The move will allow the Walmart-backed fintech firm to offer an integrated payment flow-from transaction origination to final settlement-to the merchants it services
Markets regulator Sebi on Monday proposed a procedure for seeking a waiver or reduction of interest concerning recovery proceedings initiated by it for failure to pay penalty. Under the proposal, the regulator suggested that the applicant's requests for waiver/reduction should be submitted to the relevant Recovery Officer, with documentation supporting the fulfilment of three criteria from Section 220(2A) of the Income Tax Act, 1961. Section 220(2A) allows the waiver or reduction of this interest under specific conditions. The criteria include payment of such an amount causing genuine hardship to the applicant; default was due to circumstances beyond the applicant's control and the applicant has cooperated in any related inquiry. In its consultation paper, Sebi has suggested that applications are allowed only if the notice of demand has already been served and the principal amount due is fully paid. The Sebi's recovery officer will forward the application to the Competent Authority
In late September, the central bank announced measures including cuts in the minimum down payment ratio to 15 per cent for all buyers
At present, under the Travel Rules of FATF, data relating to the name of the sender, recipient, and the country of origin is recorded in any cross-border financial transactions
Debt-ridden telecom firm Vodafone Idea has been slapped with demand orders from various GST offices to pay over Rs 73 crore comprising tax dues with penalty and interest, a regulatory filing said on Monday. The company has received nine orders from various GST offices mostly for alleged short payment of taxes and allegedly availing excess input tax credit (ITC). The GST office in Kolkata has levied highest penalty of Rs 33.44 crore on the company along with demand of tax and interest on September 1 for "Alleged Tax short paid on outward supply, excess ITC availed", according to the filing. Noida GST office has ordered Vodafone Idea (VIL) to pay "penalty of Rs 26,89,94,489 along with demand and interest as applicable" on September 1 for alleged "excess availment of ITC and short tax paid for FY 2019-20" by the company. Patna GST office has levied a penalty of Rs 10.94 crore along with demand and interest on VIL. The company has received a penal order of Rs 4,211 from Chandigarh GST
The proposed database, to be made accessible to all licensed payment aggregators, will work as an early warning system to help prevent fraud and reducing risks to merchant and consumers
According to the ministry of finance data, digital payment transactions volume reached a staggering Rs 11,660 crore in 2023 from Rs 3,134 crores in 2018-19
Workers in the claim would be entitled to back pay for up to six years before they brought the action
Instant payments are credit transfers that make funds available in the recipient's account within 10 seconds of a payment order being made rather than waiting for days for the cash to clear
Despite recent economic data fueling recession fears, American consumers have remained resilient in face of higher-for-longer interest rates
Banks and the National Payments Corporation of India (NPCI) are required to comply with these directions within three months from the date of issue of the guidelines
Missed payments by the e-commerce platforms have grown to around 210 billion won ($152 million), the government estimates
The RBI has imposed penalties on payment system operators Visa Worldwide, Ola Financial Services and Manappuram Finance for deficiencies in regulatory compliance. A penalty of Rs 2.4 crore has been imposed on Visa Worldwide Pte Limited and Rs 41.5 lakh on Manappuram Finance Limited. A fine of Rs 87.55 lakh has been slapped on Ola Financial Services in two cases. The RBI said monetary penalty on Payment System Operators (PSOs) Manappuram Finance and Ola Financial Services has been imposed for non-compliance with certain provisions of Know Your Customer (KYC) directions. Compounding orders were also issued to two Ola Financial Services and Visa Worldwide for contravention of certain provisions. Giving details, the Reserve Bank of India said it was observed that Visa Worldwide Pte Limited had implemented a payment authentication solution without regulatory clearance from the central bank. Accordingly, notice was issued to it, advising it to show cause as to why a penalty should not
The proposal is still under consideration by the inter-ministerial panel and expected to take a call soon, Financial Services Secretary Vivek Joshi told PTI
For SMEs, which play a significant role in job creation and exports, this is a welcome move. However, the going has not been smooth
All taxi drivers in Sikkim have been directed to compulsorily provide QR codes as an additional payment option to the passengers by July 15, a senior official said on Wednesday. The decision was taken in view of several complaints from the public over providing accurate fares to drivers due to the non-availability change either with the driver or the passenger, resulting in arguments and traffic jams, he said. "All drivers are to compulsorily provide the QR code by July 15, 2024, (as an additional payment option) and affix one on the front windscreen of the vehicle facing the passenger and another at the rear seat of the vehicle," the Transport Commissioner-cum-Secretary Raj Yadav said in a circular. The mandatory display of the QR code on the front and rear side of the taxis was ordered to address this issue of haggling between the taxi drivers and commuters on payment issues, Yadav said, adding that a meeting was held recently with the stakeholders/local taxi associations, where i
Project Nexus is aimed at making retail cross-border payments efficient, faster and cost-effective, the RBI release said
Bandhan Bank on Friday said it has launched a facility for online collection of direct taxes, enabling its customers and others to pay taxes seamlessly across India. As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches, the lender said in a statement. The service is available through internet banking, payment gateway, cash, cheque, or demand draft, it said. Bandhan Bank's head of government business group, Debraj Saha, said, "The bank is proud to support the Central Board of Direct Taxes as an agency bank, aligning with the government's e-governance initiative." With over 6,300 banking outlets across 35 states and UTs, Bandhan Bank serves over 3.35 crore customers.
The new 45-day payment rule for SMEs, effective April 2024, aims to ease working capital issues. While some SMEs welcome it, others fear adverse impacts on their businesses
Salt simplifies cross-border payments, automates compliance, and cuts processing time for Indian merchants, supporting SMEs, startups, and freelancers with cost-effective solutions