-The Indian Express India’s largest public sector bank, the State Bank of India, has also seen a jump in PoS transactions from 3.5 lakh to 11 lakh a day with more people using debit cards. Mumbai: One month into demonetisation, there has been a significant increase in digital payments. According to AP Hota, managing director and chief executive of the National Payments Corporation of India (NPCI), transactions through RuPay point of sale (PoS) machines have...
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I-T operations since cash ban yield Rs 2,000 crore; Over 400 inquiries conducted after Nov 8
-The Times of India NEW DELHI: The income tax department has unearthed over Rs 2,000 crore in unaccounted income in search and survey operations across the country since the demonetisation of Rs 500 and Rs 1,000 notes on November 8. The department also seized over Rs 130 crore in cash and jewellery. In a press note on Tuesday, the I-T department said it carried out more than 400 investigations after November 8....
More »Proposal to amend law for cashless wage payments
-The Hindu The Centre has proposed amending a law to empower States and allow industries to pay wages by cheque or by direct credit into bank accounts. The Union Labour ministry has proposed changes to the Section 6 of the Payment of Wages Act of 1936. The present law states that all payment of wages should be made in cash, with a provision enabling employers to obtain written permission of the...
More »10-rupee bait for cashless campaign -Ananya Sengupta
-The Telegraph New Delhi: Each citizen who performs at least two cashless transactions with the government will earn their district administration an extra Rs 10 from the Niti Aayog, to be spent on promoting e-payments across the population. This incentive comes over and above a sum of Rs 5 lakh that every district will receive for the campaign, launched today to try and make all government-citizen transactions cashless. As part of the drive,...
More »Three CMs opt out of digitisation panel -Smita Gupta
-The Hindu Only Chandrababu Naidu and Shivraj Singh Chauhan will remain members Bihar’s Nitish Kumar, Tripura’s Manik Sarkar and Puducherry’s V. Narayanasamy have refused the Narendra Modi government’s invitation to join a sub-committee of Chief Ministers on digitisation and cashless transactions. The panel is tasked with suggesting possible ways to ease problems in the wake of the Centre’s demonetisation decision, sources in the Janata Dal (United), the CPI(M) and the Congress confirmed. The panel...
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