Financial Transactions

The Income Tax Department has started issuing notices and levying penalties on these non-compliant entities, directing field officers to complete the process by end-November

UPI and AePs together have changed India's payments landscape. AePS's playing field is rural and semi-urban India

Currently, transactions between a PM and its own GAH or between two GAHs of the same PM are not permitted to be matched on NDS-OM

Faced with the challenge of ensuring an account remains operative, the State Bank of India (SBI) has written to the Reserve Bank, requesting change in rules, and consider non-financial transactions like balance checking as well for tagging an account as operative. C S Setty, chairman of the country's largest lender, said many a time, an account holder, especially ones where cash transfers under government programmes is the primary usage, does limited number of financial transactions. After direct benefit transfer, the money gets credited into the account, there are at best two-three debit transactions before it becomes dormant and earns the tag of being inoperative, he said on the sidelines of a bank event late on Tuesday evening. Even a non-financial transaction should be able to activate the account, Setty said, adding, "We have taken it up with the Reserve Bank of India (RBI)." He added that the current set of rules focus on financial transactions in a given point of time which

Training by the Indian Institute of Corporate Affairs is expected to help improve compliance

Visa services provider BLS International on Tuesday said its subsidiary BLS E-Services Limited (BLSE) has signed an agreement to acquire 55 per cent in Aadifidelis Solutions and its affiliates for an enterprise value of about Rs 190 crore. BLSE has entered into a definitive Share Purchase Agreement (SPA) to acquire the controlling interest in Aadifidelis Solutions (ASPL) and its affiliates, a major player in India in the distribution and processing of loans for corporates and individuals. BLSE will make an upfront investment (primary and secondary) of about Rs 71 crore with balance consideration being deferred linked to the achievement of milestones in 2024-25, BLS said in a release. The acquisition will be an all-cash deal. The transaction will be completed in the second quarter of the fiscal. Shikhar Aggarwal, Joint Managing Director of BLS International Services said that the signing of a definitive agreement with ASPL is a strategic move that will unveil a plethora of ...

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Credit cards, like any financial product, come with both benefits and risks

The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. The department is undertaking an e-campaign, which aims to inform such persons/entities of significant financial transactions, through email (marked as Advance Tax e-Campaign-Significant Transactions for AY 2024-25) and SMS, urging them to compute their advance tax liability correctly and deposit the due advance tax on or before March 15. In a statement, the Central Board of Direct Taxes (CBDT) said the income tax department has received certain information on specific financial transactions undertaken by persons/entities during the Financial Year (FY) 2023-24. "On the basis of analysis of the taxes paid so far during the current financial year, the Department has identified such persons/entities where payment of taxes for FY 2023-24 (AY 2024-25) is not commensurate with the financial transactions ma

Meanwhile, the Gandhinagar-based company saw its revenue from operations more than double to Rs 911.9 crore in Q3 FY24, up from Rs 414.7 crore in Q3 FY23

Online mutual fund platforms are set to get a go-ahead to charge transaction fee

Large Indian lenders are reluctant to process direct rupee trade transactions with Russia months after the mechanism was put in place for fear of becoming the target of sanctions by the United States

The common platform for MF transactions logs 350,000 registrations and 10,000 monthly logins

Success shows 'innovation prowess' of indigenous payment structure and fintech companies, he says

Income Tax Department said it had carried out a search and seizure operation on July 20 on the premises of a prominent business conglomerate engaged in diversified fields

IT sleuths can now trace all transactions of an individual, if they are not 'benami'. New reassessment regime allows them to probe any transaction worth Rs 50 lakh or more in the last 10 years

BSE on Tuesday said its mutual fund distribution platform StAR MF has processed a record 14.1 million transactions worth Rs 36,277 crore in August

Pandemic pushes companies to police e-transactions; financial services firms and e-commerce companies are among the major drivers of demand

Demonetisation provided the first serious wake-up call that cash will not be king for long, and the business of vending it will have to be reworked

While it will make payments via cheques safer, it will also make the process a tad cumbersome, especially for people who issue high-value cheques frequently but are not tech savvy