Originally introduced in 2022, the framework for facilitating small-value digital payments in offline mode allowed for offline transactions with an upper limit of ₹500 per transaction. It also set a total limit of ₹2,000 for a payment instrument at any time. However, recognising the growing adoption of UPI and the need to foster greater financial …
The weakening of the Indian rupee (INR) against the US dollar (USD) is affecting different industries in varying ways. While some sectors face challenges, software exporters are optimistic about gaining from this trend, especially since a significant portion of their revenue comes from overseas contracts, mainly in North America. Boost for IT Companies The recent …
Launched on March 31, 2023 as part of the ‘Azadi ka Amrit Mahotsav’ celebrations, the Mahila Samman Savings Certificate Scheme (MSSC) aims to foster financial independence among women and minor girls. With over 43 lakh accounts opened as of October 2024, the scheme underscores the Government of India’s commitment to financial inclusion and women empowerment. …
The Majhi Ladki Bahin Yojana, initiated by the Maharashtra state government in July 2024, aims to financially uplift women across the state. Under the scheme, eligible women receive a monthly stipend of Rs.1,500 to support their financial needs. Following the Mahayuti alliance’s victory in the Maharashtra Assembly elections, many beneficiaries are keen to know about …
The Employees’ Provident Fund Organisation (EPFO) has recently introduced a major change in its claim settlement process. The new rules provide exemptions for specific categories of employees from linking their Universal Account Number (UAN) with Aadhaar. This change aims to simplify the claims process for those facing difficulties in obtaining an Aadhaar number, especially for …
The Government of India has undertaken significant measures to enhance the welfare and social security of workers, particularly focusing on unorganised and migrant labour. Through a combination of comprehensive social security schemes and the establishment of the E-Shram portal, the aim is to create a robust framework for worker benefits and empowerment. These initiatives address …
Deadline Nears for UAN Activation and Aadhaar Linkage The Employees’ Provident Fund Organisation (EPFO) has mandated the activation of the Universal Account Number (UAN) and Aadhaar linkage by November 30, 2024. This requirement is crucial for employees and employers to access the benefits of the Employment-Linked Incentive (ELI) scheme, introduced in the Union Budget 2024 …
In a disturbing reminder of how technology can be weaponised, two men were arrested for allegedly defrauding a homemaker in Kochi of ₹4.12 crore in a “digital arrest” cyber scam. The scammers posed as Delhi Police officers, telling the victim that a fraudulent bank account had been opened using her Aadhaar card. The terrified homemaker …
Multiple important rule changes are set to impact daily life and finances across India starting December 1, 2024. These updates are designed to improve transparency, fairness, and financial management. Here’s a summary of the key changes: LPG Price Adjustments Oil marketing companies may adjust the prices of LPG cylinders each month based on international market …
Diwali, the vibrant “Festival of Lights,” celebrates light over darkness and ushers in new beginnings. This year, the five-day celebration began on October 29 with Dhanteras and concludes on November 3 with Bhai Dooj. Due to its cultural significance, banks across India observe holidays on different days, affecting banking services in various states. Here’s the …
