The Distinctive Identification Authority of India (UIDAI) has not too long ago made a major announcement that can profit entities concerned in authentication and e-KYC processes. In a transfer geared toward selling digital inclusion and ease of doing enterprise, UIDAI has determined to evaluation and cut back the license charges for Authentication Person Businesses (AUAs) and e-KYC Person Businesses (KUAs) primarily based on transaction counts and the capital construction of the entities concerned. This transfer is available in response to suggestions from organizations that carry out fewer authentication transactions and have a smaller capital construction.
E-KYC has emerged as an important course of within the digital period, enabling seamless and safe verification of a person’s id and deal with data. It has revolutionized the best way companies onboard clients, open accounts, present providers, and adjust to regulatory necessities. By lowering the license charges related to e-KYC, UIDAI goals to encourage extra organizations to undertake this expertise and improve the accessibility and affordability of their providers.
Beforehand, UIDAI was charging a license price of 20 lakhs for a length of two years for AUAs and KUAs. Nonetheless, with the revised coverage, the charges have been adjusted to accommodate completely different transaction volumes. Listed below are the brand new license price constructions:
- AUAs dealing with as much as 5 lakh transactions yearly shall be charged Rs. 5 lakhs for a 2-year interval.
- AUAs managing a transaction quantity between 5 and 20 lakhs per yr shall be charged Rs. 10 lakhs for a 2-year interval.
- AUAs conducting greater than 20 lakh transactions per yr shall be charged Rs. 20 lakhs for a 2-year interval.
This new price construction is designed to offer flexibility and equity when it comes to monetary obligations for various entities primarily based on their transaction volumes.
Along with the revised license charges, UIDAI can also be introducing a provision to grant newly onboarded AUAs free entry to the pre-production atmosphere for the primary three months. Nonetheless, it’s important for these entities to transition into the manufacturing atmosphere inside the given timeframe. Failure to take action will consequence within the requirement to pay the pre-production license price of Rs. 5 lakhs.
Moreover, throughout subsequent renewals, if an entity is discovered to have carried out the next variety of transactions than initially acknowledged, the differential within the license price shall be recovered together with curiosity.
You will need to notice that these modifications within the license price coverage will come into impact from July 1, 2023. This announcement is predicted to have a constructive influence on organizations, particularly these with decrease transaction volumes, because it reduces the monetary burden related to acquiring and sustaining the mandatory licenses for authentication and e-KYC processes.
UIDAI’s choice to evaluation and modify the license charges demonstrates their dedication to selling inclusivity and supporting entities with completely different transaction volumes and capital constructions. By providing a extra tailor-made and inexpensive price construction, UIDAI goals to encourage wider participation and adoption of its authentication and e-KYC providers throughout numerous sectors.
Entities concerned in authentication and e-KYC processes ought to pay attention to these modifications. The lowered charges and suppleness offered by UIDAI current a superb alternative for organizations to leverage these providers extra successfully, contributing to a streamlined and safe digital identification ecosystem in India.
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At JISA Softech, we focus on offering Aadhaar associated options akin to E-KYC, Aadhaar Information Vault, Authentication and information safety options. If you’re fascinated by studying how your enterprise can combine these providers, please don’t hesitate to contact us. You possibly can attain us by calling +91-9619222553 or sending an e mail to gross [email protected].
