Financial inclusion | Government Budgeting | Liberalization | Fiscal Policy

RBI 2019 - 2021 vision - https://www.drishtiias.com/images/uploads/917image5.webp

• The Payment Systems Vision 2021 envisages achieving a ‘highly digital’ and ‘cash-lite’ society through the goalposts of competition, cost-effectiveness, convenience, and confidence.
• The need for a self-regulatory organisation: for the digital payment space, which can serve as a two-way communication channel between the players and the regulator. The organisation will also work towards establishing minimum benchmarks, standards, and help discipline rogue behaviour.

* Govt has planned to reintroduce estate inheritance tax which was there from 1953 (estate duty act 1953) to 1985 (abolished due to double tax on wealth (abolished in 2016))

An report from OXFAM says that 58% of property in India is concentrated in 1% of population which exceed global average of 50%. Introduce to remove disparity in inequality n govt to HV more fund to spend for welfare.

Concern - estate owner may not have money to pay n that wl lead to Distress sale n outgoing of capital abroad. Developed economy like UK n US also impose estate tax.

* As per International consortium for investigative Journalist (ICJI) as many as 50 entities have been attached to any form of multinational companies for tax avoidance in MORITIOUS leaks. As moritios has low tax rate companies use this as tax evasion purpose n then routed the money through FDI in India.

ICIJ has previously leaked PANAMA papers of Swiss for which it got pulizer price. Is is non profit org With global network of people n companies who work together on most imp issues of world n totally funded on donation.