The Finance Ministry is set to commence its pre-budget meetings on October 12, initiating preparations for the Union Budget 2027-28, which will be the fourth budget of the Modi 3.0 government and the tenth for Finance Minister Nirmala Sitharaman.
The Finance Ministry has refuted allegations that US pressure influenced the decision to levy a 0.4% Merchant Discount Rate (MDR) on select UPI payments. It clarified that NPCI guidelines prioritise RuPay credit cards on UPI to foster a domestic payment ecosystem and that the MDR introduction aims to create a sustainable revenue model for smaller domestic companies, thereby protecting India's sovereignty in digital payments.
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.
Punjab's Finance, Excise and Taxation Minister Harpal Singh Cheema announced the unearthing of a Rs 429.30 crore GST fraud, leading to an FIR in Ludhiana. The investigation, initiated after intercepting a vehicle on September 30, revealed a syndicate of 62 interconnected firms across multiple states using non-genuine documents to evade taxes.
US President Donald Trump has defended a controversial diesel deal with Russia, stating it aims to stabilise the global market despite bipartisan criticism from US lawmakers. The deal, which eases sanctions on Russian diesel shipments until April 2027, has been criticised as a "gift to our adversary" that finances Russia's war efforts and offers little relief to Americans.
Eight workers were killed and 12 injured when a speeding car ran them over on the Lehragaga-Jakhal road in Sangrur, Punjab, on Sunday. The incident, which occurred near Alisher village, involved workers engaged under the VB-G RAM G scheme. Allegations of significant ambulance delays have emerged. Punjab Chief Minister Bhagwant Mann announced Rs 2 lakh compensation for the deceased's families and free treatment for the injured, promising swift arrest of the absconding driver.
'You want the main man, and you cannot even bring him to Mumbai, where he has allegedly carried out a high-profile shootout.'
Police in Kerala have arrested four individuals, including the driver, in connection with a fatal Mini Cooper crash that killed three youngsters. The driver, Suhail, was allegedly under the influence of alcohol and driving at high speed. The victims' family is demanding that murder charges be invoked against the accused, while the Excise Department has registered cases against three bars for serving alcohol to underage individuals.
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.
Marco Rubio will visit Mumbai and Jamnagar to discuss energy cooperation as S Jaishankar says India-US trade talks are nearing a landing point, with a few issues unresolved.
An IIT Madras study reveals that financial cybercrime victims in India are often highly educated professionals, challenging the notion that only careless or financially unaware individuals are targeted. The research highlights that digital literacy doesn't guarantee protection, as fraudsters exploit stress and emotional vulnerabilities.
The Trinamool Congress has lost the chairpersonship of two significant Parliamentary panels following a reconstitution by Rajya Sabha Chairman C P Radhakrishnan and Lok Sabha Speaker Om Birla. This development comes after a split in the TMC, with rebel MPs joining the Nationalist Citizen Party and supporting the NDA. The TMC has strongly criticised the move, alleging that Parliament is being turned into a 'deep, dark chamber' due to their exclusion from committee leadership.
A country that makes the isotope sets the timetable for everyone who needs it.
The Pakistan Cricket Board has filed a petition in the Islamabad High Court against the Pakistan Information Commission's directive to disclose its confidential financial records, player contracts, and employee salary details. The PCB argues that such disclosure would harm its commercial interests and contractual negotiations, as it operates in a competitive international environment and does not receive government funding.
Life Insurance Corporation of India (LIC) is facing a thinning of its top management as Managing Director Dinesh Pant exits to join Irdai, leaving one of four MD posts vacant. This comes amidst broader staffing challenges across several public sector insurers and a headless Financial Services Institutions Bureau (FSIB).
Ten days after the expansion of the BJP government's cabinet in West Bengal, key portfolios have been allocated, with senior leader Tapas Roy taking charge of industries and journalist-turned-politician Swapan Dasgupta appointed finance minister.
Bank of Baroda has launched 'bob World 2.0', an AI-powered mobile banking app featuring voice-command capabilities for payments and navigation. The updated app also includes a personal finance management module and a persona-based customer experience, aiming to offer intuitive, secure, and personalised banking services.
The finance ministry has announced that all banks, including Regional Rural Banks, will remain open on Sunday, September 27, 2026, to ensure public convenience amidst a proposed three-day strike by the United Forum of Bank Unions (UFBU) starting September 28, 2026. The strike, if it materialises, seeks a 5-day banking week and pension reforms.
