BENGALURU: Finance Minister Nirmala Sitharaman on Sunday cautioned customers towards monetary influencers (finfluencers) and warned that a number of apps providing monetary schemes are ponzi scams, which is being handled through the finance ministry along side the ministry of electronics & IT and the RBI.
“We are clamping down on them like by no means ahead of. We are not looking for the ones ponzi apps putting off folks’s hard-earned cash,” she said.
Speaking at an event in Bengaluru, the FM said there was no proposal before her to regulate finfluencers, her statement comes months after Sebi’s move to regulate social media influencers. Countries such as Australia and the UK are also cracking down on influencers advertising financial products on social media.
“If there are three or four people giving free objective good advice, there are seven others who are driven by other considerations,” Sitharaman said.
Social influencers, financial influencers are all out there, she said. “But a very strong sense of caution is required in each one of us to make sure that you double check, talk to people, and don’t just flock to something. We have to be careful. It’s our hard-earned money. ,
Sitharaman also said that the government has taken several steps to widen the tax base, while ruling out any move to tax agricultural income.
“We are not increasing taxation but bringing it down. We are also giving a parallel scheme, where there are no exemptions and the rate is very low…. Changes have been brought to encourage people to come into the tax fold. For a truly salaried person, tax gets deducted. But for some others, who spend on foreign travel or (undertake) a huge expense on buying a car or a property, we do have tax deduction (at source). The deduction is not with the intent of putting a higher burden, but with an intent to reconcile this,” the FM stated.
While acknowledging that there are some non-salaried who paid the TDS however didn’t report returns, Sitharaman stated there was once better monitoring and an consciousness marketing campaign was once additionally offered. “Tax is being paid for a countrywide reason, to construct roads and hospitals. But it can not most effective be at the salaried magnificence as a result of their source of revenue is traceable. We are doing numerous campaigns. At the similar time, we’re seeking to get nearer (to the non-salaried) via those measures. The salaried magnificence infrequently really feel why they’re most effective stressed and now not others are wondered. They will have to keep in mind that the federal government is coming near others as neatly, giant expenditures at the moment are being taxed, they are paying TDS,” she stated.
“We are clamping down on them like by no means ahead of. We are not looking for the ones ponzi apps putting off folks’s hard-earned cash,” she said.
Speaking at an event in Bengaluru, the FM said there was no proposal before her to regulate finfluencers, her statement comes months after Sebi’s move to regulate social media influencers. Countries such as Australia and the UK are also cracking down on influencers advertising financial products on social media.
“If there are three or four people giving free objective good advice, there are seven others who are driven by other considerations,” Sitharaman said.
Social influencers, financial influencers are all out there, she said. “But a very strong sense of caution is required in each one of us to make sure that you double check, talk to people, and don’t just flock to something. We have to be careful. It’s our hard-earned money. ,
Sitharaman also said that the government has taken several steps to widen the tax base, while ruling out any move to tax agricultural income.
“We are not increasing taxation but bringing it down. We are also giving a parallel scheme, where there are no exemptions and the rate is very low…. Changes have been brought to encourage people to come into the tax fold. For a truly salaried person, tax gets deducted. But for some others, who spend on foreign travel or (undertake) a huge expense on buying a car or a property, we do have tax deduction (at source). The deduction is not with the intent of putting a higher burden, but with an intent to reconcile this,” the FM stated.
While acknowledging that there are some non-salaried who paid the TDS however didn’t report returns, Sitharaman stated there was once better monitoring and an consciousness marketing campaign was once additionally offered. “Tax is being paid for a countrywide reason, to construct roads and hospitals. But it can not most effective be at the salaried magnificence as a result of their source of revenue is traceable. We are doing numerous campaigns. At the similar time, we’re seeking to get nearer (to the non-salaried) via those measures. The salaried magnificence infrequently really feel why they’re most effective stressed and now not others are wondered. They will have to keep in mind that the federal government is coming near others as neatly, giant expenditures at the moment are being taxed, they are paying TDS,” she stated.