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Last Tuesday, RBI supported NCPI's introduction of MDR of 0.4% on person-to-merchant (P2M) UPI transactions above ₹2,000 that will kick in from October 15. Much opinion has flowed since, many arguing that fiscal sense dictates that the fintech expense be charged.What it, however, chooses to ignore is the larger fiscal and financial discipline embodied in encouraging a majority price-sensitive society to keep moving towards digital payments and a less-cash society. Such an argument doesn't account for the huge savings made by RBI and banks in reducing printing of currency, and logistics of transfer and maintenance of cash.Also Read: UPI's free lunch is over: Why the 0.4% MDR charge is fair, needed and overdueThe end consumer is price-sensitive. After the latest MDR notice reached vendors, many removed the QR code display from their shops fearing harassment by tax authorities. Many petrol pumps have reportedly already started to insist on cash-only payment. Many are even goin...

Capital markets regulator Sebi has passed an interim order against SME-listed Kore Digital and three of its key managerial personnel after a probe found prima facie evidence of manipulated financial statements, allegedly non-genuine subsidiaries, suspicious accounting entries and diversion of preferential issue proceeds.Sebi has restrained managing director Ravindra Doshi, chief executive officer Chaitanya Doshi and chief financial officer Kashmira Doshi from buying, selling or otherwise dealing in Kore Digital shares until further orders. The regulator has also barred the company and the three individuals from accessing the securities market to raise money from the public.Sebi also directed NSE not to allow Kore Digital to migrate from the NSE Emerge SME platform to the main board until it receives regulatory clearance. A forensic auditor will be appointed to examine the company's books from the date of its listing in June 2023 until March 31, 2026.At the centre of Sebi findings a...

The strengthening of US economy and geopolitics pushing inflation higher were key reasons for the Federal Reserve to raise interest rates, its chair Kevin Warsh said on Wednesday. Reiterating his commitment not to give forward guidance on the rate path, he pointed to trends in the economic data to deliver the Fed's stated objective of price stability.The American economy appears to be strengthening. New hirings, private sector earnings and business capital investment have improved in recent months. Credit flows have been robust, he said at a press conference, adding, "I would be hard pressed to describe broad financial conditions as restrictive. So we removed the dose of accommodation, so that financial and credit conditions would be more consistent with our ultimate objectives.”The Federal Reserve raised the interest rate range by 0.25% to 3.75%-4%. "Economic activity is expanding at a solid pace. While uncertainty remains elevated owing, in part, to geopolitical develop...

Mumbai: In an unsettling decision, the Indian tax office has invoked the Judicial Anti Avoidance Rule (JAAR) to deny treaty benefits to a few Mauritius funds on sale of 'grandfathered shares'.Under the India-Mauritius amended treaty, there is no capital gains tax on profits from sale of grandfathered shares which refer to securities bought before April 1, 2017.Tax officials have typically used General Anti-Avoidance Rules (GAAR) to quash treaty benefits whenever they suspected that a foreign investor's outfit in jurisdictions like Mauritius and Singapore lacked 'commercial substance'. Such offshore investors having a paper office or shell company, with few or no employees, and alleged to have been established primarily to obtain tax benefits.However, in end-March this year, the apex body Central Board of Direct Taxes (CBDT) issued a notification to clarify that earnings from transfer of stocks acquired before April 1, 2017 would not be impacted by GAAR. This came as...

New Delhi: The Bharatiya Mazdoor Sangh (BMS), an affiliate of the RSS, demanded that the wage ceiling for mandatory Employees' Provident Fund coverage be doubled, arguing that the existing threshold failed to keep pace with rising wages and changing employment conditions.The trade union also sought an increase in the eligibility ceilings for Employees' State Insurance (ESI) and statutory bonus.Also read: EPFO launches WhatsApp channel for PF updates"The issue has been pursued through both dialogue and mass mobilisation," BMS in charge of finance sector Girish Arya told ET. "On August 17, we organised a nationwide agitation on various labour issues and have submitted a memorandum to the Prime Minister."The BMS said it has received assurances that the issue would be considered, but a concrete policy decision was still awaited.The demand comes as minimum wages have been revised across states and the government steps up efforts to formalise employment.When a wor...

The Reserve Bank of India (RBI) has backed the introduction of Merchant Discount Rate (MDR) on large-value UPI transactions, saying the move will help strengthen the long-term sustainability of India's digital payments ecosystem. In a post on X, the central bank said the measure would enable UPI to continue scaling, innovating and serving consumers and businesses across the country.The RBI said a fair distribution of MDR among ecosystem participants would support continued investment in technology, infrastructure and payment acceptance networks. Such investments, it added, could help expand UPI acceptance, deepen the customer base and sustain growth in transaction volumes.<blockquote class="twitter-tweet"><p lang="en" dir="ltr">The introduction of MDR on large-value UPI transactions (i.e., above ₹2,000) is an important step towards strengthening the long-term sustainability of India’s digital payments ecosystem. It will help UPI in continui...

