The export levy has been cut by Rs 1 per litre on petrol, Rs 5 on diesel and Rs 4 on ATF, bringing the rates down to Rs 0.5, Rs 20 and Rs 15 per litre, respectively. NEW DELHI: The government has cut export levies on petrol, diesel and aviation turbine fuel (ATF), with the…
US Federal Reserve chief Kevin Warsh US Federal Reserve Chair Kevin Warsh-led Federal Open Market Committee (FOMC) on Wednesday hiked the key interest rate to 3.75%-4% target range. This is the first interest rate hike since 2023.“The Committee decided to raise the target range for the federal funds rate by 1/4 percentage point to 3-3/4…
Yiming has become Asia’s richest person for the first time overtaking Gautam Adani. ByteDance Ltd.’s Zhang Yiming has overtaken Adani Group chairman Gautam Adani as the richest Asian, according to the Bloomberg Billionaires Index. Yiming has become Asia’s richest person for the first time, as the artificial intelligence boom creates new fortunes that are overtaking…
Raising the limit to Rs 25,000 will bring a sizeable number of employees earning between Rs15,000 and Rs 25,000 within the statutory social security system. The Union Cabinet on Wednesday approved the Ministry of Labour & Employment’s proposal to increase the wage ceiling for mandatory coverage under the Employees’ Provident Fund Organisation (EPFO) from Rs…
Higher income can improve the borrowing capacity of an applicant, but it should not be confused with affordability. The author is CEO of PaisabazaarBuilding awareness on how a lender assesses a loan application can help prospective borrowers plan better and stay eligible for suitable offers. Lenders conduct a thorough risk assessment while approving your loan….
Finance minister Nirmala Sitharaman addresses the 8th International Tax Conference in Bengaluru. Finance minister Nirmala Sitharaman on Wednesday said India has renegotiated its tax treaties with Mauritius, Singapore and Cyprus to restore the country’s right to tax capital gains arising from investments in India at the source.Speaking about India’s tax policy and international taxation framework,…
The MDR will have to be borne by merchants. Larger retailers, online platforms and restaurants, among others, may choose to absorb the cost. The National Payments Corporation of India (NPCI) on Tuesday announced a 0.4% merchant discount rate (MDR) on UPI transactions above Rs 2,000, subject to an overall cap of Rs 300. For utility…
The RBI said the move would help UPI “continue to scale, innovate and serve consumers.” NEW DELHI: The Reserve Bank of India has backed the introduction of a Merchant Discount Rate (MDR) on large-value UPI transactions, saying the move would help strengthen the long-term sustainability of India’s digital payments ecosystem.The National Payments Corporation of India…
Oil prices fell on Wednesday after an unexpected increase in US crude inventories outweighed concerns over supply disruptions following an attack on Saudi Arabia’s East-West pipeline.Brent crude futures declined 93 cents, or 0.86%, to $107.82 a barrel at 0028 GMT, while US West Texas Intermediate (WTI) crude futures dropped 97 cents, or 0.92%, to $104.86…
MUMBAI: Will the reintroduction of MDR on select UPI transactions impact you in any way? Well, a lot will depend on individual retailers, even though the government has kept consumers beyond the ambit of the framework. MDR is charged to merchants by banks and payment networks for processing digital transactions.Many of the large merchants such…
