May 27, 2024

We live in a constantly changing and evolving world. Every day, hundreds of new businesses are getting registered with footfall in the millions. This has increased the need for crowd management as well as raised security concerns. To address these issues, businesses and housing societies are increasingly opting for the services of private security agencies. These agencies provide security to private property, government property, housing societies, small and large businesses to name a few. Establishments like schools, hospitals, banks, jewellery shops etc routinely hire private armed security personnel for the safety of their businesses and customers. Many individuals also hire private security for themselves. In India, private security agencies need to register under the Private Security Agencies (Regulation) Act, 2005 (PSARA). This act was introduced to standardize the business of private security and also set some standards regarding private security. This act provides for rules and regulations regarding opening and operating a private security agency in India. Running a security agency without PSARA license is illegal. Agencies registered under the PSARA Act 2005 not only provide security services, but some agencies also render training services for security guards. What is PSARA License Regulations? Private security agencies are regulated under the PSARA Act 2005. Under the act it is mandatory to register a security company and obtain the necessary license before starting a security business in India. The license to operate a private security agency is granted by the state government. Agencies must strictly adhere to all the rules and regulations of the license and renew it when necessary. Failure to comply with the rules may result in the cancellation of the license. Apart from this, the agencies need to comply with following laws: The Minimum Wages Act 1948 The Payment of Wages Act 1936 The Payment of Bonus Act 1965 The Payment of Gratuity Act 1972 The Contract Labour(Regulation and Abolition Act) 1970 The Industrial Disputes Act 1947 The Equal Remuneration Act 1976 The Employee Provident Fund and Miscellaneous Provisions Act 1952 Private Security Agencies (Regulation) Act, 2005 (PSARA) The Private Security Agencies (Regulation) Act, 2005 is a vital law in India to regulate private security agencies in India. It was enforced on the 14th of March 2006. The act is supported by the Private Security Agencies Central Model Rules, 2006, providing implementation guidelines. Each state designates an officer, not below the rank of Joint Secretary, as the controlling authority for private security agencies.Psara License Validity: A PSARA License remains valid for five years from the date of issuance. To renew the license, agencies must apply 45 days before its expiry. If the license expires, a new license will have to be obtained by filing a fresh application. Compliance with the renewal provisions is crucial to avoid penalties, suspension, or revocation of the license. Eligibility Criteria for PSARA License in India Eligibility Criteria and Prerequisites A person or company needs to fulfill certain criteria before applying for a private security agency license in India:  A private security agency must be a registered company, LLP, firm etc Must have an office in state for which license is sought Director/s must be citizen of India.  Must have a minimum of 25 employees, of which atleast half have completed prescribed training  Adequate insurance coverage for all employees Eligibility Criteria for Director The eligibility and criteria to work as director is as follows:  Must be an Indian citizen. Must be of 18 years of age. Must have adequate financial and other resources to bear the business expenses. Must not have any convictions against him Eligibility Criteria for Security Guard A person looking to work as security guard in PSA’s needs to fulfill following criteria:  Must be a citizen of India  Must be between the ages of 18 and 65. Must have acquired prior and necessary training. Must not be terminated from any government service.  Fulfill the desired physical measurements.  Assurance regarding the character of the individual has must be provided. What are the Documents Required for PSARA License? Certificate of Incorporation PAN  GST  Registration under the Labour Act  Registration under Shops and Commercial Establishments Act  Provident Fund Registration  Employees State Insurance Corporation Registration Income Tax Returns of the Directors Copy of Identity Proof of the directors and the employees Two passport size photographs of the promoters with copy of PAN. Proof of address of the Agency Office Affidavit under Section 7 (2) of PSARA, 2005 Security training affidavit Signed Memorandum of Understanding (MOU) with the training institute Character certificate of employees Identity card of employees  Logo and uniform pattern of the agency Stepwise Process of Obtaining Psara License Document Preparation: Gather all required documents and ensure they are well-organized. You must collect various registrations and details of the agency’s promoters and directors. Clear and legible documentation is essential to prevent discrepancies. The application can be submitted through the online portal after e-signing formalities. MOU with Training Institutes: Choose an eligible training institute listed on the PSARA website (https://psara.gov.in) and enter into a Memorandum of Understanding (MOU) with them. This partnership is necessary to provide training to potential security personnel.  Agencies that offer training tend to attract high-quality employees. Ex-servicemen may receive certain exemptions and relaxations related to training requirements. Application Filing: Submit the application (Form-I) to the respective state authority for the PSARA License. Additionally, enclose Form-II for verification of the agency’s antecedents and an Affidavit in Form-III as required. Police Verification: After filing Form-I, police verification is conducted. If the agency is a partnership or a company, the directors are also subjected to police verification. Grant of PSARA License: The state authority will examine the application and may grant the PSARA License in Form-IV after successful verification. Alternatively, the application may be rejected. FAQs What are the penalties for operating without a PSARA licence? Operating a private security agency without a PSARA licence can lead to imprisonment extending for 1 year. Also a fine may be imposed extending to Rs.25,000. Is FDI permitted in the Private Security Agency business in India? Foreign direct investment in a Private Security

