Cashless Transactions - India

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UPI Payments To GST Sales Returns: Which Rules Change From 1 Jan?
A number of rules is all set to change from Friday, 1 January 2021. Here’s all you need to know about it.
THE QUINT
Updated: 31 Dec 2020, 12:53 PM IST

New year, new rules.

From cashless contact payments to Goods and Services Tax (GST) filing to mandatory FASTag, a number of rules is all set to change from Friday, 1 January 2021.

Here’s all you need to know.

1. Additional Charge on UPI Payments
The National Payments Council of India (NPCI) has reportedly decided to levy an additional charge on UPI payment services – those belonging to third party-app providers – from 1 January 2021. This essentially means you would be required to pay additional charges on UPI transactions on platforms like Amazon Pay, Google Pay and Phone Pay.

2. Contactless Card Transaction Limit
The Reserve Bank of India’s (RBI) directive on increasing the limit of contactless card transactions will come into force from 1 January. The RBI had earlier increased the limit from Rs 2,000 to Rs 5,000 in order to boost the adoption of digital payments.

3. Mandatory FASTag
The Union Ministry of Road Transport and Highways had earlier made FASTag mandatory for all four-wheel vehicles from 1 January 2021. However, on 31 December, the government announced deferment of the order to 15 February.
FASTag will be required for new vehicles as well as vehicles sold after 1 December, 2017. It will also be mandatory to keep a minimum of Rs 150 in your FASTag account.

4. Updated Driving Licence Must
Those without a valid driving licence will attract a penalty of Rs 5,000 as per the amended Motor Vehicles (MV) Act. The exemption on this rule will be lifted on 1 January.

5. GST-Registered Small Businesses
Those small businesses with a turnover of up to Rs 5 crore will be required to file only four GST sales returns, or GSTR-3B, instead of 12 (as of 2020) from January 2021. This would impact about 94 lakh taxpayers, i.e. about 92 percent of the entire GST tax base, PTI reported.

6. WhatsApp To Stop Working on Some Phones
With 2020, WhatsApp support for some Android and iPhones will also come to an end. As per reports, WhatsApp will not be available on devices that are not running iOS 9 or Android 4.0.3 operating systems starting 1 January 2021.

7. Landline To Mobile Phone Calls
While calling mobile phones from landlines, you will be required to prefix '0'. This will be applicable across India. The telecom department has been asked to prepare the required infrastructure by 1 January to implement the new system effectively.

8. Saral Life Insurance Policy
The Insurance Regulatory and Development Authority (IRDA) has directed all insurance companies to introduce 'Saral Life Insurance Policy' from 1 January. The new policy assures a minimum sum of Rs 5 lakh and a maximum of Rs 25 lakh.
The insurance policy enables the buyer to purchase a term plan at a lower premium and the terms and conditions of all insurance companies will be the same for this policy.

9. Cars To Become More Expensive
Car market leader Maruti Suzuki India and home grown Mahindra and Mahindra (M&M) and MG Motor India will increase prices of its vehicles from 1 January to offset the adverse impact of rising input costs – in the light of COVID-19 pandemic.
M&M's Farm Equipment Sector said, effective 1 January, it will increase the price of its range of tractors, across models, reported PTI.

10. Mutual Fund Investment
The Securities and Exchange Board of India (SEBI) has made some changes to the mutual funds rules, raising the investment limit in equity to 75 percent from 1 January. Earlier, the investment limit in equity was 65 percent.


UPI Payments To GST Sales Returns: Which Rules Change From 1 Jan?

 

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This bank rule to change from January 1, 2021 | Contactless card transaction limit - know latest update
There are many banking rules that are set to change From January 1, 2021. These rules are likely to impact you in one way or another.

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This rule change could have financial implications or the way you have been transacting with banks. Source: Reuters
Reported By: ZeeBiz WebTeam

Written By: ZeeBiz WebTeam
Edited By: Harish Dugh
Updated: Thu, Dec 31, 2020
04:47 pm

Patna, ZeeBiz WebDesk

There are many banking rules that are set to change From January 1, 2021. These rules are likely to impact you in one way or another. These could have financial implications or the way you have been transacting with the bank. One such rule that will impact the common man from January, 2021 is - Hike in contactless card transaction limit. Know how this is going to affect your pocket as you ring in the New Year. Here are details:

Hike in contactless card transaction limit
The Reserve Bank of India (RBI) has increased contactless card transaction limit from Rs 2,000 to Rs 5,000 from January 1. The move is aimed at furthering the adoption of digital payments in a safe and secure manner. This will be a major boost to the users of recently launched UPI AutoPay functionality for the customers to execute their high-ticket recurring payments like utility bills, investments, two-wheeler EMIs, consumer durable EMIs etc seamlessly. The RBI had said that contactless card transactions and e-mandates on cards (and UPI) for recurring transactions have enhanced customer convenience in general while benefitting from increased use of technology.
Speaking to PTI, Dilip Asbe, MD & CEO, National Payments Corporation of India (NPCI), had said "This is a welcome step by the RBI to increase transactions and e-mandate limit. The increased limit will also help to boost the average value of transactions and push the adoption of digital payments. This step re-affirms the commitment of the country to become a less-cash economy."


