TRANSACTION COST
The hidden costs of international money transfers: What every NRI should know
As global mobility increases, NRIs face complicated and costly international money transfers. Hidden fees and exchange rate markups significantly reduce the final amounts received. Specialised international payment providers offer more transparent, efficient, and affordable solutions, helping individuals avoid unnecessary expenses and stay connected with their loved ones in real-time.
ITR filing deadline for FY 2023-24 extended to December 15, 2024 for these taxpayers
ITR filing deadline for FY 2023-24 (AY 2024-25) extended: The income tax department has extended the income tax return (ITR) filing for FY 2023-24 (AY 2024-25) deadline for taxpayers having specified and international transactions to December 15, 2024, from November 30, 2024. The extension will help the taxpayers to avoid the penalty of belated ITR filing.
Private sector banks securitise ?40,000 cr of loans this fiscal
Private sector banks, led by HDFC Bank, have sold nearly ?40,000 crore of loans this fiscal to enhance liquidity and balance their books amid slow deposit growth. This marks a significant shift as banks like HDFC Bank, IDFC First Bank, and RBL Bank use loan sales via pass-through certificates and direct assignments to manage credit-deposit ratios effectively.
Sebi introduces mark-to-market basis valuation for repo transactions by mutual funds
Markets regulator Sebi on Tuesday decided to introduce new valuation metrics for repurchase or repo transactions by mutual funds, whereby securities used in such transactions will be valued on a mark-to-market basis.
RBI, Maldives Monetary Authority sign pact to promote use of local currencies
The Reserve Bank of India and the Maldives Monetary Authority have signed an agreement to allow cross-border transactions using the Indian Rupee and the Maldivian Rufiyaa. This framework aims to reduce transaction costs, promote bilateral trade, and strengthen economic ties between the two nations.
Qcomm firms target gig fraud; common code for gaming
Happy Wednesday! The booming instant delivery sector is driving players to sharpen their hiring systems for gig workers. This and more in today¡¯s ETtech Morning Dispatch.
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Despite slower credit growth, consumption via credit goes up by five per cent, say industry executives
Despite tighter lending norms impacting unsecured credit disbursal, credit-fueled consumption in India has surged, particularly for smartphones, electronics, and white goods, driven by aggressive no-cost EMI offers and a growing credit card user base, though lenders are cautiously tightening underwriting standards to manage potential defaults.
Digital payments show strong uptick buoyed by wider adoption of credit during festive season
During this year¡¯s festive season sales, credit cards and credit-based payment instruments like pay-later products saw a significant increase, according to industry reports. Transactions rose by 35-50% compared to last year, with a large share being made through credit cards, EMIs, and pay-later options. Unified Payments Interface (UPI) remained the dominant payment method, with a 34% rise in transactions and over 500 million daily payments recorded.
Gold funds or ETFs? Which one to choose this Dhanteras?
Investing in physical gold or Gold ETFs this Dhanteras? Experts highlight that Gold ETFs offer greater liquidity, lower costs, and better security compared to physical gold. With minimal expense ratios and high returns, Gold ETFs are recommended for balanced portfolio diversification and as a hedge against inflation.
Adani Cement takes over CK Birla's Orient Cement in ?8,100 cr deal
Adani Cement announced the acquisition of Orient Cement from CK Birla Group for ?8,100 crore. This deal boosts Adani Cement's market share and reduces freight costs. The acquisition will increase Ambuja Cements' capacity by around 30 million tonnes per annum within two years. The transaction is expected to complete in three to four months.
Indian payments industry to touch $49 trillion by 2028: BCG
The Indian payments industry is projected to grow to $49 trillion in value by 2028, reflecting a 10% increase from $30 trillion at the end of 2023, according to estimates by the Boston Consulting Group (BCG).
Indian payments industry likely to grow to $49 trillion in value by 2028: BCG
The Indian payments industry is projected to grow to $49 trillion in value by 2028 from $30 trillion in 2023, with transaction volumes expected to increase to 434 billion. Revenue growth in this sector is forecasted at 11%, with credit cards and fund transfers leading the expansion.
Indians spoilt for choice as nations roll out easy visas
40,000 young Indians have applied for Australia¡¯s 'First Work and Holiday visa'. Several countries are simplifying or introducing new visa processes for Indians. Sri Lanka now offers free visas, while Dubai has a five-year multiple-entry visa. Malaysia and Thailand also offer visa-free entry, boosting travel from India.
Credit card usage sees a big jump this festive season
During this year's festive season sales, there was a significant rise in the usage of credit cards and credit-based payment instruments such as pay-later products, with a recorded increase of 35-50% in transactions compared to the previous year, particularly in lifestyle, fashion, and electronics.