Account holders can link Aadhaar card with bank accounts both online and offline. Aadhaar seeding with bank account online can either be done through the bank’s mobile application or through internet banking. However, to avail the facility, the user should be registered with the bank for the service. Mentioned below are a few key ways how to link Aadhaar Card with bank account online and offline The government has made it mandatory to link Aadhaar and bank accounts only for receiving government scheme benefits and other benefits provided by the government. However, it is not mandatory to link the Aadhaar card with a bank account to access banking services.  Thus, it is optional to link your Aadhaar card with your bank account. Linking your Aadhaar card with your bank account is only mandatory to access numerous government subsidies and benefits, which include welfare schemes, direct cash transfers, scholarships, and pensions. Importance of Linking Aadhaar with Your Bank Account Improved financial security: You can ensure increased financial security by linking your Aadhaar card with your bank account. This minimises the chances of theft and financial fraud leading to monetary losses.  Ease of identity verification: Aadhaar card contains all your demographic and biometric data so financial institutions can cross-verify their identity. This ensures that only you can access your bank account, providing maximum security.  Seamless online transactions: Numerous Aadhaar-enabled payment systems (AEPS) eliminate your need to remember PINs and passwords. Hence, it simplifies financial transactions from your account.  Ease of account management: Linking your Aadhaar card with your bank account simplifies the KYC process. This helps consolidate identity and address proof, reducing the documentation process for financial transactions.  Seamless digital payments: Digital payments are extremely common for account holders. Upon linking your bank account with an Aadhaar card, you can access various credit facilities and contribute to the growth of a cashless economy.  Additional benefits: With the evolving technology, linking an Aadhaar card with a bank account provides an innovative solution to prevent fraud of any type. These solutions include eKYC, biometric-based authentication, and more.  You can instantly link your Aadhaar card with your bank account to reap these benefits. All you need to do is visit the official bank website or app. Click the ‘View/Update Aadhaar card’ option. Then, enter your profile password and your UID number twice and click on submit.  Online Procedure Linking Aadhar through Internet Banking Here are the steps to link a bank account with Aadhaar using Internet Banking. Step 1: The user has to login to the bank’s official website. Step 2: The user has to enter the user ID and password. Step 3: From the ‘My Account’ section, the user has to click ‘Update Aadhaar with Bank Accounts (CIF)’. Step 4: The user has to enter the profile password for Aadhaar registration. Step 5: Enter the Aadhar number twice on the new page. Step 6: Once the Aadhar number is entered, the user has to click the ‘Submit’ option. Step 7: After successful linking of the Aadhar with the bank account, a message is sent to the registered mobile number. Linking Aadhar through Bank’s Mobile Application Here are the steps to link Aadhar using the Bank’s mobile application. Step 1: The user has to login to the bank’s mobile application. Step 2: From the ‘My Accounts’ section, click ‘Services’ tab and then click on the ‘View/ Update Aadhaar card details’ option. Step 3: The user has to enter the Aadhaar number twice and then click on ‘Submit’ option. Step 4: Once it is successfully linked to the bank account, the account holder will be notified with an SMS. Offline Procedure Linking Aadhar by Visiting Banks Here are the steps to link Aadhaar to bank accounts by approaching banks. Step 1: The user has to fill in the application form duly. This application can be obtained online if not can be the user can get from the bank. Step 2: Enter the bank account details and the Aadhaar number. Step 3: The user has to affix a self-attested photocopy of the Aadhaar card with the application form. Step 4: The application form along with the photocopy of the Aadhaar card has to be submitted at the counter where the applicant has to furnish the original Aadhaar card for verification. Step 5: The application will be accepted by the bank officials, and it takes a couple of days to link Aadhaar with the bank account. Step 6: Once it is linked, the applicant will be notified in the registered mobile number. Linking Aadhaar by Visiting ATM Here are the steps to link Aadhaar with bank accounts by visiting ATMs. Step 1: The cardholder has to swipe the card and enter the PIN. Step 2: Select ‘Registrations’ from the ‘Services’ menu. Step 3: Select ‘Aadhaar Registration’ option. Step 4: Select the account type and enter the 12-digit Aadhaar number. Step 5: The Aadhaar number has to be re-entered and then click the Okay button. Step 6: The user will be notified through an SMS once the AAdhaar is successfully linked to the bank account. Linking Aadhar though SMS An account holder can