<p>Attempts were made to hack the online system of a PSU bank recently but they were foiled by timely action, Finance Minister Arun Jaitley said today.<br /><br />Jaitley said after the hacking attempts, all banks and the Reserve Bank of India have taken a number of security measures to check such designs.<br /><br />"Technology firewalls are created to check hacking. If the financial system is hacked, then there is a threat to the entire banking network," he said during Question Hour in Lok Sabha.<br /><br />Jaitley said RBI and the banks are aware and they are taking action.<br /><br />Referring to startup companies, the Finance Minister said since the launch of the startup India initiative in January 2016, a detailed action plan was being implemented which laid down the roadmap for creating an ecosystem conducive for the growth of startups in the country.<br /><br />"An inter-ministerial committee has been constituted to monitor the implementation of this action plan," he said.</p>.<p>On the package of tax concessions offered to startups, Jaitley said there is an exemption from payment of capital gains tax if one liquidates a capital asset in order to invest in a startup.<br /><br />"That is also part of the package itself. That in itself is an incentive to a potential investor," he said.</p>.<p><br />With regard to those who invest in startups, the minister said since it is an innovation, it is a hit and trial.<br /><br />He said there are startups which will fail, startups which will have to exit and startups which will succeed and their valuations will go up phenomenally.<br /><br />"Therefore, some kind of flexibility and elasticity has been given to them. They can choose a block of three years out of the five years in which they are entitled to an exemption from payment of taxes and that amount of flexibility is a part of the tax concession package given to the startups," he said.</p>
<p>Attempts were made to hack the online system of a PSU bank recently but they were foiled by timely action, Finance Minister Arun Jaitley said today.<br /><br />Jaitley said after the hacking attempts, all banks and the Reserve Bank of India have taken a number of security measures to check such designs.<br /><br />"Technology firewalls are created to check hacking. If the financial system is hacked, then there is a threat to the entire banking network," he said during Question Hour in Lok Sabha.<br /><br />Jaitley said RBI and the banks are aware and they are taking action.<br /><br />Referring to startup companies, the Finance Minister said since the launch of the startup India initiative in January 2016, a detailed action plan was being implemented which laid down the roadmap for creating an ecosystem conducive for the growth of startups in the country.<br /><br />"An inter-ministerial committee has been constituted to monitor the implementation of this action plan," he said.</p>.<p>On the package of tax concessions offered to startups, Jaitley said there is an exemption from payment of capital gains tax if one liquidates a capital asset in order to invest in a startup.<br /><br />"That is also part of the package itself. That in itself is an incentive to a potential investor," he said.</p>.<p><br />With regard to those who invest in startups, the minister said since it is an innovation, it is a hit and trial.<br /><br />He said there are startups which will fail, startups which will have to exit and startups which will succeed and their valuations will go up phenomenally.<br /><br />"Therefore, some kind of flexibility and elasticity has been given to them. They can choose a block of three years out of the five years in which they are entitled to an exemption from payment of taxes and that amount of flexibility is a part of the tax concession package given to the startups," he said.</p>