The RBI seems to be acknowledging that all deposits are not equal -- a deposit with a lower run-off assumption is inherently more valuable than one that could disappear overnight, points out Tamal Bandyopadhyay.
A Public Interest Litigation has been filed in the Supreme Court challenging the Centre's decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI person-to-merchant transactions exceeding Rs 2,000. The plea argues that the levy was introduced without adequate statutory safeguards, transparency, or public consultation, and questions its constitutional validity and potential adverse effects on merchants and consumers.
It is important to understand that the rupee's appreciation, driven by the 2013 special swap scheme, reduced India's import costs for petroleum, oil, and gold, points out Dr Ashwani Mahajan, National Co-Convenor, Swadeshi Jagaran Manch.
Merchants will be subject to an 18 per cent Goods and Services Tax (GST) on the Merchant Discount Rate (MDR) for UPI payments exceeding Rs 2,000, but can mitigate this burden by claiming input tax credit (ITC), according to tax experts.
BJD MP Santrupt Misra has voiced strong concerns over the Centre's decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, arguing that the government or large financial institutions could easily absorb the costs of maintaining the digital payment network instead of burdening merchants and consumers.
Indian benchmark indices, Sensex and Nifty, experienced a sharp decline, with the Sensex tumbling 1,247.71 points and the Nifty settling below 23,100, primarily driven by a significant spike in crude oil prices and weak global market trends.
UPI processed an average 802 million transactions a day in September, about 1 per cent more than the 792 million a day over the same period in August.
'Being the defending champions certainly gives us confidence, but every Olympiad is a new event and starts from scratch.'
NPCI chief Dilip Asbe stated that only about 10% of UPI transaction value might see charges passed to consumers, primarily from large corporates already absorbing credit card fees. He highlighted that 80% of Merchant Discount Rate (MDR) would come from businesses with over Rs 1,000 crore turnover, and a significant portion of transactions will remain charge-free. A new fund, potentially Rs 3,000 crore, will also be created from MDR collection to support small merchants and accelerate UPI acceptance.
Former Indian cricketer Mohammad Kaif has lauded Virat Kohli's exceptional form in ODIs, highlighting his fitness, hunger, dedication, and consistency as qualities for youth to emulate. Kaif recalled how Kohli overcame criticism after a lean patch to score over 900 runs in 11 innings, including four centuries, and recently achieved a record-breaking 139 not out against West Indies, surpassing 15,000 ODI runs.
'Periods of heightened volatility, driven by global events such as tariffs and geopolitical tensions over the past year-and-a-half, can make some investors pause or discontinue their investments.'
The Reserve Bank of India (RBI) has endorsed the introduction of a Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000, effective October 15. This move, which levies a 0.4 per cent fee on merchant payments above the threshold, aims to bolster the long-term sustainability and growth of India's digital payments ecosystem. The RBI clarified that person-to-person (P2P) transactions and small person-to-merchant (P2M) payments below Rs 2,000 will remain free for users, ensuring no direct charge on customers.
CPI(ML) Liberation general secretary Dipankar Bhattacharya has strongly criticised the newly introduced Merchant Discount Rate (MDR) on select UPI transactions, labelling it a "UPI tax" and demanding its immediate rollback. He drew parallels with demonetisation, arguing that the new framework would negatively impact small shopkeepers, MSMEs, and ordinary citizens by increasing prices.
India's Goods and Services Tax (GST) receipts, after accounting for refunds, surged by 18.1 per cent annually to approximately 1.77 trillion in September, marking its fastest growth in six months. This increase was primarily driven by a significant rise in tax revenue from imports, which grew 26 per cent annually.
Researchers from Goa Institute of Management (GIM) and Goa Business School conducted a study analysing over 1.31 lakh posts on social media platform X using machine learning models. They found that indirect aggression is most common during major social, financial, sporting, and political events in India. The study classified aggression into overt, covert, and non-aggressive forms, noting that overt aggression remained relatively low but peaked during events like India's T20 World Cup loss. The findings have significant implications for online moderation and communication policies.
'Elevated crude prices and unchanged domestic fuel prices would put pressure on the profitability and cash flows of OMCs.'
