The tax authorities may tell banks and crypto exchanges to report transactions of virtual digital assets (VDAs) as the government begins taxing gains from cryptocurrencies and non-fungible tokens from April 1. So far, the tax department has relied on voluntary disclosures on transactions of VDAs. Once implemented, the sale and purchase of digital assets will reflect in the Annual Information Statement (AIS). The AIS contains details of at least 46 of the financial transactions done by a taxpayer in a financial year.
Billionaire Gautam Adani's group on Monday announced its exit from FMCG joint venture Adani Wilmar by selling its entire stake to the Singaporean partner and in the open market for an estimated over $2 billion in a first major deal since the US bribery indictment. In a statement, Adani Enterprises Ltd -- which held 43.94 per cent stake in Fortune brand cooking oil, wheat flour and other food product maker Adani Wilmar Ltd -- said it will sell 31.06 per cent stake to Wilmar International. About 13 per cent will be sold in the open market to meet minimum public shareholding requirements.
India's flagship payment platform, the Unified Payments Interface (UPI), ended the 2022 calendar year on a high note as the volume of transactions touched a record 7.82 billion in December, amounting to Rs 12.82 trillion, again a record high. Data released by the National Payments Corporation of India (NPCI), the umbrella body for retail digital payments in the country, showed volume of transactions in December was up 7.12 per cent compared to November, while value of transactions was up 7.73 per cent during the same period.
The Centre on Sunday said there are no plans to levy charges for making payments through Unified Payments Interface (UPI) while saying the service is a "digital public good with immense convenience". The ministry of finance said the concerns of service providers for cost recovery have to be met through other means. "UPI is a digital public good with immense convenience for the public & productivity gains for the economy.
the largest transactions of the year include the merger of Quality Care India and Aster DM Healthcare valued at $5.08 billion, followed by Bharti Enterprises' acquisition of a 24.5 per cent stake in the BT Group at $4.08 billion, and a family settlement transaction in the Godrej family at $3.5 billion.
'Rather than experimenting with CBDCs, we must come up with a very simple and straight design.' 'Dematerialise your currency/cash and with that dematerialised rupee allow all the transactions digitally.'
Maaza, a desi mango fruit-based drink owned by Coca-Cola, has touched the milestone of becoming a billion-dollar brand in 2024, its Chairman and CEO James Quincey has said.
Indian real estate sector saw more land deals in 2024 at over 2,200 acres as developers were looking to expand the business, according to CBRE. Real estate consultant CBRE data showed that land deals of more than 2,200 acres last year as against about 1,900 acres in the preceding year. Out of the total land transactions in 2024, around 2,000 acres were located in the eight major cities -- Delhi-NCR, Bengaluru, Mumbai, Chennai, Pune, Hyderabad, Kolkata and Ahmedabad.
'The country is a good test bed for enterprise adoption, but to scale rapidly, companies will need to look outside the country for customers.'
Out of all the reported digital payment frauds in India, over half (55 per cent) were United Payments Interface (UPI)-related, a new report released on Tuesday revealed. Another 18 per cent are card related, 12 per cent are related to internet banking and nine per cent are from phishing calls. Most of the UPI-related frauds, however, have a low ticket size.
The recently launched retail central bank digital currency (CBDC) pilot has 50,000 users and 5,000 merchants, the RBI said on Wednesday. "We want the process to happen, but we want the process to happen gradually and slowly. "We are in no hurry to make something happen so quickly," Deputy Governor T Rabi Sankar said at the post-policy press conference in Mumbai.
The bench gave liberty to Mukerjea to approach the trial court
Use a "virtual credit card" for every online transaction when you can't pay cash on delivery.
India's sprawling digital public infrastructure received a glowing endorsement from billionaire philanthropist Bill Gates on Wednesday as he praised the country's "great" digital network, reliable and low-cost connectivity, and said this will be the cheapest 5G market. Under the G20 presidency of India, a session on 'Building resilient and inclusive economies- the Promise of Digital Public Infrastructure' was held on Wednesday in New Delhi, where the Microsoft co-founder spoke of India's digital identity Aadhaar, its payment infrastructure, and rapid strides that the country has taken in bringing more people into formal banking system. "India in particular, by laying the groundwork for digital public infrastucture starting with identity system, allows people to build on top of that.
'The government will carefully regulate and monitor the Digital Rupee, and because the currency is supposed to be tied to INR or supported by reserves, we should expect little fluctuation in pricing.'
Cracking down on repeated non-compliance of IT norms, the RBI on Wednesday barred Kotak Mahindra Bank from onboarding new customers through its online and mobile banking channels and issuing fresh credit cards with immediate effect after the regulator found "serious deficiencies" in the lender's IT risk management. These actions, the RBI said, are necessitated based on significant concerns arising out of Reserve Bank's IT examination of the bank for the years 2022 and 2023 and the continued failure on part of the bank to address these concerns in a comprehensive and timely manner.
India is among the fastest-growing markets for Google in the cloud services segment, a senior executive has said, adding that the tech giant is looking to partner companies in their business transformation through its offerings. Google Cloud India is seeing an "increased adoption" of its offerings across segments from the public sector to small and medium businesses and from startups and digital-native companies, Google Cloud India vice president and country managing director Bikram Singh Bedi told PTI.
'Unsurprisingly, Trump shared Modi's podcast with Fridman on his Truth account.' 'The intentions of Trump, a transactional president, are never easy to tell.' 'We will know in the next fortnight if and when he unfolds reciprocal tariffs on Indian goods, whether Modi's flattering words made any significant difference to Trump's compass,' notes Ambassador M K Bhadrakumar.