Oasis, the defining rock band of the 1990s Britpop era, announced a 38-date tour for 2027 spanning Britain, Ireland, mainland Europe and the United States on Monday, Reuters reported.Billed as "Live '27," the run marks the band's first major tour since their blockbuster 2025 reunion, and comes with a reworked ticketing process designed to avoid a repeat of the chaos that marred that comeback.A new ticketing system after 2025's fiascoTo avoid a repeat of the ticketing fiasco that accompanied the Gallagher brothers' first comeback in 2025, fans will have to register for a chance to buy tickets rather than compete in an open general sale, Reuters reported.Registration closes on Thursday, September 17, and successful applicants will be sent a unique, non-transferable code granting access to a specific on-sale window, with the UK sale spread across three separate windows a day on September 25, 26 and 27.Even members of Oasis's own mailing list must register, an...

New Delhi: The Centre has accepted Nepal's request for advance import approvals to offtake around 654 MW of peak electricity through power exchanges, but only in non-solar hours, people aware of the development said.Kathmandu had sought advance import approvals effective September to mitigate generation deficits caused by the recent flash floods. This advance approval for power demand from Nepal comes at a time when India is witnessing unusual domestic needs due to sultry weather, irrigation demand through a rather dry monsoon season, and less wind and hydro electricity generation amid the El Nino effect.Mail sent to the Ministry of Power remained unanswered until the publication of this report.134217956While solar hours are seeing sufficient generation to provide for the overall power demand in the country, non-solar hours have pressured coal-based and gas-based power plants. India's peak power demand has been hovering above 260 GW, which is unusually high for September. On Se...

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Mumbai: Fintechs and financial institutions must treat data as a fiduciary responsibility, not a business asset, and use it strictly within the consent provided by users, Reserve Bank of India (RBI) governor Sanjay Malhotra said.In his address at the Global Fintech Fest, Malhotra said trust in the financial system ultimately drives adoption and endurance, leading to transformational impact."Every fintech in this room holds something which is much more valuable than the capital and that is the data. This data must be treated the way a trustee treats assets held for a beneficiary, collected with a clear purpose and used strictly within the consent provided, and protected as though it was one's own," Malhotra told a room full of bankers, fintech executives and regulators.Also read: Policy must balance innovation with accountability, resilience: RBI Deputy Guv Rohit JainHe reiterated the risks of adopting artificial intelligence (AI), including bias, exclusion, cybersecurity,...

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New Delhi: The Ministry of New and Renewable Energy has invited proposals to promote concentrating solar thermal technology for industrial process heating, offering financial support to cut fossil fuel use in applications ranging from food processing and textiles to chemicals and metals. "The ministry encourages research and technology development proposals and provides up to 50% financial support to industry, start-ups, private institutes and entrepreneurs," the call for proposals said.The government will provide up to 50% of the project cost, and the assistance will be capped at ₹2 crore per project, which may be given in the form of viability gap funding. The last date to submit the proposals is October 7.Also read: Tata Power Solaroof crosses 5 lakh rooftop solar installationsSolar thermal technology uses solar radiation to generate heat, which can then be used directly for applications such as water heating, steam generation and industrial process heating.When combined w...

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New Delhi: Foreign tourist arrivals (FTAs) in India this year are expected to be flat at most compared with last year, amid global conflicts that have driven up oil prices and made travel more expensive, according to industry insiders. They also demanded the revival of marketing and promotional activities abroad to attract tourists.The Federation of Associations in Indian Tourism and Hospitality (FAITH) estimates 8-9 million foreign tourists will visit India in 2026. As per the Ministry of Tourism's provisional estimates, 9.15 million foreign tourists arrived in India in calendar year 2025, falling 8.1% from the prior year and as much as 16.3% from pre-Covid 2019.This year in April, the first month of the fiscal year, India received about 534,000 foreign tourists, a 31% drop from April 2019 and 14.3% lower compared with a year earlier.133849761Aashish Gupta, consulting chief executive of FAITH, cited the war in Iran and Ukraine, which have pushed up fuel prices, and consequently in...

Bengaluru: The entry and expansion of foreign universities in India is creating potential new business opportunities for edtech firms, driving demand for online higher-education and professional courses in partnership with global institutions.Simplilearn and Scaler expect the growing presence of foreign universities to help boost their enrolments, while Emeritus, which has seven university joint ventures, expects its footprint in the country to grow 10-15% in the coming years."We are doubling down in India, and this initiative is central to our growth," said Ashwin Damera, chief executive of Emeritus.133848390This comes after the University Grants Commission (UGC) issued 16 Letters of Intent (LoIs) to 15 foreign higher education institutions from Australia, Italy, the UK and the US to set up campuses at various locations in India. The proposed campuses are expected to come up in Bengaluru, Greater Noida, Gurgaon, Mumbai and Chennai."Some of these brands being present in ...

Prime Minister Narendra Modi on Saturday recalled a time when India was counted among the world’s “Fragile Five” economies, with weak GDP growth, high inflation and a record current account deficit, as he contrasted the country’s economic position then with its trajectory since.Speaking at the centenary celebrations of Shri Ram College of Commerce (SRCC), Modi said the economic conditions in 2013 were marked by widespread concerns over growth, inflation and policy paralysis.Also Read: The ‘naraaz fufa’ of politics: Modi’s latest dig at habitual critics“The world was counting India among the "Fragile Five,"” Modi said, referring to the period when India’s economic vulnerabilities were drawing global attention.He said the economic challenges were reflected in several key indicators.“The World Bank had lowered its GDP growth forecast. The current account deficit was at an all-time high. Inflation was around 10 per cent,” Modi said.“The industrial sector was in the grip of a slow...