4 ms·
How is it KYCd yet also private?
by fragmede 4mo ago
How is it KYCd yet also private?
- globemaster99 4mo agoIt's the intention and use case. The government want to reduce the fund leakages and reduce corruption, directly transfer the money to citizens, reduce transaction costs. Hence it works. The government does not track all the transactions. You need a police FIR, to review these transactions. In short, Indian government does not track or they don't have the scaling to track. But they can do it, if there is any criminal complaint.
- deleted 4mo ago[deleted]
- khriss 4mo ago> In short, Indian government does not track or they don't have the scaling to track This is completely wrong. Not only can the Indian govt track each these transactions, it's actually written into law via the 'anti money laundering' bill (PMLA) and the income tax act. For a very high level overview, see https://www.bankbazaar.com/tax/tax-on-upi-transactions.html https://www.bankbazaar.com/tax/tax-on-upi-transactions.html From the article 'Can the Income Tax Department Track Your UPI Transactions? Yes. With the integration of PAN, Aadhaar, and Know Your Customer (KYC) via all banking and fintech channels, all your UPI transactions can be tracked. If you think your small-value digital transfers won't be traced, you are mistaken. UPI payments are directly linked to your bank account, and bank records can be obtained by tax officers through scrutiny or reassessment.' Specifically, no complaint or warrants are needed to enable access to UPI transaction records.
- crop_rotation 4mo agoYeah globemaster99's point seems very naive.
- cute_boi 4mo ago> You need a police FIR, to review these transactions. In India, if you even have a small power you can easily review any transactions...
- blackoil 4mo agoI think OP meant network is private. That also is wrong, it is semi govt.