The income-tax department has detected "unaccounted" transactions and investments worth more than Rs 100 crore after it raided two Jharkhand Congress MLAs, their alleged associates and linked coal and iron ore businesses across the state last week.
Facebook co-founder and CEO Mark Zuckerberg on Tuesday said India is a very special and important country with a remarkable entrepreneurship culture, as he sought to push deeper the just-launched payments services that allow users to make payments over WhatsApp. Last month, Facebook-owned WhatsApp received approval from the National Payments Corporation of India (NPCI) for rolling out its payments services in India. In 2018, WhatsApp started testing its UPI-based payments services in India -- a global first -- with about a million users.
Credit card spending has crossed Rs 1.13 lakh crore in May compared to Rs 1.05 lakh crore in the previous month according to official data. The month-on-month rise in spending through cards indicates a pick-up in economic activity. The latest data from the Reserve Bank of India (RBI) showed that 7.68 crore credit card holders spent about Rs 71,429 crore for buying online, while the amount was spent through swipes at Point of Sale (PoS) machines stood at Rs 42,266 crore in May.
From small retailers' experiences with e-wallets to digital transaction numbers post demonetisation, Geetanjali Krishna and Karan Choudhury find out where the truth lies.
As unified payments interface gets popular, cash transactions will come down as most small payments will be routed through this.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
New age technology will reshape India's future.
Mukesh Ambani is stringing in new partnerships within the Reliance ecosystem with the best in global business -- from Facebook, Google and Microsoft to umpteen sovereign wealth funds and a soon-to-be-declared strategic partner in a big global retailer, notes Shailesh Dobhal.
A single application and a plethora of services for passenger cars - that is what myTVS, a brand that operates under Ki Mobility Solutions and is part of the TVS family, is set to bring to customers, in a bid to disrupt the concept of "super apps" in India. Starting July 15, myTVS will launch its connected car platform or super app called myTVS Life360 for aftermarket passenger cars. Through it, customers will be able to avail themselves of a range of services like maintenance, diagnostics, roadside assistance, accessories, payments, insurance, and so on.
A Nielsen report found that biscuits, salty snacks, toilet soap, shampoo, washing powder and skin creams were reporting a sharp decline in sales due to demonetisation, reports Viveat Susan Pinto from Mumbai.
Demonetisation and Agniveer reveal the two mindsets India has become. In both these government schemes, one sees a desire to play the country like an orchestra anchored by conductor/conductors, argues Shyam G Menon.
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.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
Snapdeal said it will give its users the option to defer the delivery by a few days till new currency notes become easily available.
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.
Prospective buyers must make a well-considered decision regarding whether this is the right time to buy a house, particularly with home loan rates at near-peak levels, and the risk of job losses looming in many sectors.
Ordering groceries, vegetables and daily essentials is just a WhatsApp away as billionaire Mukesh Ambani's e-commerce platform JioMart taps into the popular messaging app to scale up online business in its fight for dominance in the giant Indian retail market with Amazon and Walmart-owned Flipkart. Ambani's twin children, Akash and Isha gave a preview of the ordering at Meta's second edition of the Fuel for India event on Wednesday. A new 'tap and chat' option allows users to order groceries through WhatsApp.
Bengaluru-based iKaaz Software, a mobile payment solution provider, is launching a new application, MOWA, that works almost like the Apple Pay
Hinduja Group's business process management entity, Hinduja Global Solutions Limited (HGS) said on Wednesday that it has entered into definitive agreements to divest its Healthcare Services business to funds affiliated with Baring Private Equity Asia (BPEA), at an enterprise value of $1.2 bilion. The deal is subject to closing adjustments, and is expected to complete within 90 days, subject to shareholder and other regulatory approvals. "The cash that will come in as a result of this transaction will be deployed to growing the business as well as looking at buying some capabilities...where capabilities are important for being able to do a good job of customer experience transformation.
For the first time, the value of card and mobile payments of Rs 10.57 trillion was more than ATM withdrawals of Rs 9.12 trillion in Q4 of fiscal 2019-20. In the months of lockdown, the gap may have widened further, but cash could be back in vogue when the situation normalises.
'Google and Facebook need to be tamed, their garb of 'Investing in India's future' need to be pulled off,' observes Vibhu Arya.
