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Reserve Bank of India (RBI) directs Banks not to levy Customer charges on transactions through Digital Payment Services up to March 31

RBI will review the framework for charges on electronic payment transactions in consultations with the stakeholders (banks)

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Reserve Bank of India. VOA

Mumbai, Dec 16, 2016: The Reserve Bank of India (RBI) on Friday directed banks not to levy customer charges on transactions through digital payment services up to March 31, 2017.

“As a temporary measure, it has been decided that all banks and Prepaid Payment Instrument (PPI) issuers shall not levy charges on customers for transactions from January 1 to March 31, 2017,” said the central bank’s Chief General Manager Nanda S Dave in a statement.

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The measures apply for transactions on the Immediate Payment Service (IMPS), Unified Payment Interface (UPI) and Unstructured Supplementary Services Data (USSD).

The exemption comes in the wake of the government demonetising the Rs 500 and Rs 1,000 notes on November 8 and aming to provide incentives greater adoption of digital payments by large sections of society.

“In the intervening period, the RBI will facilitate a review of the charges under the payment channels by the stakeholders,” said Dave.

In a related development, the central bank has advised banks to cap the Merchant Discount Rates (MDR) for debit card transactions, including payments to the government.

“MDR shall be capped at 0.25 per cent for transactions up to Rs 1,000 and 0.5 per cent for transactions between Rs 1,000-2,000,” said Dave.

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The measures, however, shall not apply to ATM transactions and will be effective from January 1 to March 31, 2017.

“In the intervening period, the RBI will review the framework for charges on electronic payment transactions in consultations with the stakeholders (banks),” added Dave.

The RBI decision comes a day after the Union Government on Thursday decided to reimburse banks MDR charges on taxes and receipts paid through debit and credit cards in a bid to encourage digital transactions. (IANS)

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Sanitization to Fight Coronavius Begins in UP

Massive sanitization drive begins in UP

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A massive sanitization drive began in major cities in Uttar Pradesh on Friday. (Representation Image). Pixabay

A massive sanitization drive began in major cities in Uttar Pradesh on Friday. This is the latest news in India.

Rajkumar Vishwakarma, DG, fire services, told reporters that sanitization was being done with sodium hypochlorite and fire personnel had been instructed to take care and not to spray the disinfectant on human beings and animals.

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The sanitization will be done using sodium hypochlorite. (Representational Image). Pixabay

Spraying will also not be done inside any building due to electrical connections.

Fire personnel have been asked to take photographs and post it on WhatsApp media groups. They have been asked to avoid calling the media personnel to the sanitisation sites to avoid risks.

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Earlier this week, about 50 migrant workers who were at a bus station in Bareilly, were sprayed with sodium hypochlorite by the sanitisation staff. Those who were sprayed, including children, complained of itching in the eyes and rashes on the body.

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Chief minister Yogi Adityanath had expressed his concern over the incident and assured action against the guilty.

District magistrate Bareilly, Nitish Kumar said that the incident happened due to ‘over-zealous’ workers. (IANS)

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People Have Faith in Modi Government to Handle COVID-19 Crisis

Over 83% trust Modi govt will handle COVID-19 crisis well

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The Narendra Modi-led central government is leaving no stone unturned in fight against the novel coronavirus pandemic. Wikimedia Commons

As the Narendra Modi-led central government is leaving no stone unturned in fight against the novel coronavirus pandemic, 83.5 per cent people from various states “trust in government” in handling the crisis.

The findings came out in the IANS-CVoter exclusive tracker on COVID-19 Wave 2 survey conducted during last seven days among 18 plus adults nationwide. The findings and projections are based on Computer-Assisted Telephone Interviewing (CATI).

Replying to a question “I think Indian government is handling the coronavirus well”, 83.5 per cent people agreed that they trust in government’s steps being taken in fight against the deadly disease, and 9.4 per cent expressed their disagreement. The survey was conducted on March 26 and 27. Of the 83.5 per cent who showed their trust in government, 66.4 per cent strongly agree with the opinion and 17.1 agree with the view.

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A similar survey on the same question done on March 17 and 18 showed that 83.6 per cent people expressed their trust in government in fight against the pandemic which so far has claimed 29 lives and over 1,000 conformed cases. A total of 13.7 per cent people expressed their disagreement.

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83.5 per cent people from various states trust the Modi government in handling the COVID-19 crisis. Wikimedia Commons

As per the tracker, the data is weighted to the known demographic profile of the states. Sometimes the table figures do not sum to 100 due to the effects of rounding, it says. “Our final data file has socio-economic profile within plus 1 per cent of the demographic profile of the state. We believe this will give the closest possible trends.”

The Tracking Pol fieldwork covers random probability samples during the last seven days from the release date and that the sample spread is across all assembly segments across all states. This survey covers all states in India and was conducted in 10 languages as part of our routine OmniBus, it says.

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“This is a thorough random probability sample; and we are ensuring a proper representative analysis by statistical weighing of the data to make it representative of the local population as per the latest census and or other available demographic benchmarks.”

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The data clarified that it strictly follows the WAPOR code of conduct (World Association of Public Opinion Research) for our ethical and transparent scientific practices and have incorporated the PCI (Press Council of India ) guidelines as our SOP (Standard Operating Procedures). (IANS)

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Usage of Unaccounted Cash Still Prevalent in Market: Report

Large cash transactions still present in resale realty market

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Significant usage of unaccounted cash is still prevalent in the secondarly real estate market. Pixabay

It has been three years since demonetisation which was implemented with the aim to curb and eradicate black money. But according to a report released on Wednesday, significant usage of unaccounted cash is still prevalent in the secondarily real estate market.

The report prepared by Anarock Property Consultants said that up to 30 per cent of the total transaction value in the secondary or resale residential maket in India can still be paid in cash.

However, the primary sales market in tier-I cities offer the least scope for unaccounted wealth in property deals, it said.

“Demonetization in November 2016 sent Indian residential real estate — till then a preferred laundromat for unaccounted wealth — into an almost terminal tailspin. Even three years after DeMo, the battle is only half-won,” said Anuj Puri, Chairman Aof Anarock Property Consultants.

“The secondary or resale residential real estate market still accommodates black money; at least 30 per cent of the total cost of resale property can still be paid in cash. While more and more buyers and sellers prefer official payment routes as a matter of principle, many still use the resale property market to launder untaxed cash,” he added.

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Many buyers use the resale property market to launder untaxed cash. Pixabay

As per the report, while the trend in the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR), which are historically notorious for black money in real estate, has tamed considerably in primary sales, their resale property markets still see cash components.

As much as 20-25 per cent of the total resale property cost can still be “adjusted” with black money, it said, adding that in Bengaluru, Pune and Hyderabad, the prevalence of transparent payment routes, even on the resale market, is much higher.

“Unlike the primary sales market, the resale market still lacks strict regulations, making it easier for buyers and sellers to use cash components.

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Also, the primary sales market involves developers with a reputation to protect, while a resale property transaction involves two individuals. The pricing of resale properties also lacks transparency,” the report said.

In the case of direct sales by developers, there are readily-available pricing benchmarks, while in the secondary market, a seller can inflate the price of a property based on location, added features and so on without stating on the books. (IANS)