What is tokenised card transaction?
Updated on December 20, 2023 The card issuer shall provide a complete list of merchants for whom it can provide tokenisation services. The cardholders shall select the merchants with whom he/she wishes to maintain tokens. (Alternatively – “The cardholder can make his selection from the list ). It is now proposed to introduce CoF token…
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Only start-ups with turnover up to Rs.25 crore are eligible for tax holiday
The Central Board of Direct Taxes (CBDT) has clarified that small start-ups with turnover up to Rs.25 crore will continue to get the promised tax holiday as specified in Section 80-IAC of the Income Tax Act, 1961(the ‘Act’). The central board further clarified that it does not recognise the ₹100crore turnover definition of a small…
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Now you can mandate standing instruction for recurring card payments
Effective from September 1, 2019, your credit card, debit card, prepaid payment instruments or e-wallets can be used to give standing instructions for recurring transactions of merchant payments. The Reserve Bank of India notified on August 21, 2019 that the card holders can provide e-mandate on cards for simple/automatic recurring transactions to the merchants. No…
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RTGS operating hours increased by one hour
The Reserve Bank of India decided to extend timings of RTGS from August 26, 2019. With effect from August 26, 2019 the RTGS system is available for customer transactions from 7:00 are to 6:00 pm and for inter-bank transactions from 7:00 am to 7:45 pm. The IDL Reversal timing fixed between 7:45 pm -8.00 pm…
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Assessment of education loan and eligibility criterion for loan
A revised Model Educational Loan Scheme (2015) for Pursuing Higher Education in India & abroad was formulated by IBA and circulated to member banks for adaption and implementations vide IBA circular no. CIR/RB-ELS/6 dated 17th August 2015. The scheme provides broad guidelines to the banks for operationalizing the educational loan scheme and the implementing bank…
Direct Benefit Transfer (DBT) Scheme – Seeding of Aadhaar in Bank Accounts
On the subject of the use of Aadhaar to facilitate delivery of social welfare benefits by direct credit to the bank accounts, Reserve Bank of India vide its circular RBI/2015-16/289/FIDD.CO.LBS.BC. No.17/02.01.001/2015-16 dated January 14, 2016 had clarified that the use of Aadhaar Card and seeding of bank accounts with Aadhaar numbers is purely voluntary and…
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