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.
The challenge for India lies in navigating complex landscape to its best advantage. The BRICS Summit will test its navigation skills, asserts former foreign secretary Shyam Saran.
The US push for clearer crypto rules is putting pressure on India to fill its own regulatory gap for virtual digital assets.
The Payments Council of India has confirmed that Unified Payments Interface (UPI) services will continue to be free for consumers and small merchants, despite a recent Lok Sabha Bill. This clarification addresses concerns about potential charges, emphasising that while a sustainable financial model for UPI infrastructure is being developed, transaction charges will not be passed on to users or small businesses.
Relentless protests by Opposition parties forced the adjournment of the Lok Sabha for the day after the passage of the Bankers' Books Evidence Bill without a debate on Wednesday, with the government accusing them of coming to the House to disrupt proceedings and not for discussion.
Jharkhand's Finance Minister has ordered a statewide investigation into alleged fraudulent salary withdrawals from government treasuries, following reports of irregularities in multiple districts.
It's not about how much you earn -- it's about how you borrow and repay.
India's Central government is likely to see its fertiliser subsidy bill double to a record 3.4 trillion in FY27, up from the Budget estimate of 1.7 trillion, due to surging global fertiliser prices exacerbated by the West Asia war. This significant increase, coupled with revenue losses from excise duty cuts for oil-marketing companies, is straining the government's fiscal space, though capital expenditure plans remain unchanged.
A more vigilant Opposition and a more aware civil society including the media could have certainly helped keep a check on an unhealthy trend, says A K Bhattacharya.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
A think tank, GTRI, has urged India to resist US pressure regarding its UPI policies, advocating for competition, policy autonomy, and a sustainable payments ecosystem. This comes as the Lok Sabha passed a bill allowing charges on UPI, and the US has criticised India's digital payment systems, raising concerns about the future of India's digital payment landscape.
It is plain to see that the US senate bill's real objective is to derail India's time-tested strategic partnership with Russia, points out Ambassador M K Bhadrakumar.
A think tank, GTRI, has urged India to resist US pressure regarding its UPI policies, advocating for the defence of competition, policy autonomy, and the long-term sustainability of its payments ecosystem. This comes as the Lok Sabha passed a bill allowing charges on UPI transactions, a move GTRI suggests should not be influenced by foreign trade complaints.
Retirement planning is not a test of how smart you are; it is a test of how well you control your behaviour.
'This government is in the very bad habit of doing so again and again. It has done so many times.'
In many ways, 17th century India occupied a position in the global economy comparable to that of the United States today. Just as millions of people now look towards America because of its economic opportunities, merchants, adventurers and trading companies once looked towards India.
'The ethanol blended with petrol programme should not be halted or reconsidered.' 'India is not experiencing a structural sugar shortage, and the ethanol blending roadmap does not compete with food security or drive domestic price increases.'
The 'angel tax' provision in the Finance Bill will not impact startups in India, a senior government official said on Tuesday. Startups which are registered with the Department for Promotion of Industry and Internal Trade do not come under the purview, Anurag Jain, the secretary in the department said while speaking at the IVCA Conclave. "Let me put one thing very clearly. It doesn't affect startups in the least," he said, addressing the audience at the event organized by the venture capital industry lobby grouping.
A savings or current account with no customer-induced transaction for more than 24 months is classified as inoperative.
The Indian government has clarified that consumers will not be charged for UPI transactions, and most merchant transactions will also remain free. This comes amidst speculation following an amendment to the Payment and Settlement Systems Act, 2007. Any future merchant discount rate (MDR) would be nominal, threshold-based, and aimed at ensuring UPI's long-term sustainability and infrastructure development.
Education loan defaults carry serious consequences. Credit bureaus record missed payments against both the student and the co-borrower, usually a parent.
India's trade deficit reached a six-month high of $31.98 billion in July, driven by a sharp increase in imports, particularly crude oil, electronic goods, coal, and fertilisers. Both merchandise exports and imports recorded their second-highest levels during the same period.
The BJP is significantly increasing its digital engagement with young people on Instagram, led by Prime Minister Narendra Modi and several Union ministers, in response to the NEET-UG paper leak controversy and subsequent student protests. This strategic shift aims to counter the narrative and communicate government actions on examination reforms.
The Lok Sabha on Thursday passed the Finance Bill without discussion after the entire National Democratic Alliance boycotted the House in protest against what it said Prime Minister Manmohan Singh's "insulting" behaviour towards them.
This move will enable it to incur higher-than-mandated borrowing, and possibly spending, till the 2024 Lok Sabha election cycle.
If reimbursement becomes unavoidable, submit a complete file at the earliest.
Both Houses of Parliament were adjourned sine die, concluding a Budget session marked by the passage of key legislations and the defeat of a Constitution amendment bill on women's reservation. The session saw frequent opposition protests and discussions on various issues, including the West Asia conflict.
The government had on Wednesday faced major embarrassment in the Rajya Sabha as five amendments moved by the Congress and the CPI-M to the Finance Bill were adopted and approved by the House.
Central tax authorities detected input tax credit (ITC) fraud worth Rs 74,781.56 crore across 30,162 cases in FY26, more than doubling the number of cases from the previous year, according to the Ministry of Finance.
Inflows into foreign currency non-resident (bank), or FCNR (B), deposits have significantly underperformed market expectations, leading to a more than 1 per cent depreciation of the rupee against the dollar this week. Analysts point to fading RBI support measures, tepid interest due to rising global bond yields, and narrowing interest rate spreads compared to 2013 as key challenges.
The amendment of around 40 central statutes makes the Finance Bill, 2017 unique
The government came in for a scathing attack in the Lok Sabha on Monday from friends and foes alike over handling of the economy.
The Opposition on Monday charged the government with trying to promote crony capitalism, creating fear by giving "unbridled power" to taxmen, trying to snoop into people's lives through increased use of Aadhaar through the provisions of the Finance Bill.
The annual Finance Bill may soon become far less exciting as the government plans to lift the veil of secrecy surrounding tax proposals in Budget. Once the Direct Taxes Code (DTC) and Goods and Services Tax (GST) are in place, the finance ministry will adopt a public discussion approach for most future decisions, while confining the annual exercise to a few procedural changes.
Tech giant Apple reported a record June quarter revenue of USD 109.4 billion, a 16 per cent year-on-year increase, with significant double-digit growth in emerging markets like India. However, the company anticipates business risks in the coming quarters due to rising memory chip prices and ongoing supply constraints.
After Finance Minister Arun Jaitley moved the amended Finance Bill for consideration by the Lok Sabha, Deepender Hooda (Congress) said this was a "historic" occasion as never in the past had the Rajya Sabha amended the Finance Bill.
That means making it easier to invest, protecting investors through predictable rules, and avoiding policy reversals after investments have been made, notes Rajeswari Sengupta.
Govt to scrap 8 appellate tribunals; National Company Law Appellate Tribunal to take over Competition Appellate Tribunal's duties
Election-related freebies and populist measures are other factors crimping the revenue profile of these states.
Arun Jaitley had proposed in the Budget to double the rate of capital gains tax on debt MFs to 20%.
