In a significant move to promote small-value digital payments, the Reserve Bank of India (RBI) has revised the framework for facilitating offline payments under UPI Lite. Through Notification no. RBI/2024-25/93, dated December 4, 2024, the RBI has announced an increase in transaction limits, making digital payments even more accessible …
The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on November …
Introduction In October 2024, Unified Payments Interface achieved a historic milestone by processing 16.58 billion financial transactions in a single month, underscoring its pivotal role in India’s digital transformation. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized the nation’s payment ecosystem …
India’s GST revenue for November 2024 recorded a significant growth of 8.5% compared to November 2023, reaching a total of ₹1,82,269 crore. This steady rise underscores robust economic activity and improved compliance under the indirect tax regime Key Highlights of November 2024 GST Revenue Gross Revenue: CGST: ₹34,141 crore (up …
Dear Professional Colleagues, In the dynamic landscape of global finance, Capital markets play an indispensable role in the economic development and progress of a nation, serving as the lifeblood of a nation’s financial system. They facilitate the efficient allocation of capital by connecting investors and businesses, …
Banks are freezing accounts for those receiving government funds i.e., Direct Benefit Transfer (DBT) funds such as subsidies, pensions, etc. due to lack of KYC. Delay in KYC Updates RBI found delays by banks in updating KYC, causing account freezes. RBI’s Advice RBI Deputy Governor urged …
The Kerala GST Department, through Circular No. 21/2024-Kerala SGST issued on November 18, 2024, has introduced a revised framework for adjudicating show cause notices (SCNs) under the Kerala SGST Act, 2017. This update aims to streamline the adjudication process, ensuring consistency and efficiency in handling SCNs. Adjudication …
The Institute of Chartered Accountants of India (ICAI) through its Committee on Career Counselling signed a MoU with the Department of Skill Education, Central Board of Secondary Education (CBSE) on 21st November 2024, at Bhubaneswar, Odisha, to promote commerce-based skill courses for students across the country. …
Kerala’s houseboat owners facing uncertainty as the GST office demands 18% GST from houseboat owners with a retrospective effect from 2017, causing uncertainty for owners in Alappuzha, Kochi, and Kumarakom Houseboat owners have been paying 5% GST based on Central GST office assurance since 2017. A …
Small and medium-sized corporations (SMEs) are the spine of world economies, contributing appreciably to employment and innovation. However, 2024 offers a hard and fast of challenges that SMEs ought to navigate to maintain boom and stay competitive. In this article, we elaborate the challenging situations faced …
