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Budget 2023: FM announces launch of National Data Governance policy, KYC to get simplified

Budget 2023: FM Sitharaman also said that the process of KYC will be simplified by adopting a risk-based system.

Edited By: Hritika Mitra @MitraHritika New Delhi Updated on: February 01, 2023 12:41 IST
Union Budget 2023, KYC, Pan,
Image Source : PTI Budget 2023: FM announces launch of National Data Governance policy, KYC to get simplified

Presenting the Union Budget in parliament, Finance Minister Nirmala Sitharaman on Wednesday said that the Union government will come up with a National Data Governance Policy, in order to provide start-ups with anonymised data. Other than this, Sitharaman also said that the process of KYC will be simplified by adopting a risk-based system. 

This is the fifth time she has presented the Union Budget which is being seen as very crucial for the Modi government as it is the last full-fledged budget before the next general elections scheduled to be held in 2024.

She also said that if MSMEs fail to execute contract, 95 per cent of performance security will be returned to small business as part of Vivad Se Vishwas scheme.

Vivad Se Vishwas scheme provides for settlement of disputed tax, interests, penalty or fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.

She also said that Phase-III of e-courts will be launched. State support mission of Niti Aayog will be continued for three years, the finance minister said.

In 2022, the IT ministry issued a fresh draft of the National Data Governance Framework Policy (NDGFP) with increased emphasis on sharing non-personal data for building a large repository of India-specific datasets and for use by researchers and start-ups.

(With inputs from PTI)

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