UPI records 657 crore transactions worth Rs 10.72 lakh crore in August
Business | September 01, 2022 17:45 ISTThe growth in UPI volumes is up almost 100 percent (year-on-year) and amounts transacted grew by 75 percent YoY in the month of August.
The growth in UPI volumes is up almost 100 percent (year-on-year) and amounts transacted grew by 75 percent YoY in the month of August.
"Thus, in a peer-to-peer (ie buyer to the seller without going through an Exchange) transaction, the buyer (ie person paying the consideration) is required to deduct tax under section 194S of the Act," the CBDT said.
The services will be affected from 22:45 hours on May 21 and 01:15 hours on May 22 and between 02:40 hours and 06:10 hours on May 23.
Amid rising consumer complaints regarding delay in reverse or refund of money deducted on account of failed or cancelled banking transactions, newly set up consumer protection regulator CCPA has flagged this issue to the RBI seeking its intervention to ensure banks reverse such money on time.
The previous high was 134 crore (1.34 billion) transactions in the preceding month of June, while the value of transactions was Rs 2.61 lakh crore, as per the data from the National Payments Corporation of India (NPCI).
From today, all old debit and ATM cards with a magnetic stripe will cease to work. This can be replaced with a new EMV chip debit card from the bank free of cost.
Around 11.40 lakh transactions were settled in the first eight hours after widely-used NEFT was made operational on 24X7 basis, the RBI said. The RBI operationalised National Electronic Funds Transfer (NEFT) System 24X7 from 12:00 am Monday.
Banks and other institutions will make backend upgrades to allow acceptance of Aadhaar in all places where quoting PAN is now mandatory, Revenue Secretary Ajay Bhushan Pandey said Saturday. This follows the Budget allowing interchangeability of PAN and Aadhaar for ease of compliance of taxpayers.
"Paytm is set to expand the payments market in India with its ambitious target to achieve two billion quarterly transactions this year. The company has been witnessing impressive month-on-month growth across all payment use-cases available on its platform.
The first phase had begun on May 5, wherein certain components of transaction of data, such as tokenisation will be available only in India and then there are other steps that Mastercard is complying with such as authorisation of transaction.
Existing bank account holders have been asked to furnish the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by December 31, 2017, failing which the account will cease to be operational
In one of the biggest crackdowns on money laundering and hawala transactions post demonetisation, the Enforcement Directorate today launched an 'enquiry of records' operation at over 50 bank branches across the country to detect money
Bengaluru: Congress has made a scathing attack on the Centre "for not inquiring" various transactions of money paid to Vijay Mallya by Diageo Plc, including the $40 million Sweetheart deal. "Why is the Modi government
Mumbai: A SEBI commissioned study has suggested lowering of Securities Transaction Tax (STT) to boost the capital market.The study, conducted by independent experts for SEBI's Development Research Group, found that spot-market has been dominating the
New Delhi, Oct 12: Property transactions in the national capital are all set to become a costly affair with the Delhi Cabinet today deciding to enhance the current circle rates for sale and purchase of
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