Cost, integration and scalability: Hurdles for Open RAN in India
While the technology could reshape the telecom landscape in the country, challenges related to cost, integration and scalability continue to present major near-term hurdles.
Revised TDS rates from October 1: Here are the new tax deducted at source rates on various transactions
Revised TDS rates from October 1: The Finance Bill has ratified several important proposals from the Union Budget 2024, including revised TDS rates effective October 1, 2024.
RBI's overseas reserves deployment income up 52% in June quarter
The Reserve Bank of India's income from reserve assets surged 52% to $4.1 billion in the June quarter, driven by higher returns on bonds and deposits. However, US Federal Reserve rate cuts could affect these gains. Higher commission on dollar sales and valuation gains from gold prices contributed significantly.
Average transaction size by flex space operators doubled since 2015
Flex space operators have nearly doubled average transaction size, reaching 36,590 sq ft in H1 2024. Post-pandemic demand shift to large conglomerates fueled growth, adding 27 million sq ft from 2020-2023. Flex stock hit 67 million sq ft in H1 2024, poised to exceed 100 million by 2026.
STT hike comes into force. Check how much extra F&O traders will have to pay now
New STT rates for F&O came into effect on October 1. The STT on futures increased to 0.02% from 0.0125%, and on options to 0.1% from 0.0625%. This results in a net increase in transaction costs. Additionally, BSE and NSE implemented a uniform fee structure.
Rising land costs, approval delays hit new project launches, property sales
Land acquisition challenges, rising prices, and regulatory delays in India are curbing new project launches and property sales. Despite high demand, developers face difficulties due to escalating land costs, legal disputes, and longer approval timelines, leading to fewer new housing units and slowed sales growth.
Options trading: Can retail traders actually make money in a zero-sum game?
SEBI¡¯s study highlights several important findings that shed light on emerging trading patterns in India. Some of these observations challenge common misconceptions and provide much-needed reality checks.
Revised TDS rates, STT, Aadhaar card rules: 6 income tax Budget 2024 changes applicable from October 1, 2024
Budget 2024 tax changes: The 2024 Union Budget introduced some modifications regarding the Aadhaar card, STT, TDS rate, and the Direct Tax Vivad Se Vishwas Scheme 2024. Let's examine the significant tax adjustments that will be implemented starting from October 1, 2024.
View: Despite concerns over proposed fees, UPI¡¯s sustainability depends on fair merchant charges
The National Payments Corporation of India (NPCI) will implement new merchant fees for UPI transactions above ?2,000 starting October 16. The changes aim to make UPI more attractive to financial institutions by allowing them to earn from the service. This move is expected to balance the ecosystem and ensure sustainable growth.
Tech the money & run smoothly
The article discusses the growth of digital financial services (DFS) with a focus on UPI's role in India and strategic partnerships abroad. It highlights the impact of mobile money services like Kenya's M-Pesa and the UAE's ecommerce growth. The potential for DFS to drive inclusive growth, especially in rural areas, is emphasized.
CDSL announces uniform tariff of Rs 3.50 per transaction effective October 1st
Central Depository Services (India) Limited (CDSL) has announced a uniform tariff of Rs 3.50 per debit transaction, effective from October 1, 2024. This move aims to streamline costs for over 13 crore investors. Discounts of Rs 0.25 will continue for female demat account holders and transactions related to Mutual Fund and Bond ISINs.
GeM slashes transaction charges levied on sellers, service providers for public procurement
The Government e-Marketplace (GeM) has reduced transaction charges for sellers and service providers. Orders up to Rs 10 lakh will now have zero charges, while orders above Rs 10 crore will incur a flat fee of Rs 3 lakh. This move aims to ease business operations and support small-scale enterprises.
Digitalisation will help rupee become global: RBI report
The Reserve Bank of India (RBI) highlighted in its annual report on Currency and Finance that digitalisation will accelerate the internationalisation of the rupee. This will lower transaction costs for cross-border trade and investments, and reduce exchange rate risk.
Could render home not-so-sweet home
The intended objective of removing tax arbitrage to make household savings more fluid across asset classes may not be served if the housing market were to become more illiquid. It would further trap capital stranded by the varied implementation of GoI's model regulation for the real estate sector. The market is seeing a fragmentation in supply in favour of luxury and affordable homes.
Fiscal prudence can help bring down the cost of capital
India's fiscal strategy aims to reduce debt-to-GDP by 2026-27. Budget increases capital gains tax amid SEBI's market exuberance warning; property sales tax raised to 12.5%, with decreased holding periods benefiting homebuyers. Strong external balances and forex reserves cut gold import duty to 6%.
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