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Union Finance Minister Nirmala Sitharaman said that VDAs would be taxed at 30 per cent.
Working hours will be affected under the new labour laws.
The tokenisation facilitates payments through cards by generating a unique alternate code.
The Jeevan Umang policy is a participating, non-linked policy.
Earlier, the government asked citizens to link PAN and Aadhaar cards before 31st March 2022.