All inbound travelers with Int’l mob no. will have UPI access for merchant payments in India
India’s central bank on Wednesday announced that all inbound travelers to India are permitted to access UPI for their merchant payments (P2M) using their international mobile numbers, while they are in the country. This is an enhancement to the earlier provision of UPI access to non-resident Indians who have international mobile numbers linked to their…
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RBI expands the scope of TReDS for enhancement of Cash flow to MSMEs
The guidelines on Trade Receivables Discounting System (TReDS) were issued in December 2014 with the objective of facilitating the financing of trade receivables of MSMEs. Small businesses can use the TReDS platform to raise capital by auctioning off their trade receivables. Before the buyer pays, a finance provider or a bank (basically the vendor) bids…
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Recovery of Penal interest for delay/default in servicing of the loan shall be stopped: RBI
The Statement on Developmental and Regulatory Policies dated February 8, 2023 sets out various developmental and regulatory policy measures relating to (i) Financial Markets; (ii) Regulation; (iii) Payment and Settlement Systems and (iv) Currency Management. In its statement today, India’s central bank announced that it will issue draft guidelines for transparency in the penal charges…
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Soon, QR Code based Coin Vending Machines
In the statement on Developmental and Regulatory Policies dated February 8, 2023, the Reserve Bank of India (RBI) announced today that the central bank will start a pilot project to launch QR code based coin vending machines. Unlike cash-based traditional Coin Vending Machines, the QCVM is a coin dispensation machine that would eliminate the need…
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RBI hikes repo rate by 25 bps, monetary policy will remain agile and alert to inflation says Governor
The six-member Monetary Policy Committee (MPC) headed by RBI Governor on Wednesday (February 8, 2023) announced the hike in the repo rate by 25 basis points to 6.50%. The RBI also projected India’s GDP growth at 6.4 per cent for 2023-24 and projected retail inflation at 6.5 per cent for 2022-23 and 5.3 per cent…
Budget 2023: The big picture of several changes made in income tax rules
There are many changes in income-tax rules. This post analyses tax consequences on 15 key points on which tax policies are changed. Let us see how these changes impact you. A standard deduction of Rs 50,000 to salaried individuals, and a deduction from family pension up to Rs.15000, is currently allowed only under the old…
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