Unlocking Data Flow: GST Empowers Account Aggregators
New Data-Sharing Framework:
The Central Government, in accordance with CGST Act and IGST Act, introduces a data-sharing framework through the notification of "Account Aggregator."
Legal Authority Activation:
Empowered by Section 158A of CGST Act and Section 20 of IGST Act, this move authorizes the common portal to share information with designated Account Aggregators.
Consent-Based Sharing:
Information sharing with Account Aggregators is contingent on user consent, aligning with principles of data privacy and individual choice.
Operational Commencement:
The notification is set to become operational starting from October 1, 2023, marking a significant milestone in data-sharing practices.
Defining "Account Aggregator":
The notification clarifies "Account Aggregator" as a non-financial banking company, adhering to RBI policy directions and defined as per the NBFC - Account Aggregator Directions, 2016.
Reserve Bank of India Involvement:
The involvement of the Reserve Bank of India adds a layer of regulatory oversight to ensure compliance with established norms.
Facilitating Financial Data Flow:
This strategic move aims to facilitate secure and regulated flow of financial data, promoting transparency and efficiency in the financial ecosystem.