The temptation to get into businesses that are hot is perhaps too great for any politician, no matter what his public slogans are. Nehru plunged into hot sectors of his time -- engineering and iron and steel. Modi has plunged into digital payments -- the hot sector of his time, notes Debashis Basu.
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
Ahead of the first due date of advance tax payment on June 15, the government is likely to release guidelines on what will be covered within the ambit of virtual digital assets (VDA). To remove any ambiguity in the recently established tax framework for asset holders, the Central Board of Direct Taxes (CBDT) is currently preparing guidelines, said government officials in the know. The apex direct tax body will define non-fungible tokens (NFTs) and whether or not they fall within the purview of VDA.
'Dear Business Partner, Kindly note and inform your all customers that Digital Cashback has been revised from 0.75 per cent to 0.25 per cent with effect from August 1, 2018 across oil industry for all loyalty customers,' said the text message sent by State-owned oil companies to petrol pump operators.
The panel decided to omit the reverse charge mechanism (RCM) clause from the GST law under which registered taxpayers buying from unregistered taxpayers have to deposit the GST.
India Post on Wednesday announced the launch of online portal 'e-post office' to provide postal transaction and tracking service online.
The prosecution's pursuit of this tiny detail was because they believed the charge from Google, on Indrani's account, was to restore Sheena's Gmail account, via the Google account recovery toolkit, since Indrani did not have the password.
High-end brand experiments with EMIs via credit cards to push market share.
The government on Thursday decided to act tough on the casinos, credit cards and money changers by bringing them under the ambit of money laundering law.
DCC is the answer to your currency woes says K Veeraraghavan.
While mobile wallets are still busy exploring the multiple facets of interoperability, experts believe that bringing in new customers would be costly affair and the numbers of new wallet users might not see a major hike anytime soon.
Anita Aikara forgot her card in the ATM after a transaction. Read on to find out what happened next...
The country's largest private lender HDFC Bank is planning to facilitate a shift in its payments module from the existing core banking platform. This would ensure minimal payments downtime, even if core banking is not available. "This 15-month project will be followed by hollowing the customer-master modules from its existing core systems. "It will ensure a single system of record for customers across various products," said Sashidhar Jagdishan, managing director (MD) & chief executive officer (CEO), in the annual report for 2021-22.
BBPS allows you to pay electricity, telephone, water supply, gas and DTH bills. Its scope will be expanded to include other payments like school and university fees, government taxes, insurance premiums, mutual fund investments, even credit card bills.
Union Bank of India, Canara Bank, Andhra Bank, Saraswat Co-operative Bank and YES Bank have come together to allow inter-bank fund transfers through debit cards.
Online and mobile based personal finance applications have gained importance over the past few years.
The use of electronic channels, including credit cards, to make payments for various transactions, including shopping is growing at a fast clip in India. The value of total electronic payments (e-payments) showed an almost four-fold growth to cross the Rs 10,00,000 crore (Rs 10,0000 billion)-mark at the end of March 2008.
Foreign travels could come under closer watch of the income-tax department from the next fiscal year.
From road transport to health insurance, tax rules have changed from October 1.
Bank of India is looking to acquire a small bank in Indonesia and expects to open branches in Antwerp (Belgium) and Shenzen (China) soon to expand its business.
Move beyond making notes and Excel. With a little bit of discipline, a personal finance software can help you be your own money manager.
We had asked you, dear readers to share your good and bad ATM experiences.
CEO Shashi Arora discusses his roadmap for Airtel Payments Bank with Karan Choudhury.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
Deals from online travel portals, in partnership with credit cards, are good.
The customer will be liable in a limited manner if the negligence is on the part of the customer, such as where she has shared payment credentials
It's not easy to ignore the newspaper ads with Diwali offers.
At a time when the Modi government is attempting to push cashlessness with coercive means, Devangshu Datta explains why cash usage is popular even in nations with good cashless infrastructure.
Here's how Ganesh Pillai got his card back from the ATM machine.
Rediff reader Shan Anbu, 42, tells us how his card got stuck in the ATM due to lack of backup power facility.
Here's a quick checklist so that you make a wise decision
The number of frauds in the banking sector during the first half of the current financial year has increased substantially to 14,483 cases, although the amount involved is only 14.9 per cent of the previous year's amount, according to a RBI report. The report on Trend and Progress of Banking in India 2022-23, underlined the need to protect the banking system and the payments system from the risks of fraud and data breaches emanating from cyber threats. As many as 14,483 frauds were reported involving an amount of Rs 2,642 crore in the first half of current financial year, as compared to 5,396 cases (Rs 17,685 crore) in the same period a year ago.
HDFC Bank on Thursday said network outages that led to a regulatory ban on new credit card sales were not due to transaction volumes, and affirmed that it continues to stay in touch with the RBI for restarting the services but giving a timeline for it will be difficult. The bank said it is on its way to creating a new technology architecture for the future as part of the "digital factory" and "enterprise factory" initiative. But, it conceded that outages will continue under the older system though it will be working to minimise the time taken to bring the service back. In December 2020, the RBI took the unprecedented step of stopping the largest private sector lender from selling any new credit cards and also launching new digital services, because of a series of network outages.
The SET's findings have now been taken on record by the Central Bureau of Investigation which recently raided the 2008-batch Indian Revenue Service officer after it filed an FIR against him for corruption and alleged violation of rules in the raids that took place at the Cordelia cruise berthed at the Mumbai coast on October 2, 2021.
While cancelling the legal tender of 500 and 1,000 notes on November 8, the government had allowed them to be used for utility bill payments for the first 72 hours. This deadline was extended repeatedly and the last extension was granted till December 15.
Yes Bank customers will be able to access full banking services from Wednesday evening, as the moratorium will be lifted earlier. The RBI had on March 5 put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor till April 3. However, the government in a notification on Saturday said the moratorium will be lifted by 18:00 hrs on March 18.
