Cash Transactions

Small vendors across Bengaluru are removing UPI options, citing GST notices, tax demands, and fears of harassment or eviction as reasons for switching back to cash-only transactions

Experts say that the judgment means anyone who has accepted such a cash payment will now think twice before filing a case in court

DIC India has settled a case with capital markets regulator Sebi pertaining to alleged violation of disclosure lapses after paying Rs 34.32 lakh towards the settlement amount. DIC India, a manufacturer of printing inks and allied products, had filed suo motu settlement applications in terms of the Sebi's (Settlement Proceedings) regulations, the regulator said in an order on March 21. The company proposed to settle by neither "admitting nor denying the findings of fact and conclusions of law" the enforcement proceedings that may be initiated against it for the violation of rules. As per the settlement order, the markets watchdog will not initiate enforcement proceedings against DIC India for the violations. However, Sebi retains the right to take further action if any misrepresentation is discovered or if the company breaches any terms of the settlement. "...it is hereby ordered that any proceedings that may be initiated for the violations are settled in respect of the applicant

The study highlights that the share of digital payments more than doubled between 2021 and 2024, with UPI playing a key role in this transformation, particularly for small-value purchases

The government's intention is to curb black money, promote digital transactions, and ensure tax compliance

Around 7-9% of Apple's sales in its two company-owned stores were cash transactions, compared to less than 1 per cent or even none at all observed in its stores in the US or Europe

Cassette-swap is a lockable mechanism that does away with open cash replenishment. The upgrade is stuck over installation cost

Since April, customers dipping into their mobile-phone wallets to settle bills of more than Rs 2,000 ($24) have to bear a maximum

Gross GST collection rose 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.6 lakh crore mark for the fourth time during current financial year. Gross GST revenue collected last month was Rs 1,62,712 crore. Of this, Central GST was Rs 29,818 crore, State GST was Rs 37,657 crore, Integrated GST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess was Rs 11,613 crore (including Rs 881 crore collected on import of goods). The revenue in September 2023 was 10 per cent higher than the GST revenue of Rs 1.47 lakh crore in the same month last year, the finance ministry said in a statement. "During the month, revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year. It is for the fourth time that gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24," it said.

The Covid-19 pandemic has boosted digital transactions, with UPI turning out to be the biggest gainer, however, the dependence on cash has not reduced

India may consider alternative payment system for exporters if Ukraine war continues for a long time and sectors such as gems, jewellery face a issue in international cash transfer, government sources

PayPal is partnering with non-profit organisation Anti-Defamation League to investigate how extremist and hate movements in US take advantage of financial platforms to fund their criminal activities

But while cash withdrawals and dealings are declining, there has been a 20% YoY spike in the quantum os notes and coins help with the public

Retail payments fall 45%, card usage slips 57%

The proposed fee will be Rs 25 per transaction; the bank has uploaded a notice on its website listing this and three other charges coming into effect from 1 April 2020

Digital transactions to become cheaper and more merchants to accept electronic payments

This follows the Budget allowing interchangeability of PAN and Aadhaar

The government may also mandate Aadhaar authentication for all high-value cash withdrawals in order to track individuals and tally tax returns.

As of 2013, approximately 85% of the world's transactions involved cash.

The government has proposed to lower the cash transaction limit to Rs 2 lakh