Tokenisation is the process of replacing debit and credit card numbers with a set of characters or tokens.
The Central Board of Direct Taxes (CBDT) has proposed a new common income-tax return (ITR), with greater focus on disclosing income from virtual digital assets or crypto assets and foreign equity and debt instruments held by resident Indians. For non-resident Indians, the draft ITR seeks exhaustive details ranging from nature of business, permanent establishment (PE), business connection, whether the entity has significant economic presence (SEP) in India, along with the number of users in India. The ITR protocol for NRIs could widen the scope of the SEP principle that was introduced in the Finance Bill 2018-19, and the explicitly defined 'business connection' to include provision of download of data or software, if aggregate payments from such transactions exceed a prescribed amount, or if a multinational's interaction is with a prescribed number of users.
Addressing civil servants on the 15th Civil Services Day at Vigyan Bhawan in New Delhi, he said every decision should be evaluated on the basis of its capacity to strengthen the country's unity and integrity.
'There is no doubt at all that Jio's disruption of the mobile broadband market was a turning point for India's digital economy.'
Ajit Balakrishnan offers a thinking man's guide to the state of ecom in a nation of shopkeepers.
We must work in the direction of an innovation and technology driven economy which could boost up creation of jobs and open advanced and newer avenues of employment within the country.
This will be done across five cities - Delhi, Bengaluru, Coimbatore, Bhopal, and Shillong. Thereafter, it will be scaled up and launched in 100 cities over a period of six months, said a senior government official.
The interface allows you to add multiple banks and transfer money, even between payment wallets, for a fraction of existing costs
In a Facebook post on the second anniversary of demonetisation, Jaitley said in first four years of the National Democratic Alliance government, the number of income tax returns filers has gone up to 6.86 crore from 3.8 crore in May 2014.
Finance Minister Arun Jaitley said political parties will be entitled to receive donations by cheque or digital mode from their donors.
Apart from digital advertising revenue, both companies want to reach out to the 'next billion' Indian customers. After all, around half of the 1.3 billion population is still not on the net and this represents a challenge as well as an opportunity.
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
The resurgence of COVID-19 has dented but not debilitated economic activities in the first half of Q1 of the current fiscal even though caseload of infections is much higher than before, according to an RBI article. The ferocity of the second COVID-19 wave has overwhelmed India and the world, the article said, adding that war efforts have been mounted to stop the surge in its tracks. "The impact of the second wave on the real economy seems to be limited so far in comparison with the first wave. Evidently, the localised nature of lockdowns, better adaptation of people to work from home protocols, online delivery models, e-commerce and digital payments are at work," the article on the state of economy authored by RBI Deputy Governor M D Patra and other officials said.
FASTag is a prepaid tag, affixed on vehicle's windscreen, that enables automatic deduction of toll charges and lets the vehicle pass through the toll plaza without stopping for the cash transaction.
Bob van Dijk, chief executive officer of Naspers, is now betting on companies in food tech, payments, travel and other consumer sectors to tap the potential of the Indian market.
Tech Mahindra, the fifth largest IT exporter, is treading cautiously on the domestic turf, especially in hunting for government contracts, as it sees implementation a "grave risk" in this area.
Unlike the race to buy airwaves by telecom companies, airports by infrastructure companies and city gas networks by energy companies, the race to develop super apps by consumer-facing companies in India has not brushed up against any regulatory issues. Officials at the ministry of electronics and information technology and at other regulators are happy they do not have to meddle in who among the Tata group, Reliance Industries Ltd, Flipkart or Paytm will manage to build an app that sweeps in customers. Unlike separate apps a customer uses on her mobile to order groceries, buy food or airline tickets or just make payments, a super app can perform all these functions.
Amazon's rivalry in India with oil-to-retail conglomerate Reliance Industries looks set to head to the cricket field, where they will likely battle media heavyweights for telecast rights to the Indian Premier League (IPL) with its hundreds of millions of viewers.
Yes Bank users can now make over Rs 2 lakh payments towards loans, credit cards via other bank accounts.
Indian industry snubbed Google Play's decision to cut by half its commission for developers when they make $1 million in annual revenue for in-app purchases, saying the US tech giant may continue its "abrasive & monopolistic abuse" as it owns the Android system. Google Play said Tuesday that beginning July 1 it would slash its 30 per cent billing fee to 15 per cent for developers globally when they make the first $1 million of their annual revenue.
