Correspondent

NPCI says no extra burden on customers after introducing interchange fee on select UPI transactions, here is what you need to know

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Days after the National Payments Corporation of India recommended an interchange fee up to 1.1% on UPI transactions of over Rs 2,000 made through Prepaid Payment Instruments (PPIs), there was confusion over it applicability. There were claims on social media saying that every transaction over Rs 2,000 made via Unified Payments Interface (UPI) will attract a fee … Read more

India becomes the largest supplier of refined fuels to Europe, overtakes Saudi Arabia

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India has become Europe’s largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data from analytics firm Kpler. Europe’s reliance on Indian crude oil products has grown since the ban on Russian oil. Europe’s refined fuel imports from India are set to surge above 360,000 barrels a … Read more

India and Russia explore the possibility of transactions using RuPay and Mir cards between the two countries

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India and Russia will explore the potential of accepting RuPay and Mir cards in each other’s countries to facilitate payments in the midst of Western sanctions on Moscow. During the high-level Internal Governmental Commission meeting on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC), both countries talked about and decided to investigate the possibility of accepting these … Read more

Go First files for voluntary insolvency: Here is how a faulty engine by US-based Pratt & Whitney is causing the collapse of an Indian airline

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Wadia Group controlled ultra-low cost Go First Airlines filed for voluntary insolvency before the National Company Law Tribunal on Tuesday after facing acute financial troubles. The Airlines also cancelled all flights on 3, 4 and 5 May, causing DGCA to issue a show cause notice to it. The airline blamed the “faulty” Pratt & Whitney engines used … Read more

Adani Group to develop India’s first integrated data centre and technology business park in Visakhapatnam

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The Adani Group is developing an integrated data centre and technology business park in Visakhapatnam to boost local technology ecosystem in the region. The investments will be on top of the Rs 20,000 crore already invested in the state, which created more than 18,000 direct and 54,000 indirect jobs, according to a statement from the … Read more

India set to celebrate world’s biggest festival of democracy: EC completes all preparations as voting for General Elections 2024 commences

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The Election Commission of India has made all preparations to welcome voters to the biggest festival of democracy that any nation has witnessed, the elections to the 18th Lok Sabha and Legislative Assemblies in four states that starts off tomorrow with Phase 1. On this occasion, the Commission also reiterates its uncompromising commitment to deliver a free, fair, peaceful, accessible, … Read more

Amazon Web Services to invest over 1 lakh crore in cloud infrastructure in India by 2030

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Amazon Web Services (AWS) on Thursday announced it plans to invest USD 12.7 billion (Rs 1,05,600 crore) in cloud infrastructure in India by 2030 to meet growing customer demand for cloud services in India. This investment is estimated to contribute USD 23.3 billion (Rs 1,94,700 crore) to India’s total gross domestic product (GDP) by 2030, … Read more

20% TCS on international credit cards: What it is, why it was needed, and how it will impact foreign visits – everything you needed to know

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A new rule introduced by the finance ministry over the use of credit cards has created quite a storm, which introduces 20% TCS (Tax Collected at Source) over the use of credit cards for international purchases. This was done by including the foreign spending on credit cards in the RBI’s liberalised remittance scheme (LRS). On 16 May, … Read more

‘This India is different from what it was in 2013’: Morgan Stanley lists 10 big changes in India in the last 10 years

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In a short span of 10 years, India has gained positions in the world order with significant positive consequences for the macro and market outlook, Morgan Stanley Research has said in a report. The report, India Equity Strategy and Economics: How India Has Transformed in Less than a Decade, highlights the 10 big changes, mostly … Read more

World Bank gives nod to $1.5 Billion financing for India’s low-carbon transition

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On the 29th of June, the Board of Executive Directors of the World Bank approved $1.5 billion in financing to India. Its aim is to accelerate India’s development of low-carbon energy. It will help India promote low-carbon energy in three separate ways.  First, with more finance at its disposal, India will scale up and accelerate the pace … Read more