The Sports Authority of India (SAI) Bengaluru has introduced Japanese cuisine into its athletes' diet plan to help them adapt to food culture ahead of the upcoming Asian Games in Aichi-Nagoya, Japan. This initiative aims to prevent performance issues caused by dietary struggles, as observed in past international events, and involves a gradual introduction of dishes and strict adherence to nutritional and safety standards.
Citron, a brand under Stellantis, anticipates that three-fourths of its sales in India will originate from Tier-II, Tier-III, and smaller cities within the next five years, a significant increase from its current 55 per cent, as it expands its retail network beyond major urban centres.
Global brokerage Jefferies forecasts a double-digit compound annual growth rate (CAGR) for India's defence spending, estimating a cumulative domestic opportunity of over $60 billion across four years, driven by geopolitical tensions and the government's indigenisation push.
Indian shooter Neeru Dhanda secured a historic gold medal in the women's trap event at the Asian Games, becoming the first Indian woman to achieve this feat. Her victory came despite a severe illness that hospitalised her just 10 days before the competition, and challenging weather conditions during the final. Coach Peter Wilson praised her dedication and focus, highlighting her ability to overcome adversity.
Star opener Shafali Verma believes India's women's cricket is on an upward trajectory, with more medals and trophies expected to fuel its growth, following their gold medal defence at the Aichi-Nagoya Asian Games.
Don't Trouble The Trouble misses the opportunity to explore the limitless power and wonder of the human imagination, notes Divya Nair.
The Finance Ministry has clarified that the decision to impose a 0.4% Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000 was made independently, refuting claims of foreign influence. The ministry stated the policy aims to build a self-sustaining digital payments ecosystem, with MDR funding infrastructure and supporting small merchants.
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.
Used-car financing has seen significant growth, but borrowers must be aware of higher interest rates, conservative loan-to-value ratios, shorter tenures, and the risk of owing more than the car's depreciated value. Understanding these factors is crucial for making informed decisions.
The falling Total Fertility Rate offers India a chance to become the Pandavas -- fewer in number, but each citizen genuinely empowered, educated, and capable of contributing to a civilisation worth building, asserts Amberish K Diwanji.
As India's festive season approaches, passenger vehicle dealers are seeing a notable increase in inventories, yet discounts remain surprisingly moderate compared to previous years, signalling a tighter demand-supply balance in the automotive market.
IndiGo, India's largest airline, has recently increased charges for several ancillary services, including infant travel and unaccompanied minors, citing rising operational costs and higher fuel prices. Domestic infant travel charges have risen to Rs 3,000, while unaccompanied minor services are now Rs 5,999 for domestic and Rs 12,999 for international flights.
Fintech company BharatPe has expressed strong support for the government's new Merchant Discount Rate (MDR) framework for UPI merchant transactions, which introduces a 0.4% fee on transfers exceeding Rs 2,000. The company explicitly distanced itself from critical remarks made by its former co-founder Ashneer Grover, clarifying that his views do not represent BharatPe's stance. BharatPe CEO Nalin Negi highlighted that the framework aims to strengthen digital payment economics, protect consumers and small merchants, and expand adoption in underserved markets, with most transactions remaining unaffected.
Petrol pump dealers seek exemption from the proposed 5 UPI charge on fuel purchases above 2,000, citing pressure on their margins.
Samajwadi Party president Akhilesh Yadav has criticised the BJP government's proposed Merchant Discount Rate (MDR) on high-value UPI transactions, calling it a "chungi" (tax) on digital payments. He alleged the move was an attempt to extract money from people's transactions, contradicting the government's goal of a trillion-dollar economy. The new UPI framework will impose a 0.4% MDR on person-to-merchant transactions above Rs 2,000 from October 15, with certain sectors having a flat Rs 5 MDR.
'It is a blunt and dangerous attempt to pressure India to sign BTA on one-sided terms.'
Krunal Pandya kept his India comeback hopes alive after missing the Afghanistan T20I squad, following a strong IPL season where he impressed with bat and ball.
Indian cricket fans and former players questioned India's decision to leave Vaibhav Sooryavanshi out of the XI for the second T20I against Afghanistan.
Listing, according to Noel Tata, will fundamentally change how the company and the group have been working over the past 150 years.
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.
Compare premiums, claim settlement ratios, exclusions, waiting periods and surrender provisions.
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.
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 Redmi Note 17 Pro Max combines a large AMOLED display, a high-capacity silicon-carbon battery and powerful charging features.
