Gift cards, reward points excluded from VDA tax from July 1
Gift cards or vouchers that may be used to obtain goods or services on a discount on goods,, mileage points, reward points, and loyalty cards will be excluded from the definition of virtual digital assets (VDAs), Central Board of Direct Taxes (CBDT) said in a notification issued late Thursday. Hence, these products do not face…
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Interest rates of PPF, NSC, and other small savings schemes remain unchanged for July-September 2022 quarter
Contrary to the expectations of small investors in a rising interest environment, the government has decided to keep the small savings interest rates unchanged for the July to September quarter. This is the ninth quarter in a row that small savings interest rates have not changed. New investments made during the second quarter of FY…
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RBI urges card holders to tokenise their cards, extends deadline for storing of CoF data by three months
The Reserve Bank of India (RBI) on Friday extended the deadline for card-on-file (CoF) tokenisation by another three months to September 30 as transaction processing based on such tokens is yet to gain traction across categories of merchants. “…it has been decided to extend the timeline for storing of CoF data by three months, i.e.,…
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Will your take home salary, PF, working hours change from July 1 under New Labour Laws?
The Take-home salary, contribution to Employees’ Provident Fund and working hours could change significantly as the Centre plans to implement new labour laws from July 1. The Indian parliament has passed the four labour codes — wages, social security, industrial relations, occupational safety, health and working conditions. These codes were created by subsuming 29 Central…
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What are the fiscal deficit and deficit financing?
Edited on 23.06.2022 In the recent Monthly Economic review, the finance ministry struck a note of caution on the twin deficit problem. Many of our readers like to know about the twin deficit problem. Whenever a country faces an increased fiscal deficit and current account deficit at the same time, it is known as the…
RBI extends implementation of some norms for credit and debit cards
The Reserve Bank of India vide circular dated April 21, 2022, had issued master directions for credit and debit card issuance in the year 2022. These guidelines apply to banks excluding payment banks, state co-operative banks, and district central co-operative banks. Also, all NBFCs operating in India should follow the new norms of card issuance…
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