Union Finance Minister Nirmala Sitharaman said on Saturday that the priority of the government is to “make sure” that currency in circulation will be in “lower denominations” and spreading more awareness for “doing digital transfers.” Answering a question on the future of Rs 500 currency, Sitharaman said, “We are making every effort to make sure … Read more
Effective April 1, 2025, new income tax regulations have been introduced following the enactment of the Finance Act 2025. One of the significant changes is the increased income limit for individuals opting for the new Income Tax regime to avail rebates under Section 87A. The threshold has been raised from Rs 7 lakh to Rs … Read more
The Centre is all set to introduce the new Income Tax Bill 2025 to replace the existing Income Tax Act of 1961. This significant tax reform is aimed at streamlining the complex tax filing process, albeit with stricter regulations, particularly concerning crypto assets and digital transactions. One of the key amendments in the bill is … Read more
The Reserve Bank of India (RBI) announced on Friday that users of Prepaid Payment Instruments (PPI) are now permitted to conduct UPI payments through third-party UPI applications. While UPI payments between bank accounts can be done using the bank’s own UPI app or any third-party provider’s app, UPI transactions involving PPIs must currently be completed … Read more
Karnataka Bank introduced two new cutting-edge financial products: KBL Peak, an education loan providing up to Rs 2 crore in funding along with comprehensive coverage, and KBL Genius, a student savings account featuring a unique free cyber insurance and exclusive benefits. Srikrishnan H, Managing Director and CEO of the bank, said: “With the ‘KBL Peak’ … Read more
Fintech unicorn Razorpay said today that it is launching its own UPI infrastructure. Named UPI Switch, this product, which is developed in association with Airtel Payments Bank, will be cloud-based and is designed to enhance success rates by 4-5% and can manage up to 10,000 transactions per second (TPS). As per the company, the UPI … Read more
The National Payments Corporation of India (NPCI) has asked its members to comply with the Reserve Bank of India’s (RBI’s) decision to increase the UPI transaction limit to Rs 5 lakh for hospitals and educational services by January 10. The NPCI has instructed banks, payment service providers (PSPs), and UPI applications to increase transaction limits … Read more
The Reserve Bank of India‘s (RBI) decision to withdraw the Rs 2,000 note from circulation will not affect the common man, according to former Chief Economic Advisor Krishnamurthy Subramanian. Subramanian, who had earlier defended the 2016 demonetisation, argued that since the Rs 2,000 notes are not in use in everyday life and the cash in … Read more
Digital payment transactions have witnessed a multifold increase in the last few years, growing to 5,554 crore in FY2020-21 from 1,004 crore in FY2016-17, Parliament was informed on Wednesday. The number of digital transactions stood at 4,683 crore in the ongoing fiscal till mid-November, Minister of State for Electronics and IT Rajeev Chandrasekhar said in … Read more
India not alone in levying tax on digital transactions. With talks at the OECD on a global deal making little headway, a number of countries have made their intent clear on imposing taxes on such transaction. Gulveen Aulakh examines the digital tax landscape in detail… AUSTRIA Revenues from advertising services on digital media rendered in … Read more