India is facing no risk of recession or stagflation as macroeconomic fundamentals of the economy are strong, Finance Minister Nirmala Sitharaman said on Monday. Replying to a debate on price rise in the Lok Sabha, she said the GST collection and Purchasing Managers' Index (PMI) are indicating that the Indian economy is getting more robust. The GST collection rose 28 per cent to touch the second-highest level of Rs 1.49 lakh crore in July. GST, introduced in July 2017, touched a record high of Rs 1.68 lakh crore in April 2022.
We spoke on a wide range of subjects, particularly leveraging the power of technology to transform the lives of India's farmers, youngsters and entrepreneurs, the PM said.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
In December last year, Amazon invested over Rs 1,700 crore into its payments and wholesale business units in India, while in October it had infused over Rs 4,400 crore (more than USD 600 million) in its various units in India, including marketplace and food retail. Bezos last visited India in 2014 when he presented Amazon's Indian unit with a giant cheque for USD 2 billion. Since then, Amazon has pledged a further USD 3.5 billion to expand in the country and the USD 1 billion investment announced on Wednesday would take the total committed investment to USD 6.5 billion.
'We want to achieve overall profitability, and then we would go for an IPO.'
From small retailers' experiences with e-wallets to digital transaction numbers post demonetisation, Geetanjali Krishna and Karan Choudhury find out where the truth lies.
Telecom operators, including Reliance Jio, have been demanding "same service same rules" regime which means that mobile applications providing calls and messaging services should also be made to comply with set of rules that are mandatory for mobile service providers.
There was a surge in the demand for virtual classes for yoga (87%) and high-intensity interval training (HIIT) cardio workouts such as Zumba (72%), aerobics (67%), and pilates (22%).
While the RBI's guidelines aim to streamline the loan closure process, borrowers must remain proactive.
A total of Rs 396 crore has been mopped up, as on August 20 against Rs 407 crore collected in the same period last year. This was despite the expansion of the levy to online e-commerce players from this financial year.
'Today it is a studio being held to ransom, tomorrow it will be a government, an entire nation. I don't see anyone laughing when that happens,' says Suparn Verma.
India is currently home to 52 unicorn startups and one of the fastest-growing startup ecosystems.
India added three 'unicorns' per month in 2021 to nearly double the overall number of startups valued at over USD 1 billion to 51 as of end-August, a report said on Thursday. Even as, cumbersome regulations are forcing startups to leave India and settle in other countries where they enjoy better treatment, as per the Hurun India, which prepared the list. It can be noted that over the last few years, dedicated efforts have been undertaken to hone the startups ecosystem by the government through flagship initiatives like 'Startup India'.
While no specific state-oriented sops were rolled out, a strong thread of political wellness ran through the Budget.
'To the believers of crypto regulations, I have only one question to ask, how will you regulate it?'
E-commerce giant Amazon on Thursday announced a $250 million (about Rs 1,873 crore) fund that will focus on digitising small and medium businesses, and driving innovation in the areas of agri-tech and health-tech in India. "Small and medium sized businesses are often the engine and the lifeblood of economies and I think it's true in India as well. "And we are very passionate about trying to enable acceleration of SMBs in fuelling innovation and the economy in India," Amazon Web Services CEO Andrew Jassy said.
The issue price for Sovereign Gold Bond Scheme 2021-22, which will open for subscription for five days from November 29, has been fixed at Rs 4,791 per gram of gold, the Reserve Bank of India said on Friday. The Sovereign Gold Bond Scheme 2021-22 - Series VIII will be open for subscription from November 29 - December 03, 2021. "The nominal value of the bond...works out to Rs 4,791 per gram of gold," the RBI said.
Of the 2,562 customer complaints received between January 2020 and March 2021, a majority relate to illegal apps. At least two dozen suicide cases have been reported, perpetrated by the harassment by loan app operators, points out Tamal Bandyopadhyay.
'Clearly, the next few months will be very challenging for industry.' 'We are clearly in a phase where recovery is a dream.'
Snapdeal said it will give its users the option to defer the delivery by a few days till new currency notes become easily available.
