New Delhi, Feb 1: In order to crackdown on shell companies and track the flow of public money, the government will be starting a new scheme in which enterprises will be given new a unique ID similar to Aadhaar. Also Read - Passenger Vehicle Retail Sales Rises by 24% in December: FADA
Announcing the move in his Budget 2018 speech, Finance Minister Arun Jaitley said on Thursday that the move aims to increase ease of doing business and promote formalizing of the MSME sector along with helping in creating more data driven policy. Also Read - Inspiring! Differently Abled Man From J&K Sets up Own Business, Provides Employment to Others
This comes after the government’s ambitious unique identity scheme Aadhaar which has covered over 99 per cent of the adult population of the country with close to 118 crore Indians allotted a unique identity number. Also Read - Snowflake CEO Becomes One Of The Best-Paid Tech Executives, This Much He Earns
However, it is yet to be seen how business owners will react as Aadhaar for individuals is already facing severe scrutiny in the Supreme Court.