RBI’s Big Push for Digital Payments: Extending PIDF Scheme till 2025
The Reserve Bank of India (RBI) has recently announced the extension of its Payments Infrastructure Development Fund (PIDF) scheme until December 31, 2025. This extension marks a significant move in the ongoing efforts to enhance the payment infrastructure across the country. Originally launched in January 2021, the PIDF scheme had a three-year timeframe. Its primary […]
Taxman Tightens Grip: I-T Department Scrutinizes Employers & Employees for TDS Mismatch
In a significant move to enforce accurate tax compliance, the Income Tax Department of India is intensifying its efforts to reconcile discrepancies between the tax deducted at source (TDS) by companies and the declarations made by employees in their annual Income Tax returns. The department is employing a meticulous verification process, scrutinizing various aspects such […]
Safeguarding Savings: EPFO’s New Timeframes Aim to Combat Account Fraud
The Employees’ Provident Fund Organisation (EPFO) has recently introduced new regulations to streamline the process of freezing and de-freezing Provident Fund (PF) accounts. These measures aim to boost efficiency and security while safeguarding the funds against potential risks like fraud, impersonation, and forgery. Under the new Standard Operating Procedures (SOPs), the timeframe for freezing accounts […]
Deepfake Alert: Govt Sounds Wake-Up Call for Banks and Fintechs
In a significant move to counter rising cyber threats, the Indian government has recently issued a warning to banks and fintech companies about the growing risks associated with deepfakes. This warning comes in light of the increasing exploitation of artificial intelligence (AI) technologies by cybercriminals, particularly in the financial sector. Deepfakes, which involve the use […]
Beyond Rupees: CBDT Modernizes Safe Harbour Rules for Intra-Group Loans with Foreign Currency
The Central Board of Direct Taxes (CBDT) in India has recently announced significant amendments to the Income Tax Rules, specifically pertaining to intra-group loans and their classification under safe harbour provisions. These changes, which come into effect from April 1, 2024, represent a notable shift in the tax framework for such financial transactions. Key highlights […]
Wed in India”: PM Modi’s Wedding Tourism Initiative Aims to Generate Billions for the Economy
New Delhi: In a visionary move to bolster the Indian economy, Prime Minister Narendra Modi has introduced the ‘Wed in India’ initiative, paralleling the successful ‘Make in India’ campaign. This innovative concept, unveiled during his “Man Ki Baat” address on November 26, aims to revolutionize the Indian wedding industry, a sector that already stands among […]
Investing in Good: Sebi Says Yes to Zero-Coupon Investments in NPOs
In a significant development, the Securities and Exchange Board of India (SEBI) has introduced new norms for the issuance of ‘Zero Coupon Zero Principle’ instruments by Not-for-Profit Organisations (NPOs), which are to be listed on the Social Stock Exchange (SSE). This move is aimed at enhancing transparency and enabling informed decision-making among investors, while setting […]
India’s Green Energy Milestone: 50 Solar Parks Approved in 12 States
The Indian government has made significant strides in renewable energy, particularly solar power, with the approval of 50 solar parks across 12 states as of November 30, 2023. This initiative falls under the “Development of Solar Parks and Ultra Mega Power Projects” scheme, a major effort towards sustainable energy. These solar parks collectively boast an […]
Unblocking Stalled Projects: NaBFID Proposes Reviving S4A to Breathe Life Back into Struggling Infrastructure
Rajkiran Rai G, the Managing Director of the National Bank for Financing Infrastructure and Development (NaBFID), has advocated for the re-introduction of the Scheme for Sustainable Structuring of Stressed Assets (S4A). This move is aimed at aiding the future of infrastructure finance. Introduced by the Reserve Bank of India (RBI) in 2016 and concluded in […]
Platforms on Notice: Govt Warns Against Hosting Fraudulent Loan App Ads, Calls for Immediate Action
New Delhi, December 2023 – The Indian government has taken a stringent stance against the proliferation of fraudulent loan apps, instructing social media and other online platforms to cease hosting advertisements for these apps. Union Minister Rajeev Chandrasekhar, representing the Ministry of Electronics and Information Technology, announced this directive, highlighting the government’s commitment to cracking […]