link Aadhaar through SMS, but all banks do not provide this facility. Also, the SMS format with the number differs from one bank to another. A sample format is given below. Step 1: A message has to be typed in this format. UID<space>Aadhaar number<space>Account number and send it to 567676. Step 2: A confirmation message will be sent stating that the request for linking Aadhar has been accepted. Step 3: The bank verifies the details with UIDAI. Step 4: If the verification goes unsuccessful, the user will be notified to visit the nearest bank branch with the original Aadhaar. Linking Aadhar though Phone Many banks provide the facility to link Aadhaar with the bank account using a phone. However, the contact number differs from one bank to another bank. Step 1: If the bank supports Aadhar linking over the phone, the user has to give a missed call to the number that is provided by the concerned bank. Step 2: The user receives a call back from the bank where he/ she can select options from the IVR. Step 3: The user has to enter the 12-digit Aadhaar number and then has to confirm it. Step 4: Once it

A ration card is a document of identity and residential proof issued by the Department of Food Supplies, and Consumer Supplies. The objective behind issuing an NFS Delhi ration card is to provide food and supplies to the residents of Delhi at subsidized rates. The NFS Delhi ration card does not just serve as proof of identification in Delhi but is valid as proof all over the country.   What’s a Ration Card? Ration card is considered to be an essential legal document in India that is used for identity and address verification. Ration card also often used as an identification proof while applying for domicile certificate, income certificate, drivers license, PAN card, etc. Which are the Different Types of Ration Cards Issued in India? Delhi Government issues different types of Ration Card for the people in the state. The total population of Delhi has been classified into the following categories for proper supply and distribution of SFA’s and Kerosene oil. Above Poverty Line (APL):- The Government will issue APL Cards (White Colour) to the families having total income above Rs 1,00,000 per annum. Below Poverty Line (BPL):- Families having a total family income below Rs 24,200 per annum have been identified under this category. Antyodya Anna Yojana (AAY):- Household with a disabled adult and no assured means of subsistence, landless labourers, marginal farmers, artisans, craft men, widows, terminally ill persons etc. are covered under this scheme. Annapurna Yojana (AY):- Under this scheme, a destitute person with more than 65 years of age having no source of income and not availing the benefit of national Old Age Pension or State Pension Scheme can avail 10 Kg of food grains free of cost every month. Eligibility Criteria to Apply for a Ration Card Delhi BPL: This type of ration card is issued to people falling below the poverty line. APL: This type of ration card is issued to people who are above the poverty line but below the middle class. AAY: This type of ration card is issued under the Antyodaya Yojana to people who are financially weaker than other classes of people. AY: This type of ration card is issued under the Annapurna Yojana to people above the age of 65 years who have no source of income. Such ration card holders are entitled to 10 kilograms of rice every month. What are the Documents Required to make a Ration Card in Delhi? Aadhaar Card Voter Identity card Income certificate Passport size photograph of family members. How to Check the Ration Card Delhi List? Step 1: Visit the official website of the Department of Food, Supplies and Consumer Affairs, GNCT of Delhi at https://nfs.delhigovt.nic.in/Home.aspx Step 2: Go to the ‘Citizen’s Corner’ and scroll down to the list of options being displayed.   Step 3: Next, select the ‘FPS Wise Linkage of Ration Card’ option.  Step 4: Next, select ‘Delhi’. Step 5: Now, select the desired district, and circle name. Step 6: Next, select the ration card type of your Delhi ration card  Step 7: The list of all the ration cards issued in the chosen area will be displayed on the screen.  Delhi Ration Card Apply- How To Do That? Step 1:Visit the official website of the Department of Food, Supplies and Consumer Affairs, GNCT of Delhi at https://nfs.delhigovt.nic.in/Home.aspx Step 2:Go to the ‘Citizen’s Corner’ and scroll down to the list of options being displayed.   Step 3:Next, select the ‘Apply online for food security’ option.  Step 4:You will be redirected to an e-district page.  Step 5:Next, you will need to register as a user by entering the details prompted. If you are already registered, enter your login details. Step 6:If you are registering as a new user, a registration form will open on your screen after you click on the ‘Register’ option.  Step 7:Enter the details prompted and complete the registration process. Step 8:Now, select ‘New Ration Card Registration Form’ option. Step 9:A registration form for a new ration card will appear on your screen, fill in all the details required. Step 10:Next, click on the ‘Upload Documents’ option and upload scanned copies of all supporting documents required.  Step 11:Once all documents are uploaded, click on the ‘Submit’ option. FAQs What is the eligibility criteria to apply for a NFS Delhi ration card? Any individual who is a resident of Delhi is eligible to apply for an NFS Delhi ration card. What are the documents required to apply for an NFS Delhi ration card? The documents required are the applicant’s Aadhaar card, PAN card, and a passport-sized photograph. 