No charges on debit card transactions up to Rs 2,000

MDR would be borne by govt for two years with effect from January 1, 2018 by reimbursing the same to banks

 

Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up to Rs 2,000 from today onwards.

Last month, Union Cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs 2,000 made through debit cards, BHIM UPI or Aadhaar-enabled payment systems to promote digital transactions.

“Happy Digital 2018. December Quarter BHIM transaction rises 86 per cent to 145.6 million with value of Rs 13,174 crore,” Financial Services Secretary Rajiv Kumar said in a tweet.

“Further impetus to digital payments, government to reimburse charges for transaction up to Rs 2,000 on debit cards/BHIM. Zero charges on merchants. Go Digital, embrace transparency,” he said.

The merchant discount rate (MDR) will be borne by the government for two years with effect from January 1, 2018 by reimbursing the same to banks.

The move will have an impact of Rs 2,512 crore on the exchequer.

The decision was taken at the Cabinet meeting chaired by Prime Minister Narendra Modi.

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Income Tax dept notifies new helpline number for ITRs e-filing

The new helpline numbers can be called in case of any trouble on the e-filing portal

 

The Income Tax Department on Monday notified a new helpline number for taxpayers who e-file their returns and conduct other tax-related businesses online.

The department issued an advisory and said: “Attention taxpayers: e-Filing help desk number has been changed. New Helpdesk number is: India Toll-Free- 18001030025. Direct Number-+918046122000.”

Taxpayers use the e-filing portal of the department to file their income tax returns (ITRs) and perform other income tax related tasks on the web portal: https://www.incometaxindiaefiling.gov.in.

“The new helpline numbers can be called in case of any trouble on the e-filing portal,” a senior official said.

The department has separate helpline numbers to take questions and queries on various other issues that a taxpayer faces.

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BHIM: Aadhaar-based app launched to simplify digital payments (What is BHIM App & How does it work)

BHIM is biometric version of UPI, USSD and expected to minimise role of plastic cards, PoS machines

Breaking News -  Prime Minister Narendra Modi on Friday launched an Aadhaar-based mobile payment application called BHIM (Bharat Interface for Money).

On day 50 of the window provided by the government to citizens to exchange or deposit old currency notes of Rs 500 and Rs 1,000 denominations, the Prime Minister at a 'Digi Dhan Mela' event in the capital, asked citizens to make at least five digital transactions, so as to understand the concept behind e-payments, and then use it extensively.

What is BHIM App & How does it work

 

"Download it on a smartphone or on a feature phone. It is not necessary to have the internet for this app. In the next two weeks, one more work is being done, which will increase the power of BHIM so much that you would be able to withdraw money even with your fingerprints," he said.

BHIM is a biometric and rebranded version of UPI (Unified Payment Interface) and USSD (Unstructured Supplementary Service Data). It is expected to minimise the role of plastic cards and point-of-sale machines, once believed essential for a less-cash society.

"In two weeks, we will make one more accomplishment; its security is being worked on. It will empower BHIM; you'll only require your thumb to pay," said Modi. He added this app would empower the poorest of the poor, with the thumb becoming the new identity.

 

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