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.
The Calcutta High Court has granted interim bail to Congress candidate Milan Pradhan, allowing him to campaign for the upcoming Nandigram bypoll. Pradhan, arrested on September 18 in connection with six criminal cases from 2007, received relief until October 20, with directions to surrender on October 21 and deposit bail bonds. The cases relate to charges including murder and Arms Act violations during the Nandigram anti-land acquisition movement.
India's proposal to link BRICS payment systems, including central-bank digital currencies (CBDCs), was notably absent from the grouping's New Delhi Declaration, despite being a key agenda item for India's chairmanship. This omission leaves the 16-year effort for trade in local currencies without a settled payment architecture, with the declaration only 'acknowledging' the work of the BRICS Payment Task Force.
Maharashtra Governor Jishnu Dev Varma has advocated for a bamboo-based economy to drive sustainable development, create rural livelihoods, and offer green alternatives to plastic. Speaking at a summit, he highlighted bamboo's crucial role in climate change mitigation, its potential to empower local communities, and its benefits for farmers.
The parents of IIT Bombay student Sahil Wakode, who allegedly died by suicide, are continuing their hunger strike, demanding the arrest of Professor Suryanarayana Doolla and institute director Shireesh B Kedare. They allege caste discrimination and abetment to suicide, while police investigate the case, recording statements and analyzing electronic devices.
State Bank of India (SBI) is developing an innovative solution to assess the creditworthiness of small businesses lacking GST registration by utilising UPI transaction data. This initiative aims to provide end-to-end digital loans within a day, addressing the financial exclusion of many small enterprises.
Meesho, a value-commerce platform targeting middle- and lower-income geographies, is poised for significant growth driven by its asset-light model and low fulfilment costs, but faces intense competition from e-commerce giants and high valuations.
The Indian government has introduced a 0.4% transaction fee on UPI payments above Rs 2,000 for merchants, effective October 15, sparking a political row. The Congress party has labelled it a "Modi tax" and accused the government of succumbing to US pressure, while the BJP has defended the move, clarifying that consumers will not be charged and small vendors are protected. The finance ministry reiterated that the charge is on merchants, not customers.
Opposition parties, including Congress, TMC, and RJD, have strongly criticised the government's decision to impose a 0.4% Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000 made to merchants. They allege the move is a result of "American imperialism" and will lead to increased commodity prices, while the government maintains the charge is on merchants and not consumers, with person-to-person transactions remaining free.
The Congress party has strongly refuted claims by Parliamentary Standing Committee on Finance Chairperson Bhartruhari Mahtab that opposition MPs supported levying a Merchant Discount Rate (MDR) on UPI transactions. Congress MP Manish Tewari termed Mahtab's remarks "erroneous and fallacious," clarifying that the committee's recommendation was to "explore" revenue models, not to implement MDR. The party accused Mahtab of misleading due to his recent switch to the BJP.
A Bain & Company report projects the global AI market must reach nearly USD 6 trillion annually by 2031 to sustain massive infrastructure investments. This growth will largely depend on new innovations beyond productivity gains, with a significant gap needing to be filled by emerging revenue streams like autonomous vehicles, physical AI, and new AI-driven products. The report also highlights the surge in hardware and semiconductor industries due to AI compute demand and the importance of AI absorption for Indian companies.
Prime Minister Narendra Modi and US President Donald Trump held a telephone conversation to review progress in bilateral ties, covering trade, defence, and energy, against the backdrop of heightened trade friction due to the 'Lindsey O. Graham Sanctioning Russia and Iran Act of 2026'.
If the new MDR regime is rolled out from the middle of this month, as scheduled, it should count as one of the boldest political actions by the Modi government on an economic-policy issue, and a signal that it is less worried about erosion of political capital it draws from one of its key constituencies, notes A K Bhattacharya.
The National Payments Corporation of India (NPCI) stated that the Merchant Discount Rate (MDR) "is distributed only amongst the UPI ecosystem, to further invest into infrastructure resilience, innovation, cybersecurity (protecting the UPI infrastructure with banks and non-banks) and customer service."
TATA.CARS Launches All-New Aeris Compact Sedan, a facelifted version of the Tata Tigor, at a starting price of 5.29 lakh ex-showroom.
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.
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."
Tata Consultancy Services (TCS) has inaugurated India's first Industrial Autonomy & Engineering Lab in Pune, a "lights-out factory lab" designed to advance AI-led manufacturing. The facility features a robotic battery pack assembly line, enabling manufacturers to prototype and scale AI-first production systems with minimal human intervention, simulating self-optimising factories.
The investigation into the murder of pharmaceutical trader Vineet Manocha has intensified, with his son Subrat now under police scrutiny. New evidence reveals that the alleged shooter made multiple calls to Subrat from a newly purchased SIM card. While Subrat's wife Shalu and two others are already arrested, police are examining call detail records and financial affairs to uncover Subrat's potential involvement in the conspiracy.
A Village Officer in Puthur, Kollam, Abhilash Anand, was arrested by the Vigilance and Anti-Corruption Bureau for allegedly accepting a Rs 5,000 bribe to mutate land. The officer was caught red-handed after the complainant reported the demand, leading to his remand in judicial custody.
