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.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
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Recently, the central bank has asked online cab service provider Uber to rework its billing system to enable two-step authentication system. Following this, many have dubbed the central bank's decision as regressive.
Ask rediffGURU and tax expert Mihir Tanna your income tax-related questions.
The rupee had lost more than 8 per cent since the first week of May, after the US Fed indicated it may start scaling back its monetary stimulus programme later this year.
Singh asserted that Deshmukh set a staggering collection target of Rs 100 crore for his officers, specifically from Mumbai, while also discussing plans to target key opposition figures, including former Chief Minister Devendra Fadnavis of the Bharatiya Janata Party.
'We went from zero to about 10 million users in three months. Paytm came out with the wallet play and we came out with the UPI play.'
Telecoms investor Aditya Birla Nuvo Ltd and retailer Future Group were among the first big names to apply for licenses to run so-called payments banks
BCCI chief Jagmohan Dalmiya said details are still being worked out.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
The disbursement of pensions to 58,275 defence pensioners was delayed this month as their banks could not confirm their identification by April 30, the ministry of defence (MoD) said on Wednesday.
Infosys, which is managing MCA21, has been facing flak from different quarters on the woes pertaining to the portal.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
Net1's chief executive and chairman Serge Belamant said the Indian government was interested in the biometric verification technology that the company has been using in South Africa.
BSE benchmark Sensex plummeted 778 points to close below the 55,500-level on Wednesday following a broad-based selloff in global markets as the Russia-Ukraine crisis escalated. The 30-share BSE index ended 778.38 points or 1.38 per cent lower at 55,468.90. Similarly, the NSE Nifty plunged 187.95 points or 1.12 per cent to 16,605.95.
The verdict in the Google versus Epic Games antitrust case in the US has spread cheer among the Indian gaming and app developers. Ending a three-year legal battle, the San Francisco jury found that Google turned its Play app store and billing service into an illegal monopoly. American video game maker Epic Games, best known for Fortnite, had sued Google in 2020.
Lavrov said a rupee-rouble payment system for trade with India was put into place earlier and it could be strengthened further.
'The Indian government is better prepared this time and has reached out to all contenders and not putting all eggs in one basket.'
The Department of Posts was one of the 11 entities to get the in-principle nod from the Reserve Bank of India in 2015 for setting up a payments bank.
India should not be left behind. It should join the seven central banks which are studying feasibility and safeguards necessary to eliminate risks, particularly from hacking, advises former foreign secretary Shyam Saran.
Starlight Systems, a unit of Piramal Sunteck Realty, has sought a four-year staggered payment option to pay Rs 496 crore (Rs 4.96 billion) for two plots it won in the financial district of Mumbai in the last financial year.
Nothing is going to change in a hurry unless attitudes change and punishments are speedy and fair, notes Ramesh Menon.
Everyone (with some exceptions) whose estimated tax liability is Rs 10,000 or more in a financial year must pay advance tax.
HDFC Bank has been conscious in not accepting high-cost deposits, which have resulted in slower growth in October-December, said Sashidhar Jagdishan, managing director and chief executive officer, during an interaction with Goldman Sachs recently. He said during times of tight liquidity, short terms hardened, as was the case in October-December. "Not only did we participate, but we also gave up which came up for maturity," he said.
The BCCI announced an initial list of 17 players who will be awarded yearly contracts.
India Pay, the new payment system, will handle all domestic transactions and work with payment networks like Visa and MasterCard for international transactions undertaken by Indian cardholders or foreigners visiting to the country. Once the processing work shifts to India, transaction costs will come down. At present, the fees charged by Visa and MasterCard are relatively high.
This is not for the first time that the customers of the bank have faced service outage. In fact, the bank has been penalised by the Reserve bank of India (RBI) for two major outages in the past. In December, the RBI temporarily barred HDFC Bank from launching new digital banking initiatives and issuing new credit cards after taking a serious view of service outages at the lender over the last two years.
He said Congress would push Madhya Pradesh back into the BIMARU (laggard) category if given an opportunity again.
200 staffers, consisting of RBI officials and support teams, who are essential to perform critical functions, were isolated at a separate facility in a dedicated quarantined environment near all three RBI data centres.
The Reserve Bank of India on Thursday decided to keep policy rate unchanged for third time in a row as it maintains heightened vigil on inflation. The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.
Note ban hits sales and registration of new cars; states work online payments model to deal with cash crunch. Ajay Modi and T E Narasimhan report.
Tamal Bandyopadhyay, columnist and author of several books like From Lehman to Demonetisation: A Decade of Disruptions and Sahara: The Untold Story, tells Rediff.com why Yes Bank depositors should not panic and the current crisis at India's fifth largest private lender does not pose any systemic risk.
More than three months after RBI scrapped a long-standing payment mechanism used to pay for Iranian crude imports, India has resumed payments to the nation's second largest oil supplier using an alternative system.
... And what explains the directions of change? asks Ajit Balakrishnan.
Discrepancies between Form 26AS and Form 16 can lead to an inquiry by the I-T department.
To deepen the financial inclusion process, and help get more people under the formal financial system, the RBI has mooted the idea of small banks and payments banks.
"Google, as part of its goal to allow shoppers to use their mobile devices, rather than physical credit cards, to pay for goods in retail stores, is working on a potential partnership with electronic-payments company VeriFone Systems Inc," The Wall Street Journal reported citing a source.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
It is believed that removal of foreclosure charges or prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and the competition among banks will result in finer pricing of home loans with the floating rate.
Regulators will need to allow the model to evolve to allow profits to flow, says Una Gulani.
