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A blog on financial markets and their regulation
I made an advance tax payment online today and it struck me that the bank never asks for two factor authentication for advance tax payments. It seems scandalous to me that payments of several hundreds of thousands of rupees are allowed without two factor authentication at a time when the online taxi companies are not allowed to bypass two factor authentication for payments of a few hundred rupees.
I can think of a couple of arguments why advance tax is different, but none are convincing:
The point is that the rule of law demands that the same requirements apply to one and all. The “King can do no wrong” argument is inconsistent with the rule of law in a modern democracy. I believe that all payments above some threshold should require two factor authentication.