India's new 0.4% merchant fee on UPI transactions starts October 15. This change affects larger payments, impacting merchants and consumers alike. The Unified Payments Interface (UPI) has been a game-changer for digital payments in India, but this fee could alter its landscape. Stakeholders are concerned about how this will influence transaction volumes and user adoption.
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INDmoney CEO discusses the implications of UPI MDR charges on investors using their digital broking platform. The firm adds ₹200 crore daily to wallets for trading and mutual funds. Understanding these costs is crucial for users navigating the investment landscape.
Global bond markets, including US Treasury and Japanese yields, significantly affect family finances. Understanding these dynamics is crucial for Indian families planning long-term financial goals, as they influence equities, currencies, and domestic borrowing costs.
Nithin Kamath, co-founder of Zerodha, endorses UPI's Merchant Discount Rate (MDR) as a necessary step for competition. He proposes a capped MDR of ₹5-10, instead of ₹300, to alleviate the financial strain on brokers. This move could reshape the financial landscape in India, enhancing market dynamics while addressing cost concerns.
Mumbai ITAT cancels a ₹23.94 lakh penalty for a taxpayer who initially omitted ₹38.37 lakh in cash deposits from his ITR. The taxpayer later disclosed this income during scrutiny and paid ₹19.89 lakh in taxes. This ruling highlights the importance of transparency in tax filings and the potential for penalties to be overturned when taxpayers cooperate with authorities.