Ban on cash transactions of over Rs 2 lakh not applicable for bank, post office withdrawals
The ban on cash transactions of more than Rs.2 lakh a day will not apply to withdrawals from banks, post office savings accounts and cooperative banks, the Central Board of Direct Taxes said. The Finance Act 2017 prescribed to impose a penalty equal to the transacted amount on those who violated the rule restricting cash transactions. It provides that no one can deal in cash in excess of Rs 2 lakh a single day, in respect of a single transaction or transactions relating to one eventor occasion. The restrictions will also not apply to any receipt by government, banking company, post office savings bank and cooperative bank, the CBDT said in a statement.
To curb large cash transactions and discourage black economy, finance minister Arun Jaitley had in the 2017-18 budget proposed to ban transaction of over Rs 3 lakh a day. This limit was lowered to Rs.2 lakh through an amendment to the Finance Bill 2017 that was later passed by Parliament. In another related measure, the Finance Act said any capital expenditure in cash exceeding Rs 10,000 shall not be eligible for claiming depreciation allowance or investment-linked deduction. Similarly, the limi ..
India, UK to set up 240 mn pound fund for green energy
India and the UK decided to set up a 240 million pound fund to finance clean energy projects. The Green Growth Equity Fund will be a sub-fund of NIIF. India had in 2015 set up the Rs 40,000 crore National Infrastructure and Investment Fund (NIIF) to finance greenfield as well as brownfield projects. The fund will focus initial investments in India’s rapidly growing energy and renewables market.
CCI imposes penalty of Rs591 crore on Coal India
Samsung Launches Samsung Pay in India For Card, Mobile Wallet And UPI Payments
Samsung Electronics announced the launch of its flagship mobile payments service, Samsung Pay, in India. Samsung Pay can be used to make purchases using debit or credit card to make payments.
Apart from allowing users in India to simply tap and pay on the go using their registered cards, Samsung Pay has integrated Paytm as well as the government’s Unified Payments Interface into the app. Samsung has also created a digital payment ecosystem by partnering with a number of issuers and card networks. The Card Network and Issuer partners include Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Card and Standard Chartered Bank. Citibank India is a forthcoming issuer and its credit cards will be live on Samsung Pay shortly.
Samsung Pay works with three levels of security—fingerprint authentication, card tokenization and Samsung’s defense-grade mobile security platform Samsung KNOX to ensure security.
To launch Samsung Pay, a user needs to swipe up on an eligible Samsung Galaxy smartphone, select the card, authenticate using a fingerprint or PIN and bring the phone near the Point of Sale terminal.
Hazira's first private sector township in Surat to go cashless
The Essar group’s township at Hazira in Surat district of Gujarat has become India’s first private sector township to go cashless.
The residents of Nand Niketan township have been provided with The Mobile Wallet (TMW) that has seen more than 12,000 app downloads since the launch recently. Over 8,000 TMW-RBL Bank prepaid cards have been issued to the residents.
All Essar employees now get a nominal part of their salary as a credit into their mobile wallets. Our cashless efforts have been appreciated by the district collector as well. This will go a long way in making our township cashless forever."