The Reserve Bank will launch the first pilot for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar on December 1, and later expand it to nine more cities in the initial phase. This follows a month after the RBI had started a pilot in the digital rupee - wholesale segment on November 1. The Reserve Bank announces the launch of the first pilot for retail digital rupee (e?-R) on December 1, 2022, the central bank said in a statement on Tuesday.
The proposed Central Bank Digital Currency (CBDC) to be issued by the Reserve Bank will play a critical role in improving the speed of transactions and reducing the cost of cash, a Deloitte report said on Wednesday. The Reserve Bank of India is planning to come out with a central bank-backed digital currency, using blockchain technology in 2022-23. As a financial services innovation, CBDCs are likely to play a pivotal role in shaping the 'future of value transfer', the report said, adding that most central banks worldwide are now in various stages of their evaluation of launching their national digital currencies.
Flipkart-backed super.money is on an expansion spree and plans to expand its range of offerings in credit and wealth management after launching its operations in July this year. The Bengaluru-based fintech company is on track to roll out credit products such as credit on Unified Payments Interface (UPI), unsecured credit cards, and personal loans within the first half of the next calendar year (2025).
The Reserve Bank of India (RBI) has relaxed card-on-file data storage norms pertaining to guest transactions checkout, whereby now, apart from the card issuer and the card network, the merchant or its payment aggregator involved in the settlement of the transactions can save the data for a maximum of T+4 days or till the settlement date, whichever is earlier. And, acquiring banks have been permitted to store the card-on-file data until January 2023 for handing other post-transactions activities. The industry reached out to the RBI on the issue and sought a solution.
The eighth Budget of Finance Minister Nirmala Sitharaman continued to focus on 'GYAN' (Garib, Youth, Annadata, Nari) to maintain a consistent and coherent strategy initiated over the years in pursuing the government's vision for Viksit Bharat. The approach, characterised by incremental yet impactful steps, aims to create a compounding effect over time.
Amazon Pay UPI has crossed 100 million customers, with the online platform used mainly for e-commerce transactions, utility bill payments and mobile recharges, the company announced on Monday.
Fifteen companies have launched their initial public offerings (IPOs) in December 2024, making it the best month for public offerings since 1996. Collectively, they have raised Rs 25,425 crore, which also made December the best month in terms of the quantum of funds raised. In December 1996, 33 companies had raised Rs 931 crore.
One97 Communications (OCL), the company that operates brand Paytm, received a nod from the National Payments Corporation of India (NPCI) to onboard new Unified Payments Interface (UPI) users. This comes nearly nine months after the Reserve Bank of India (RBI) placed an embargo on OCL to add new customers.
The value of transactions through debit and credit cards used at the PoS fell to Rs 64,200 cr in February
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.
Absence of comprehensive data protection and privacy laws will be barriers in the government's digitalisation drive.
'The Digital Rupee will be equal to the Indian rupee in value and backed by the full faith and credit of the RBI/Indian government.'
Digital payments across the country registered a growth of nearly 29 per cent in a year through March 2022, as per the RBI's latest index that measures the adoption of online transactions. The newly constituted RBI's digital payment index (RBI-DPI) stood at 349.3 in March 2022 against 304.06 in September 2021 and 270.59 per cent in March 2021. "The RBI-DPI index has demonstrated significant growth, representing the rapid adoption and deepening of digital payments across the country in recent years," the RBI said in a statement on Wednesday.
India should convert the Trump threat to an India opportunity, re-embracing a more liberal trade regime as a way of reviving manufacturing output and exports.
For those who are sceptical about using debit or credit cards, even when faced with cash crunch, Adhil Shetty, CEO of BankBazaar.com, lists out a few safe cashless options that can be exercised through mobile phones.
Front-running is a fraudulent practice where traders exploit advance knowledge of large client orders for personal profit.
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
India's total online shopper base at 30 per cent of its internet population is low when compared with 78 per cent in China and 70-plus per cent in the US.
DAP does not consider past I-T returns to match a taxpayer's resources with their expenditures or investments, points out Harsh Roongta.
The pilot project for central bank digital currency (CBDC) in the retail segment went live on Thursday with the Reserve Bank of India (RBI) issuing Rs 1.71 crore to four participating banks based on their indents. The central bank has identified four banks for the first phase of the pilot - State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank - in four cities, Mumbai, New Delhi, Bengaluru and Bhubaneswar. The highest indent was received from one private sector bank.
Global rating agency Moody's on Monday said HDFC Bank's multiple digital outages are credit negative as such recurring incidents could lead to moderation in revenue and flight of customers to other banks. The recurring outages also risk hurting the bank's brand perception among a growing and increasingly digitally savvy customer base, and increases the potential that clients switch to other banks, which would lead to a reduction in revenue and low-cost retail funding, Moody's said in a statement.
The Reserve Bank on Tuesday directed digital lending entities to disclose upfront the names of of their empanelled agents authorised to contact borrowers in case of default of loan, and also intimate the details to customers before initiating the recovery process. In August last year, the RBI had tightened norms for digital lending to prevent charging of exorbitant interest rates by certain entities and also check unethical loan recovery practices. Under the new norms, all loan disbursals and repayments are required to be executed only between the bank accounts of borrower and the regulated entities (like banks and NBFCs) without any pass-through/ pool account of the Lending Service Providers (LSPs).
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