RBI today announced Automatic replenishment under the UPI Lite facility. Automatic replenishment ensures that users do not need to manually top up their UPI Lite wallets, making it easier to manage their offline transactions. This feature will be particularly beneficial for users in remote or rural areas where, internet connectivity is limited, as they can…
In the Statement on Developmental and Regulatory Policies, the Reserve Bank of India, Friday 7th June, announced recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with an auto-replenishment facility under the e-mandate framework. The current e-mandate framework requires a pre-debit notification at least a 24-hours before the actual debit from the customer’s account.…
Presenting the second monetary policy statement of FY25, RBI Governor Shaktikanta Das about the Central Bank’s position on the economy said “Remains vigil on any upside risk inflation, especially food inflation. Economic growth is holding firm.” The RBI’s monetary policy committee on June 7 decided to keep the repo rate unchanged for the eighth time…
When you are depositing or withdrawing a certain specified amount in cash, you need to consider the following scenarios where you may be liable for tax liability. Besides, an assessee is liable to pay tax and, or penalty for the different types of transactions under various sections of the Income Tax Act. The details of…
A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956. The companies predominantly engaged in financial activity are only getting registered with RBI as NBFCs. In other words, when a company’s financial assets out of the total assets are more than 50 percent and the company’s gross income from financial assets…
Reserve money is the most important form of money supply that functions as the monetary base of an economy. It is also called high-powered money, base money, and central bank money. Reserve money includes all of the currency (currency notes, coin, and e₹) in circulation, in addition to the banks’ deposits with the central bank,…
There are three types of budgets in government budgets. They are known as Balanced Budget, Surplus Budget, and Deficit Budget. Balanced budget: When the expenditure planned by the government in the budget proposal is assumed to be balanced with the anticipated receipt for a fiscal year. It is called a balanced budget. Surplus budget: –…
[This article explains the meaning of Receipt budget, Non-debt receipt, capital budget, capital expenditure, department of expenditure, etc.] A Union budget is the annual spending plan of the Government based on the estimated income and expense of a nation for the next financial year. The objective of the Government Budget is a blueprint for stimulating…
National income is the total monetary value of all goods and services produced by a country and income from abroad during a given period usually for one year. It is valued in terms of money. National income comprises GDP, GNP, NNP, PI, DI, and PCI. GDP (Gross Domestic Product) is the value of the goods…
In 2008-09, the financial stresses peaked following the failure of the US financial firm Lehman Brothers in September 2008. This triggered a panic in financial markets globally. The world has witnessed one of the worst economic and financial crises during 2008-09 since the great depression of 1929. India too faced a financial crisis beside the…