In an otherwise agriculture- and public health-focused Union Budget 2018-19, artificial intelligence, machine learning, blockchain technology, internet of things -- jargons that found little or no mention in the previous Budgets -- managed to make their presence felt.
CBI and Enforcement Directorate are probing the huge remittances to Hong Kong from the bank.
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
Some private banks offer easier platform to transfer money abroad, like ICICI's Money2World.
Only Rs 3,000 cr has been disbursed. Over 80% of these transfers were for cooking gas subsidy.
Taxi booking, shopping and transfer of money will be easy.
'There has been a marked increase in four types of cases.' 'One is fraud related to online deliveries, online shopping and online groceries and liquor.' 'Second fake news, third hate speech and fourth sextortion.'
Unified Payments Interface launched to simplify mobile banking.
Assuming that demonetisation had not happened, the value of notes in circulation this year could have increased to Rs 19.3 lakh crore. But what we have, instead, by the end of August is a 20 per cent lower figure for currency notes in circulation, says A K Bhattacharya.
The Supreme Court-appointed Special Investigations Team on black money has also proposed that holding more than Rs 15 lakh in cash be made illegal for individuals and for companies, report Tinesh Bhasin and Sanjay Kumar Singh.
The cap of Rs 10,000 on daily withdrawal has also been removed.
Banks have started charging customers for payment of credit card bills through cheque and so paying online makes more sense.
Watal panel had suggested an independent payments regulator be set up.
According to the Reserve Bank of India's data, cash still accounts for 90 per cent of all monetary transactions in India.
'It is common knowledge that cash is anonymous.' 'When demonetisation was implemented, one of the intended objectives was to put identity on the cash holdings in the economy.' 'With the return of Rs 15.28 lakh crore in the formal banking system, the almost entire cash holding of the economy now has an address.' 'It is no more anonymous,' says Arun Jaitley.
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