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Capital markets are where savings and investments are channeled between suppliers and those in need. Suppliers are people or institutions with capital to lend or invest and typically include banks and investors. Those who seek capital in this market are businesses, governments, and individuals. Capital markets are composed of primary and secondary markets. The most common capital markets are the stock market and the bond market. They seek to improve transactional efficiencies by bringing suppliers together with those seeking capital and providing a place where they can exchange securities. What Are Capital Markets? A capital market is a platform for channelling savings and investments among suppliers and those in need. An entity with a surplus fund can transfer it to another that needs capital for its business purpose through this platform. Typically, suppliers include banks and investors who offer capital for lending or investing. Businesses, governments, and individuals seek capital in this market. A capital market aims to improve transaction efficiency by bringing together suppliers and investors and facilitating their share exchange. A capital market is a broad term for the physical and online spaces where financial instruments are traded. Stock markets, bond markets, and currency markets (forex) are all types of capital markets. They facilitate the sale and purchase of equity shares, debentures, preference shares, zero-coupon bonds, and debt instruments. Primary vs. Secondary Markets Primary Market- When a company publicly sells new stocks or bonds for the first time, such as in an initial public offering (IPO), it does so in the primary capital market. This market is sometimes called the new issues market. When investors purchase securities on the primary capital market, the company that offers the securities hires an underwriting firm to review it and create a prospectus outlining the price and other details of the securities to be issued. All issues on the primary market are subject to strict regulation. Companies must file statements with the Securities and Exchange Commission (SEC) and other securities agencies and must wait until their filings are approved before they can go public. Small investors are often unable to buy securities on the primary market because the company and its investment bankers want to sell all of the available securities in a short period of time to meet the required volume, and they must focus on marketing the sale to large investors who can buy more securities at once. Marketing the sale to investors can often include a roadshow or dog and pony show, in which investment bankers and the company’s leadership travel to meet with potential investors and convince them of the value of the security being issued. Secondary Market- The secondary market includes venues overseen by a regulatory body like the SEC where these previously issued securities are traded between investors. Issuing companies do not have a part in the secondary market. The New York Stock Exchange and Nasdaq are examples of secondary markets. The secondary market has two different categories: the auction and the dealer markets. The auction market is home to the open outcry system where buyers and sellers congregate in one location and announce the prices at which they are willing to buy and sell their securities. The NYSE is one such example. In dealer markets, though, people trade through electronic networks. Most small investors trade through dealer markets. Stock Exchanges in India In India, there are twenty-two recognised stock exchanges. Regarding legal structure, the stock exchanges in the country could be segregated into two general groups – 19 stock exchanges which were set up as companies, either limited by guarantees or by shares and the three stock exchanges which were Association of Persons (AOPs), viz. Bombay Stock Exchange (BSE), Ahmedabad Stock Exchange (ASE) and Madhya Pradesh Stock Exchange (MSPE). The 19 stock exchanges which have been functioning as companies include the Stock Exchanges of Bangalore, Bhubaneswar, Kolkata, Cochin, Coimbatore, Delhi, Guwahati, Hyderabad, Interconnected SE, Jaipur, Ludhiana, Madras, Magadh, Pune, Saurashtra-Kutch, Uttar Pradesh, Vadodara, National Stock Exchange (NSE) and Over the Counter Exchange of India (OTCEI). Apart from the NSE, all stock exchanges, whether established as corporate bodies or as AOPs, were non-profit making organisations. Regulatory Requirements All securities issued by a public issue must be listed in one or more stock exchanges. The effect of debt securities having a maturity period of more than 365 days by companies including listed companies (i.e. which have any of their securities, either as equity or debt, offered through an offer document and listed on a recognised stock exchange and also involves public sector projects whose securities are listed on a well known stock exchange) on a private placement basis must comply with the conditions prescribes by SEBI from time to time for getting them listed on the stock exchanges. Further, unlisted companies/ statutory corporations/ other entities, if they so desire, may get their privately placed debt securities listed on the stock exchanges by complying with the relevant conditions. The debt securities may carry a credit rating from a credit rating agency registered with SEBI. The debt securities may be issued and traded in the Demat form. FAQs What Is a Primary vs. Secondary Market? New capital is raised via stocks and bonds that are issued and sold to investors in the primary capital market, while traders and investors subsequently buy and sell those securities among one another on the secondary capital market but where no new capital is received by the firm. Which Markets Do Firms Use to Raise Capital? Companies that raise equity capital can seek private placements via angel or venture capital investors but are able to raise the largest amount through an initial public offering when shares list publicly on the stock market for the first time. Debt capital can be raised through bank loans or via securities issued in the bond market. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in