The department raided more than 35 premises in Maharashtra's capital city on February 25, and the Central Board of Direct Taxes (CBDT) said in a statement on Thursday that 'preliminary investigation indicates that these contractors have evaded income to the extent of Rs 200 crore on account of...malpractices'.
Following demonetisation, the Reserve Bank had also introduced new Rs 500 and Rs 2,000 notes.
In the excitement over the allocation of bank licences for the private sector, a new category of licence offered by the Reserve Bank of India (RBI) last year went almost unnoticed. That was when the RBI consolidated the rules for prepaid payment instruments (PPI), popularly understood as e-wallets or gift cards. In the process, the regulator has fast-forwarded a bottom-up card usage industry in India that is completely different from the world of bank-linked credit and debit cards.
Shaktikanta Das is a master of the finest balancing act who listens to all but takes his own decisions, discovers Tamal Bandyopadhyay.
Chief Justice of India (CJI) D Y Chandrachud's first 100 days in office saw the Supreme Court take a giant leap towards reforms, especially making courts more technology-friendly, and ensuring relatively fast judicial appointments including those of eight judges to the apex court.
US retail giant Walmart has said it is "open to an IPO" for its Indian e-commerce arm Flipkart but there is "no specific timeline" for the share sale. Both Flipkart and payment app PhonePe continue to do well, Walmart International president and CEO Judith McKenna said while speaking at the DB Access Global Consumer Conference on June 7. "We always made it clear from the day we made the acquisition or the investment, that we would be open to an IPO," said McKenna. However, she noted that there is no specific timeline for the IPO.
India's Internet economy has two choices: An immediate $30 billion Sale-and-Leaseback or a $3 trillion value harvesting over decades, observes Vibhu Arya.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
The country's largest retailer Reliance Industries on Monday announced that it will enter the fast-moving consumer goods (FMCG) business this year as part of its expansion plan. Addressing the 45th AGM of Reliance Industries on Monday, Reliance Retail Ventures Ltd (RRVL) Director Isha Ambani said: "This year, we will launch our FMCG goods business". The objective of this business will be to develop and deliver products and solve every Indian's daily needs, with high-quality products at affordable pricing, she said while addressing Reliance Industries' annual general meeting.
Once stability returns to the secondary market, companies that have obtained approval from Sebi will start tapping the market.
In the start-up world, hitting the $1-billion mark, which accords the "Unicorn" tag, is a milestone. Enterprises typically reach the milestone only by series C or series D, or three to four funding rounds later. Zeta achieved it at the first one. On May 25, the six-year-old banking tech firm raised $250 million from Japanese conglomerate SoftBank, at a post-money valuation of $1.45 billion. "This is the first time we have raised institutional money," Zeta co-founder Bhavin Turakhia beamed on the conference call. This trajectory is uncommon in start-ups.
The payments industry is at a crossroads with the banking regulator on two pressing issues, neither of which seems headed towards an amicable solution. Depending upon which side accommodates the other, customers in India will have to choose between convenience and ironclad safety. In the end, the Reserve Bank of India (RBI), which regulates both banks and all payments services providers, will prevail. But the question is: will it do so by bending a little or by sticking to its firm stand? The two issues - one concerning payment facilitators storing customers' card details and the other about auto-renewal of payments - appear similar but aren't.
RTGS is used to transfer large sums, the minimum amount being Rs 2 lakh. This mode is used primarily to facilitate trade and market transactions. The primary beneficiary would be the capital markets.
In an indication of easing financial stress among borrowers, the number of unsuccessful auto-debit requests through the National Automated Clearing House (NACH) platform declined in July, reversing a three-month trend that started with the second wave of the Covid-19 pandemic. According to the NACH data, of the 86.4-million transactions initiated in July, 33.23 per cent, or 28.7 million transactions, failed, while 57.7 million were successful. Compared to June, this is a significant improvement in bounce rates.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
'Demand is wonderful. We have crossed 10 million on many days.' 'The Swedish trade commissioner recently said, "You guys are vaccinating the entire Sweden in one day".'
RBI Governor Shaktikanta Das kept the red flag on cryptocurrencies flying, warning that the next financial crisis can be triggered by private cryptocurrencies if such speculative instruments are allowed to grow.
Whether it's about colonising Mars or donning Net-connected apparel, 2022 is a year everyone seems to be planning for, says Nivedita Mookerji.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances