E-wallets got a leg up as RBI releases guidelines on interoperability of prepaid payment instruments. This will help in making money transfers more efficient as consumers will be able to transfer funds between different mobile wallets, even allowing transfers between wallets and bank accounts.Sakshi Batra, who is in conversation with Gaurav Choudhury, Deputy Executive Editor, Moneycontrol, finds out the macro implications of the move, and how life will change for stakeholders such as consumers and digital payment companies.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app. … [Read more...] about [email protected] | RBI allows e-wallet interoperability
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Dev AshishIn an earlier article we discussed why you can’t rely on your kids for your post-retirement needs. That is at one end of the spectrum.At the other end is a situation where your adult children (who should be capable of supporting themselves) become dependent on you for their needs. That is, they are unprepared to handle their finances on their own and regularly look up to you for help.Close This discussion is not about children with special needs. It’s about adults who are fully capable of supporting themselves. related news Gold: Ideal investment as central banks go easy on rates and governments turn extravagant Goodwin Jewellers Scam: Avoid gold schemes that could take the lustre off your investments Random advice not good enough for saving towards long-term goals Financial independenceHelping your children in times of need would not be out of place. But when the frequency of such needs increases to the extent that it becomes a regular expense, then … [Read more...] about Parents can’t be paying perennially for adult children’s money mistakes
Fearing shortfall in revenue from Goods and Services Tax (GST), the government is taking several steps to boost tax mop-up as well as a crackdown on evaders.Tax intelligence arms of the finance ministry has started analysing and comparing the amount of tax currently being reported by assessees as compared with what was paid prior to GST’s implementation, sources told Moneycontrol.In addition, the quantum of input tax credit claimed by companies is also under the government’s scanner.Close “The government is watchful of the amount of (tax) credit being claimed by companies, mainly with an annual turnover of over Rs 5 crore. We will see if they are fraudulently claiming a higher amount,” a senior government official said. related news 3 Point Analysis | Should investors look at Raymond post restructuring Political Bazaar | Who will form the government in Maharashtra? Eicher Motors Q2 FY20: Weak numbers, wait for a correction to accumulate Besides, it … [Read more...] about Evaders beware! Tax sleuths on the prowl as GST revenue shortfall looms
The Monetary Policy Committee of the Reserve Bank of India (RBI), in its fourth bi-monthly policy review, retained its key policy rates. This decision took the street by surprise as top economists were of the view that the RBI would continue to hike rates to the tune of 25 to 50 basis points.Moneycontrol's Sakshi Batra is in conversation with Gaurav Choudhury, Deputy Executive, Editor, Moneycontrol to find out how the decisions taken by the Monetary Policy Committee (MPC) will impact people's expenses. Tune in to find what the policy means for you in this week's episode.Close Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app. … [Read more...] about [email protected] I What does the RBI’s latest policy mean for you?
Terming Aadhaar as a "game changer", Finance Minister Arun Jaitley on January 6 said savings made through its implementation can fund three public welfare schemes of the magnitude of Ayushman Bharat -- the ambitious healthcare programme to provide free hospitalisation to millions of poor people.He also attributed the successful implementation of Aadhaar to the decisive leadership of Prime Minister Narendra Modi, saying the Congress-led UPA remained "half-hearted" towards it because of its own contradictions and indecision.In a Facebook post titled 'Benefits of the Aadhaar - where it stands today', Jaitley said its use in the delivery of subsidies has helped saved Rs 90,000 crore in the last few years till March 2018 by eliminating several duplicate, non-existent and fake beneficiaries.Close The Digital Dividend Report prepared by the World Bank estimates that India can save Rs 77,000 crore every year by the use of Aadhaar, he said. related news Implement PM's scheme for … [Read more...] about Aadhaar savings can fund 3 schemes of the size of Ayushman Bharat: Arun Jaitley