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  • Saturday, July, 2020| Today's Market | Current Time: 04:19:02
  • FinTech : Union Budget reaction on behalf of Indifi Technologies, mPokket and ToneTag

    Published on July 7, 2019

    Mr. Alok Mittal, CEO & Co-founder Indifi Technologies & active angel investor
    Indifi Technologies is a Debt Financing platform for SME’s in India)

    “We duly welcome the budget announcements made, specifically pertaining to MSMEs and digital payments segment. The government has undertaken strong steps to give a big boost to MSMEs while encouraging and facilitating a cashless economy. The budget has contributed to three most important factors for MSMEs-ease of credit accessibility, greater security for small players through the pension offering and greater transparency as well as convenience in tax processes.

    The government has proposed to establish an online portal that will enable loans of INR 1 crore to be distributed to MSMEs within 59 minutes, which immensely enhances the ease of credit for MSME enterprises. Additionally, the government also planned to establish a payment portal dedicated to MSMEs that can eliminate the delays in payments”

    Mr. Gaurav Jalan, Founder & CEO, mPokket

    A digital lending platform offering short term personal loans to college students )
    The budget announcements made regarding startups and popularizing digital transactions are steps in the right direction. The potential resolution of the Angel Tax issue is a big relief as with requisite declarations both start-ups and individual angel investors will be spared from scrutiny on valuation and share premium. Moreover, by levying 2% TDS on cash withdrawals exceeding Rs. 1cr in a year from a bank account, the budget has taken concrete steps towards discouraging cash transactions and enabling widespread adoption of digital payments. We believe the government has taken meaningful steps to bolster the growth of the startup ecosystem as well as promoting a cashless economy, and we are looking forward to the Indian economy growing rapidly in the next 5 years!

    Mr. Kumar Abhishek, CEO & Co-founder, ToneTag  global technology solution provider, harnessing the power of ‘Sound’ for contactless payments

    The growth of a rapidly developing economy like India definitely lies in developing a more robust and frictionless cashless payment system. The proposed initiatives by the Government to promote digital modes of payment will help in reducing the infrastructural cost of cash management and contribute towards a transparent economy.