keep your financial records in order.


(The writer is a Chartered Accountant based in Thane. Views personal.)


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