Tax experts clarify that merchants will pay 18% GST on Merchant Discount Rate (MDR) for UPI payments exceeding Rs 2,000, effective October 15. However, registered merchants can claim Input Tax Credit (ITC), mitigating the tax burden. This move is expected to generate significant GST revenue for the exchequer while funding payment infrastructure.
Opposition MPs have voiced strong concerns regarding the government's decision to levy a 0.4 per cent fee on UPI payments above Rs 2,000 made to merchants, effective October 15. They argue that this "anti-people" move will negatively impact a large segment of the population, despite the finance ministry clarifying that the charge is on the merchant ecosystem and not directly on customers for P2P or small payments.
The Sports Ministry has granted an exemption to the Indian Olympic Association (IOA), allowing it to maintain a 16-member Executive Council. This decision aligns with the International Olympic Committee's (IOC) recommendation, overriding the National Sports Governance Act's usual limit of 15 members, to ensure compliance with international statutes ahead of upcoming IOA elections.
The Finance Ministry has clarified that the 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15, is not expected to increase cash transactions or cause inflation. The ministry also dismissed allegations of US pressure influencing the decision, asserting that the policy aims to promote RuPay credit cards within the UPI ecosystem, and a monitoring mechanism will ensure the MDR burden is not passed on to consumers.
Former Rajasthan chief minister Ashok Gehlot has criticised the Centre for introducing a 0.4% charge on UPI transactions above Rs 2,000, alleging the decision was influenced by pressure from the United States and its payment companies like Visa and Mastercard. He highlighted a perceived shift in the government's stance on Merchant Discount Rate (MDR) for UPI, claiming it would ultimately burden consumers and small businesses while benefiting American firms.
India Under-19 secured a narrow seven-run victory over Australia U-19 in a rain-affected first Youth ODI. Anvay Dravid's explosive late innings and Yashbardhan Chauhan's all-round performance, including a half-century and two wickets, were pivotal. The match also marked the U19 debut of Aaryavir Sehwag, who contributed 28 runs.
Indian benchmark indices, Sensex and Nifty, traded marginally higher in early trade despite the US Federal Reserve's recent rate hike and indications of further tightening, with the National Stock Exchange's much-anticipated Rs 22,569-crore IPO also opening for subscription.
Manchester City secured their position at the top of the Premier League table with a thrilling 5-3 victory over Sunderland. Despite a hat-trick from Sunderland's Brian Brobbey, City maintained their 100% start to the season, with Antoine Semenyo scoring a double and Erling Haaland sealing the win late on. Elsewhere, Liverpool secured a 1-0 win against Bournemouth, while Leeds United drew 0-0 with Crystal Palace.
India's IT services industry is witnessing a surge in mergers and acquisitions, particularly among mid-cap companies, as AI-led pricing pressure and macroeconomic uncertainty compel firms to seek scale, capabilities, and broader market reach. This trend is exemplified by the recent merger of Happiest Minds Technologies and ITC Infotech, aiming to offer end-to-end solutions and compete for larger transformation programmes.
BSP chief Mayawati has criticised the Centre's decision to introduce a 0.4 per cent fee on UPI merchant transactions exceeding Rs 2,000, effective October 15. She termed it a "capitalist profiteering attitude" that burdens the common people, while the government clarified that the charge is on merchants and not customers for person-to-person transactions.
Anantjeet Singh Naruka and Parinaaz Dhaliwal overcame a challenging start to secure India's first-ever bronze medal in the Asian Games skeet mixed team event. Their remarkable comeback, fueled by mutual support and a fighting spirit, culminated in a significant achievement for Indian shooting, adding to their individual medal tallies at the Games.
The Supreme Court has raised concerns regarding Bengaluru's Premium Floor Area Ratio (FAR) scheme, questioning its impact on urban infrastructure. The court cited Gurugram's infrastructure collapse during rains as a cautionary tale, contrasting it with Greater Noida's planned development. The scheme allows property owners to purchase additional construction rights, but petitioners argue it strains existing infrastructure and could regularise illegal constructions.
New Zealand batter Mark Chapman has opted for a "casual contract" with New Zealand Cricket for the 2026-27 season to play in the Australian Big Bash League. Despite this, he will remain available for selection for the upcoming home series against India. This decision has opened up a central contract spot for fast bowler Matthew Fisher.
Veteran Indian all-rounder Ravindra Jadeja advised debutant Saransh Jain to treat his maiden Test match as another First-Class game, urging him to enjoy the moment without pressure. Saransh, the 320th player to represent India in Tests, expressed his happiness at receiving his cap from an all-rounder like Jadeja and dedicated his cricketing journey to his father.
Germany coach Juergen Klopp has urged citizens to reclaim expressions of national pride from 'the wrong people,' in a clear rebuke to the far-right Alternative for Germany (AfD) following their recent election victory.
Indian benchmark indices, Sensex and Nifty, closed nearly flat on Thursday, influenced by the US Federal Reserve's interest rate hike and indications of further monetary tightening. Despite some intraday gains, caution prevailed, with foreign institutional investors continuing to offload equities. Meanwhile, the National Stock Exchange of India's (NSE) mega initial public offering opened for subscription, garnering 39 per cent subscription on its first day.
Saransh Jain, the 33-year-old Madhya Pradesh all-rounder, made his India Test debut against Sri Lanka, replacing the injured Kuldeep Yadav, a testament to his consistent domestic performances.
The Aichi-Nagoya Asian Games are grappling with significant accommodation issues, including male and female athletes being allocated shared rooms and long waiting times for credential activation, forcing even the host Japan team to seek alternative arrangements.