'People started fearing Nana Patekar's frankness. Kuchh bhi bol sakta hai yeh. He once pointed to a major respected politician's belly and asked 'Kya hai yeh?''
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.
Pakistan continues to offer a 7 million rupee reward for information leading to the arrest of Jaish-e-Mohammed chief Masood Azhar, who remains on the Federal Investigation Agency's "Red Book" of most-wanted terrorists. This development comes ahead of the Financial Action Task Force's plenary meeting, highlighting Pakistan's ongoing efforts against terror financing.
Trisha, daughter of Jharkhand Rural Development and Panchayati Raj Minister Dipika Pandey Singh, was among four people killed when their car rammed into a stationary truck on Marine Drive Road in Jamshedpur. The accident occurred in the early hours, also claiming the lives of Sarthak Agarwal, Naman Gupta, and Vanshika Khandelwal.
'There will be some inconvenience to people. But we have given one-month notice to the government one month ago.'
The Finance Ministry has dismissed allegations of US pressure influencing the 0.4% Merchant Discount Rate (MDR) on select UPI transactions. It clarified that NPCI guidelines prioritise RuPay credit cards on UPI and do not favour international cards. The ministry also asserted that the MDR, applicable to person-to-merchant transactions above Rs 2,000, is unlikely to increase cash transactions or cause inflation, with measures in place to prevent burdening consumers.
The Centre has spent 28 per cent of its FY27 capital expenditure budget of Rs 12.21 trillion in the first three months against around 24.5 per cent during the corresponding period a year ago.
The Indian government has challenged Congress leader Rahul Gandhi's criticism of levying fees on UPI payments above Rs 2,000 to merchants. The government highlighted that a parliamentary standing committee, which included Congress MPs, had previously backed a tiered Merchant Discount Rate (MDR) framework for UPI. This move aims to ensure the financial sustainability of the UPI ecosystem and reduce its dependence on government subsidies, a concern raised by the committee due to the significant funding gap between allocations and operational costs.
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.
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.
Chief Election Commissioner Gyanesh Kumar is facing significant scrutiny after an investigation revealed objections from his fellow election commissioners, Sukhbir Singh Sandhu and Vivek Joshi, regarding decisions made during the Special Intensive Revision of voter lists. The objections, reportedly made at least 14 times, concerned issues like changes to voter registration forms and centralised control over electoral roll databases, intensifying criticism of Kumar's tenure and the EC's impartiality.
A recent Central Vigilance Commission (CVC) report reveals that over 70,500 corruption complaints were lodged against various government bodies last year, with banks and the Railways accounting for the highest numbers. While a significant portion of these complaints has been disposed of, thousands remain under process, highlighting ongoing challenges in addressing corruption within public sector entities.
Finance Minister Nirmala Sitharaman urged PSBs to become 'cool' and shed their 'government bank' image to attract young customers.
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."
The government is introducing a 0.4% Merchant Discount Rate (MDR) on UPI person-to-merchant payments above Rs 2,000, effective October 15. This move ends the zero-MDR regime, aiming to fund UPI infrastructure and sustainability, as the previous government subsidy was insufficient to cover operational costs. Payments between individuals and most everyday merchant transactions will remain free.
The Congress party has criticised the government's new 0.4% charge on UPI transactions above Rs 2,000 for merchants, terming it a "Modi tax". Opposition leaders, including Rahul Gandhi and Mallikarjun Kharge, allege that this move will ultimately burden consumers through price hikes and accuse the government of succumbing to American pressure to dilute India's zero-MDR policy. The government states the charge will support banks and fintechs.
Jharkhand's Finance Minister has ordered a statewide investigation into alleged fraudulent salary withdrawals from government treasuries, following reports of irregularities in multiple districts.
The fiscal consolidation path and Rs 1 trillion stabilisation fund provide room to absorb mild shocks, but sustained oil-price increases pose risks.
The overhaul comes after a series of controversies surrounding the conduct of examinations administered by NTA, which has faced questions over examination security and its handling of irregularities.
Finance Minister Nirmala Sitharaman has urged income tax authorities to significantly accelerate the adjudication of taxpayer appeals.
Union Finance Minister Nirmala Sitharaman announced the government's plan to establish a high-powered committee to examine reforms for the banking sector, aligning it with the vision of a 'Viksit Bharat' (Developed India) and India's next phase of growth.
Several vital parliamentary committees, including those dealing with ethics, rules, and financial matters, are yet to be formally reconstituted. This delay affects the functioning of the Lok Sabha and the oversight of government operations.
