Aadhaar Enabled Payment System Transactions Cross 200 Million

Aadhaar Enabled Payment System Transactions Cross 200 Million
National Payments Corporation of India announced the transactions of Aadhaar Enabled Payment System (AePS) for the month of July 2019 have crossed the milestone number of 200 million. AePS allows basic interoperable banking transactions at PoS (MicroATM) through the business correspondent of any bank by using Aadhaar authentication. Praveena Rai, COO at NPCI said AePS crossing 200 million transactions mark... Read More

Finance Ministry Raised Issues on GST on Monthly Subscription Charged by Residential Welfare Association from its Registered Members

Finance Ministry Raised Issues on GST on Monthly Subscription Charged by Residential Welfare Association from its Registered Members
Residential Welfare Association provides goods and services in a housing society or a residential complex for the common use of its members. Government of India has raised some issues related to GST on monthly subscription/contribution charged by a Residential Welfare Association from its registered members. These issues have been examined and are being clarified here Are the maintenance charges paid... Read More

Modi Government Removes Merchant Discount Rate For Digital Payments; Introduces 2% Fee On Cash Withdrawal

Modi Government Removes Merchant Discount Rate For Digital Payments; Introduces 2% Fee On Cash Withdrawal
Government of India has decided to remove MDR (Merchant Discount Rate) for all digital payments, which means from now on, all Digital Payments will be free of any additional charge. Meanwhile, an extra 2% surcharge on cash withdrawal has been proposed, which will mainly impact big, traditional businesses. No MDR On Digital Payments MDR or Merchant Discount Rate is a... Read More

Digital Villages, Green Earth, Deep Space: Union Budget 2019 May Power India to Vision 2030

Digital Villages, Green Earth, Deep Space: Union Budget 2019 May Power India to Vision 2030
As India aims to join the likes of United States and China in space prowess, big data and Artificial Intelligence, the upcoming Union Budget 2019 is likely to give a powerful push to the ambitious goal. The mission was set in motion when then Finance Minister Shri Arun Jaitley increased India’s spending on science and technology by 10 per cent... Read More