India's markets regulator, Sebi, has reintroduced rules allowing companies to repurchase their own shares through stock exchanges in the open market, effective August 1, 2026. The new framework caps the execution period at 66 working days and aims to enhance flexibility and efficiency for capital allocation.
India's head coach Gautam Gambhir indicated that top batters might be rested from white-ball cricket to prepare for Tests during the upcoming New Zealand tour. He emphasised the importance of Test cricket, the challenge of multi-format players, and discussed preparations for the 2027 World Cup, highlighting the crucial roles of Hardik Pandya and Jasprit Bumrah, and praising Shubman Gill's captaincy.
India's in-form pacer Mukesh Kumar has signed with Nottinghamshire to play the final two matches of the 2026 English County Championship season. This marks his first domestic stint outside Bengal, offering him a chance to test his skills in new conditions after a successful Duleep Trophy campaign.
England secured a dominant six-wicket victory over Sri Lanka in Cardiff, clinching the T20 series 2-0. Jos Buttler made history by becoming the first player to reach 15,000 career T20 runs, while Liam Dawson's three-wicket haul and Tom Banton's unbeaten fifty guided England to an easy win.
Bhuvneshwar Kumar's stunning IPL form has revived his India comeback hopes, with the veteran pacer also backed by Ravichandran Ashwin for the 2027 World Cup.
The combined market valuation of five of India's top-10 most valued firms eroded by Rs 1 lakh crore last week, with IT giant Tata Consultancy Services (TCS) experiencing the largest decline amidst a bearish trend in domestic equities.
The Congress party has criticised the government's recent notification regarding UPI transactions, alleging it paves the way for users to be charged fees, particularly for transactions above Rs 2,000. The party claims the government lacks transparency and questions if the move is to benefit American firms. The government, however, states that charges are necessary for the system's sustainability and infrastructure upgrades, with the Finance Minister clarifying that Merchant Discount Rate (MDR) applies to merchants, not customers.
The benchmark Sensex plummeted 813 points to a three-month low, with the Nifty settling below 23,450, as escalating tensions in West Asia drove crude oil prices above USD 100 per barrel, leading to widespread selling in IT, FMCG, financial services, and oil & gas shares.
Saransh Jain, the 33-year-old Madhya Pradesh all-rounder, made his India Test debut against Sri Lanka, replacing the injured Kuldeep Yadav, a testament to his consistent domestic performances.
Their stories will go unheard, filed somewhere in the banal footnotes of history. Unwritten, untold, undocumented, notes Binu Alex.
Pakistan's cricket team has been fined 50 per cent of their match fee and docked 11 World Test Championship points due to a slow over-rate during their third Test against England in Birmingham, a match they lost by 8 wickets, contributing to a 0-3 series whitewash.
Bjorn Fortuin's four-wicket haul sparked Namibia's collapse before Jordan Hermann and Connor Esterhuizen powered South Africa's chase, sealing a commanding nine-wicket win and 3-0 ODI series sweep.
India batter Mayank Agarwal has signed with Durham for the final four matches of the County Championship's Division Two, aiming to help the team secure promotion to Division One.
Foreign portfolio investors (FPIs) have withdrawn nearly Rs 5,109.21 crore from Indian government securities under the fully accessible route (FAR) in just three days, driven by global uncertainty, elevated crude prices, rising US Treasury yields, and a depreciating rupee.
India's Maaya Rajeshwaran Revathi and her Ukrainian partner Antonina Sushkova concluded their impressive run at the US Open junior girls' doubles, losing in the semifinals to American twins Annika and Kristina Penickova. Despite the loss, their unseeded journey included significant upsets against seeded pairs.
Former Haryana Chief Minister Bhupinder Singh Hooda has criticised the newly introduced fees on UPI payments, stating they will lead to increased inflation for the common man. He dismissed government claims that customers would not be burdened, arguing that merchants would pass on the costs. Hooda demanded the immediate withdrawal of these fees, highlighting that the government's move contradicts its 'Digital India' initiative.
The Indian government has confirmed there will be no rollback of the 0.4 per cent Merchant Discount Rate (MDR) charges on Unified Payments Interface (UPI) transactions exceeding Rs 2,000, effective from October 15. Despite opposition, officials state the decision aims to make the UPI ecosystem self-sustainable and secure, with charges applying only to merchant payments, not person-to-person transactions.
The Congress party has criticised the Modi government over a notification regarding UPI transactions, alleging it paves the way for imposing fees, especially on transactions above Rs 2,000. Rahul Gandhi claimed the government is surrendering to American pressure, while Mallikarjun Kharge highlighted the potential burden on common citizens amidst inflation. The government's notification prohibits charges on UPI transactions up to Rs 2,000 but remains silent on higher amounts, sparking fears of a "Digital Payments Tax."
Congress leader Rahul Gandhi has accused the Modi government of quietly paving the way for imposing fees on UPI transactions, alleging it's a surrender to American pressure. The government's recent notification exempts charges only up to Rs 2,000, sparking concerns that higher value transactions and eventually all UPI payments could incur fees. Finance Minister Nirmala Sitharaman, however, clarified that Merchant Discount Rate (MDR) applies to merchants, not customers, and supports digital infrastructure.
SEBI Chairman Tuhin Kanta Pandey stated that the National Stock Exchange (NSE) has not submitted any proposal seeking approval to trade on its own platform after getting listed, and such trading is currently not permitted. He also confirmed that SEBI would examine concerns raised by brokers and asset management companies regarding the new UPI Merchant Discount Rate (MDR) framework.
Potential external candidates include Anup Bagchi, Rajiv Sabharwal and CSB Bank's Pralay Mondal.
Newly listed companies Vedanta Aluminium Metal, SBI Funds Management and Manipal Health Enterprises have entered the Rs 1 trillion mcap list since March 2026.