This bank rule to change from January 1, 2021 | Contactless card transaction limit - know latest update

 

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Bank to compensate account holders if customers lose money due to online fraud

Author : Lokmat English Desk | January 4, 2021 10:45 PM


In today's age of technology, online hacking and fraud is a common phenomenon and a number of them often ...


In today's age of technology, online hacking and fraud is a common phenomenon and a number of them often fall prey to fraud. Inspite, of lodging official complaints banks often fail to repay their customers the lost amount. Now in a major relief, the National Consumer Commission has released a new law stating if hackers fraudulently withdraw money from a person's bank account, the bank, not the customer, would be responsible for the loss. Announcing their verdict in one of the case, the commission blamed the bank for a flaw within their system. The victim alleged that the money was withdrawn from her account by a hacker. The victim attributed the hacking to a flaw in the bank's electronic banking system. On this, the commission said in its decision that the bank could not present any such evidence, which showed that the credit card of the victim woman was stolen. After which the commission ordered the bank to compensate the victim.
Observing that zero liability rests with the customer when the deficiency lies in the banking system the NCDRC directed the bank to reimburse around Rs 3 lakh fraudulently debited from a Thane woman's pre-paid forex card via over 29 transactions in 2008. Jesna Jose, the complainant who currently lives abroad, will also receive around Rs 80,000 in interest and compensation. The commission rejected the bank's claim that the woman had not taken care of the card and hence was liable for the fraud. Jose had submitted the complaint before the district consumer forum in 2009. She said she procured the card in 2007 and the fraud took place in 2008. Jose even registered a criminal complaint with Los Angeles police. The National Consumer Commission (NCC), while hearing the woman's complaint, directed a private bank to repay the stolen money along with the money spent on her mental distress and lawsuit, along with interest.
Explaining that in the annual report for the year 2017-18, the Reserve Bank of India had clarified who would be responsible in case of hacking. According to the RBI report, who will bear the loss will be decided by whose fault it is. As per RBI rules, if there is negligence or mistake on the part of the bank, the customer need not worry and the entire loss will be borne by the bank. On the other hand, if the fraud is due to the negligence of the customer, then the customer will have to suffer the loss. In a situation where it is neither the fault of the customer nor the fault of the bank, then if the customer lodges a complaint with the bank within 3 working days of the fraud, then the customer will not be responsible for the fraud. On the other hand, on filing a complaint in 4-7 days, the customer will get up to Rs. 5000-25000. But if the customer lodges a fraud complaint after 7 working days, it will depend on the policy of the bank in such cases.

Bank to compensate account holders if customers lose money due to online fraud | english.lokmat.com

 

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NPCI dismisses reports of charges on UPI transactions
By Thimmaya Poojary|1st Jan 2021

NPCI has asked citizens not to believe the incorrect information being circulated that UPI transactions would be charged from January 1, 2021. 1 CLAP +0 The National Payments Corporation of India (NPCI) has denied reports about Unified Payments Interface (UPI) transactions being charged from January 1, 2021, and requested all citizens not to fall prey to such incorrect information. A statement from NPCI on Friday, January 1, read, “NPCI has urged all the customers to not believe in such stories and continue to perform uninterrupted and convenient UPI transactions.” Several media reports had incorrectly stated that the NPCI was planning to levy an additional charge on UPI payment services, especially for those belonging to third-party app providers, from January 1 this year. ALSO READ UPI is growing 5 to 10 pc every month; the next 6-8 months critical for customer stickiness: Vishal Anand Kanvaty, NPCI In November last year, NPCI had announced a change in policy concerning third-party app providers where it had placed a cap of 30 percent on their total transaction volume on UPI. NPCI said the cap of 30 percent will be calculated basis the total volume of transactions processed in UPI during the preceding three months (on a rolling basis). This will potentially impact all the TPAPs like Google Pay and PhonePe, even as NPCI said this decision will help to address the risks and protect the UPI ecosystem as it further scales up. However, in a relief to the existing TPAPs, NPCI said those exceeding the specified cap will have a period of two years from January 2021, to comply with the same in a phased manner. In the present scenario, Google Pay and PhonePe dominate the UPI transactions market, and any such cap is likely to hurt both these companies. UPI has recorded rapid growth ever since the nation went into a lockdown in March 2020 to combat the COVID-19 pandemic. Previously recording around a billion transactions on average every month, the number of transactions on the platform has now shot up to two billion. Sign up for our exclusive newsletters. Subscribe to check out our popular newsletters. The new guidelines issued by NPCI, however, are likely to be very tricky in terms of implementation. According to industry observers, it remains to be seen how this cap is going to implemented and what kind of impact it will have on the end-user.
Edited by Kanishk Singh

NPCI dismisses reports of charges on UPI transactions

 

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Attention. :
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This is one of the biggest data breaches.
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11 Crore Indian Cardholder's Cards Data Including personal details & KYC soft copy (PAN, Aadhar) got leaked from a Mobikwik Server in India.
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This also includes Debit and Credit Card numbers with all details including CVV, expiry, etc.
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What should you be doing?
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If you ever saved or used a Card on Mobikwik, then your card details are out. Turn off International Transactions (as they do not require OTP) and also reduce the limit of domestic transactions. Or just block your Card.
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The entire file is available on Dark Web. I just saw my details and I'm blown away. I cannot share the onion link (dark-web link) here. Don't ask for it. (Also, the size is around 8TB)
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