The RBI on April 6 directed all payments service providers to make sure "that the entire data relating to payment systems operated by them are stored in a system only in India."
The GST intelligence unit detected tax evasion of more than Rs 1.98 lakh crore last year and arrested 140 masterminds who were involved in defrauding the exchequer, the finance ministry said on Thursday. In 2023, the Directorate General of GST Intelligence (DGGI) detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services). "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore.
Wipro will be implementing the core banking solution for Paytm.
Since the imposition of lockdown on March 25 by the government to contain the COVID-19 spread, businesses have been facing liquidity or cash crunch, leading to difficulties in paying their mandatory provident fund dues.
While most of these payment players continue to run Indian data through the global processes of data analytics and fraud detection, the industry seems divided over whether the regulator would allow this to continue.
Majority of respondents say reading about media reports of such frauds bothers them more than their personal experience.
Cheque payments will be safer; the limit for contactless card transactions hiked.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
Paralympic star Kumar Nitesh cites BAI apathy, wants badminton to be placed under PCI as para shuttlers needed to be treated on par with their able-bodied counterparts.
Using mantras from the Bhagavad Gita, Vatsal Ramaiya explains how you can conquer your home loan debt and unlock a world of financial freedom and peace of mind.
WhatsApp's ambitious payment services' blueprint in India has been caught in a bind over concerns around authentication and its data storage practices.
Get a new QR code from an alternative provider. PhonePe, Google Pay, Pine Labs, etc are some of the other service providers.
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Of the 11 licence holders, only eight remain in the fray as concerns about profitability and rising competition are making them think twice before jumping in.
The India-US nuclear deal was aimed at ending India's nuclear isolation and nuclear apartheid, recalls Rup Narayan Das.
This payment of Rs 962 crore is inclusive of the Rs 500 crore DHFL received from exiting its entire stake in subsidiary firm Aadhar Housing Finance Ltd.
Insolvency appellate tribunal NCLAT on Tuesday upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium. The NCLAT bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it has also directed the lenders of Jet Airways to adjust the Rs 150 crore paid by the consortium as performance bank guarantee.
Visiting Varanasi for Dev Deepavali should be on your bucket list.
The narrative on China is changing post the recent stimulus measures, and it will be hard for global investors to ignore the Chinese markets.
A bench of justices B R Gavai and Sandeep Mehta told the petitioner's counsel that a coordinate bench of the apex court had last week delivered its verdict on the issue.
In a major decision, the RBI on Friday announced that UPI payment limit to hospitals and educational institutions will be raised to Rs 5 lakh from Rs 1 lakh at present and hiked the cap for e-mandates for recurring payments to Rs 1 lakh. Unveiling the December bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das said the limit for various categories of Unified Payments Interface (UPI) transactions has been reviewed from time to time. "It is now proposed to enhance the UPI transaction limit for payment to hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh per transaction," he said.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Highlights of the Union Budget 2024-25 presented by Finance Minister Nirmala Sitharaman in Lok Sabha on Tuesday.
A group comprising top tech startups and unicorns has raised several "serious concerns" over a platform-based gig workers Bill proposed by the Karnataka government, saying it would hurt the ease of doing business. They told the state government the Bill in its current form would hamper operations and increase regulatory and compliance burden on the nascent gig and startup economy, according to sources.
To expedite mining activities in the country and address shortcomings in the mine auction process, the Centre has proposed the introduction of intermediary timelines for acquiring mining leases and composite licences. The government has outlined timelines for various activities involved in the process, accompanied by penalties for delays attributable to the bidder. According to the Ministry of Mines notification dated February 9, the penalty for surpassing specified timelines in any activity within a milestone would lead to deductions from the performance security deposited by the bidder.
The start of BHIM's declining share coincided with the launch of Google Tez in mid-Septem
Future Retail on Saturday said it has missed the due date for payment of Rs 3,494.56 crore to banks and lenders as it could not sell assets due to its ongoing litigation with amazon, impacting its monetisation plans. Future Retail had last year entered into a one-time restructuring (OTR) scheme for COVID-19 hit companies with a consortium of banks and lenders and was to discharge "an aggregate amount of Rs 3,494.56 crore" on or before December 31, 2021. Kishore Biyani-led Future group firm would be "co-operating for completing the monetisation of the specified business within next 30 days" as per directions of the banks to resolve the current situation, said a regulatory filing by Future Retail.
'Splitting must result in tangible benefits for the customer, otherwise it will only mean more work for them in maintaining the policy and for their nominees.'
'Today, let us reaffirm our commitment to strive to realise Gandhiji's dreams. His watchwords, truth and nonviolence, will continue to remain relevant for the whole world. He also taught us that rights and duties are but the two sides of the coin - indeed, the true source of rights is duty. Today we recall his lessons in compassion too - compassion not only for our human neighbours but also for our other neighbours, namely, flora and fauna, rivers and mountains.'
Investors need to carefully assess country-specific risks. 'This is especially true of a market that is less transparent than the US.'
Lenders of bankrupt airline Jet Airways, led by the State Bank of India (SBI), on Thursday told the Supreme Court that successful bidder Jalan Kalrock Consortium (JKC) was "unwilling" to pay the dues and that the "liquidation" was the only option left. The bench led by Chief Justice of India (CJI) DY Chandrachud was hearing the SBI-led consortium plea against the NCLAT's March order upholding ownership transfer of the bankrupt airline to JKC.
UK-based Vedanta Resources is looking to start copper production at its Konkola copper mines (KCM) in Zambia and is eyeing to serve global and Indian markets, according to company executives. Promoted by billionaire Anil Agarwal, the miner in November 2023 regained control of the copper mines and smelter, which the Zambian administration had seized in 2019, but needed to pay creditors of the mines to revive operations. The conglomerate was locked in a legal battle over the ownership of the KCM mines prior to a September 2023 Zambia government decision to reinstate the group as owners of the mines.
Shares of One97 Communications (OCL), which provides financial services under the brand 'Paytm', and has a banking arm Paytm Payments Bank (PPBL), hit the 5 per cent upper circuit at Rs 428.10 on the National Stock Exchange (NSE) in Monday's (February 26) intraday trade. The up move in the stock on Monday came after the Reserve Bank of India (RBI) asked the National Payments Corporation of India (NPCI), in post stock market hours, to look into the possibility of migrating PPBL customers, using the UPI handle '@paytm', to four-to-five other banks.
Self-employed individuals often face hurdles in buying term insurance due to financial documentation that doesn't fully reflect their earnings. This complicates underwriting.
Focus to be on unbanked areas; initial capital is set at Rs 100 crore; India Post can apply.
Customers would be able to make money transfers, pay utility bills and recharge their mobile and DTH connections with just one click and a single PIN entry
The two leaders had a complex relationship yet formed a partnership and even after their parting of ways, the two admired each other in their efforts for India's freedom.
Net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal, on higher advance tax payment by corporates.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
Domains spoofing the legitimate Olympics Web site, while fake mobile apps masquerading as transport, booking, or other planning apps are also certain to be leveraged by fraudsters during the event, cybersecurity firms say, which puts Indian users also at risk.