A high-level committee, including representatives from banks and payment associations, is set to decide on Merchant Discount Rate (MDR) for UPI transactions exceeding Rs 2,000 to merchants. While person-to-person and person-to-merchant transactions up to Rs 2,000 remain free, the move follows a recent amendment to the Payment and Settlement Systems Act, sparking debate and clarification from the Finance Minister that only certain high-value merchant transactions might incur charges.
Hanuman Ansh continues its phenomenal run at the box office, cementing its status as an all-time mega blockbuster, even as new releases Daayra and Vibe struggle.
As international investigations intensify into the mid-air security scare aboard the Flydubai flight, Israel's i24 News reported that an Emirati source has revealed that among the belongings of the Omani co-pilot were leaflets and publications from "Free Palestine" groups, alongside pro-Palestinian material.
Jammu and Kashmir Chief Minister Omar Abdullah has expressed support for the Centre's decision to levy charges on UPI transactions, citing the cost of maintaining the digital payment infrastructure. However, he emphasised the need to protect retail consumers from these fees. Abdullah also discussed the upcoming seven-day Assembly session, highlighting the government's commitment to smooth functioning and addressing MLAs' concerns, and touched upon efforts to tackle drainage issues affecting water bodies.
A new Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15, could force small merchants and price-sensitive consumers to revert to cash, according to economic think tank GTRI. The move, which introduces a 0.4 per cent MDR with a Rs 300 cap and concessional rates for specific categories, is questioned by GTRI founder Ajay Srivastava, who suggests it's not a revenue issue for the government but potentially a response to US pressure regarding UPI and RuPay's preferential market position.
The Indian government has introduced a 0.4% fee on UPI transfers above Rs 2,000 made to merchants, effective October 15, ending nearly six years of free merchant payments. This move led to initial rallies in fintech stocks like Paytm and Mobikwik, though some later pared gains. Person-to-person transactions and small payments remain free for customers, with the fee being a Merchant Discount Rate (MDR).
The Election Commission has clarified that its ECINet platform is decentralised, with statutory functions performed only by designated officials, not headquarters staff. This comes after concerns were raised about the centralisation of electoral roll databases. The EC also defended the legality of an additional declaration sought from new voters during the Special Intensive Revision, citing unanimous commission approval and a Supreme Court judgment.
The Central Board of Indirect Taxes and Customs (CBIC) is set to significantly increase its use of artificial intelligence (AI), machine learning (ML), and real-time analytics in Customs processes, aiming for a near-touchless, near-digital clearance experience, according to Chairman Vivek Chaturvedi.
The Finance Ministry has refuted allegations that US pressure influenced the decision to levy a 0.4 per cent Merchant Discount Rate (MDR) on select UPI payments. The ministry clarified that the NPCI guidelines prioritise RuPay credit cards on UPI to promote domestic alternatives and ensure a self-sustaining revenue model for smaller domestic companies, countering claims of favouring foreign payment providers.
'It is not about a place with fewer incidents of violence but a city where women have real agency in planning their daily lives.'
Dark patterns are no longer just a consumer protection concern, but a broader macroeconomic challenge affecting the long-term sustainability of India's digital commerce ecosystem.
The United Arab Emirates (UAE) has expressed intent to invest an additional $25 billion in India, with an ultimate goal of reaching $100 billion in investments, Union Minister Piyush Goyal announced. This comes as both nations plan to enhance cooperation in shipping, ports, energy, and emerging technologies, against a backdrop of expanding bilateral trade.
Karnataka is rolling out the first batch of 2,000 indigenously developed AI-ready KEO PCs, priced at Rs 18,999, to rural libraries and educational institutions. This initiative aims to extend artificial intelligence and digital literacy beyond urban centres, supporting students with AI skills, spoken English, and competitive exam preparation, even in areas with limited internet connectivity.
A Delhi court has ordered an investigation into Gurugram Police officials and a doctor for alleged procedural lapses in handling the body of real estate professional Yuvraj Singh Manchanda. The court cited delays in uploading body details to ZIPNET, failure to videograph the post-mortem, and discrepancies in the post-mortem report, suggesting a possible role in the disappearance of evidence.
India is actively integrating payment system harmonisation into its Free Trade Agreement (FTA) negotiations, especially with countries hosting a large Indian diaspora. This strategy aims to leverage India's growing fintech ecosystem, facilitate cross-border financial services, and position India as a global hub for financial services exports, particularly through platforms like GIFT City.
Digital money is gradually starting to behave like software. It's no longer inert -- sitting passively in accounts. In the not-so-distant future, your money could become 'smart' and 'active,' understanding your preferences, paying your bills automatically, optimising your returns, and managing your risks -- all without you having to manage the details.
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.
The Congress party has strongly refuted government claims that its MPs on the Parliament Standing Committee on Finance supported a fee on high-value UPI payments. Congress leaders, including Gaurav Gogoi and Manish Tewari, stated that the "UPI tax" proposal was not specifically discussed by the committee, accusing the Modi government of diverting attention from public backlash and appeasing US companies. The government, however, cited the committee's report which pressed for a tiered Merchant Discount Rate (MDR) framework.
Urban Indian millennials are caught in an algorithmically amplified consumption spiral where social media normalises spending patterns that systematically undermine retirement security.
InsuranceDekho and RenewBuy have merged to establish India's largest artificial intelligence (AI)-enabled insurance distribution platform, targeting a significant premium book and extensive reach across the country.
