PAYMENT FACILITY
Future group's FMCG arm FCL defaults on payments of Rs 449.04 crore till June-end
Future Consumer Ltd (FCL), the FMCG arm of debt-laden Future Group, disclosed on Saturday that it defaulted on payments totaling Rs 449.04 crore as of June 2024. This includes Rs 284.81 crore towards bank loans and revolving facilities, and Rs 164.23 crore on borrowings through unlisted debt securities (NCDs and NCRPs). FCL also reported outstanding debt securities amounting to Rs 222.06 crore, with defaults of Rs 164.23 crore owed to non-convertible debenture holders since May 2022.
India-Russia JV delivers 35,000AK-203 rifles in first phase
Indo-Russian Rifles in Amethi delivered 35,000 AK-203 rifles to the Indian Army. The Korwa Ordnance Factory began production after its 2019 inauguration and a ₹5,124 crore technology transfer. It will supply paramilitary, police forces, and enable exports to friendly nations, complying with Make in India and Atmanirbhar Bharat policies.
ITR filing for FY2023-24: Latest full list of authorised banks for tax payments available at e-Pay Tax service
Taxpayers are offered wide range of modes for payment, including Net Banking, Debit card, Pay at Bank Counter. List of banks for tax payments available at e-Pay Tax service, as per the Income Tax Department’s website:
Karnataka losing out in manufacturing race; CXO churn in startups
New-age companies are choosing to set up manufacturing facilities in neighboring states like Maharashtra and Tamil Nadu, bypassing Karnataka. More on this in today's ETtech Morning Dispatch.
Finance ministry lauds GST, says it reduced tax rates on household goods, brought relief to every home
The Finance Ministry on Monday praised the Goods and Services Tax (GST) system on the occasion of its seventh anniversary, highlighting its role in lowering taxes on essential items such as household appliances and mobile phones, thereby providing significant relief to households. Implemented on July 1, 2017, GST replaced approximately 17 local taxes and cesses. This year's GST Day theme is "Sashakt Vyapar Samagra Vikas" (Empowered Trade Overall Growth).
Airbus says will buy 'major activities' of subcontractor Spirit
European aerospace giant Airbus announced on Monday its intention to acquire major activities related to Airbus from subcontractor Spirit AeroSystems. This move comes as US competitor Boeing prepares to take over the majority of Spirit AeroSystems' operations.
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Aggregate WMA limit of states/UTs revised upward to Rs 60,118 cr: RBI
The limits for financial accommodation extended by the RBI to state governments/ union territories (UTs) through Special Drawing Facility (SDF), WMA, and Overdraft (OD) schemes were last reviewed and announced on April 1, 2022. The RBI further said the SDF availed by state governments/ UTs shall continue to be linked to the quantum of their investments in marketable securities, issued by the government, including auction treasury bills (ATBs).
India to enter into bilateral Rupee swap agreements with SAARC countries: RBI
The Reserve Bank of India, in collaboration with the Indian government, has unveiled a revised framework on currency swap arrangements with South Asian Association for Regional Cooperation (SAARC) countries for the period spanning 2024 to 2027.SAARC comprises Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka.
HDFC Bank credit card charges, rules to change from August 1, 2024: Know about new late payment fee, bill payment rules
HDFC Bank announced major revisions to its credit cardholders about terms and charges. The following changes to your HDFC Bank credit card charges will come into effect on August 1, 2024.
Finance Ministry calls meeting with PSBs to review financial inclusion schemes ahead of budget
Finance ministry has scheduled a meeting on Tuesday with heads of state-owned banks and financial institutions. The purpose of the meeting is to review the progress of the government's key financial inclusion schemes, including the Jan Dhan Yojana, Jan Suraksha Yojana, and Mudra Yojana, ahead of the budget.
Taxpayers can amend sales return form before GST payment
GST taxpayers can now amend Form GSTR-1 with Form GSTR-1A before tax payment, ensuring accurate GSTR-3B filing. Partners like Abhishek Jain from KPMG appreciate the revision option, anticipating mechanisms like GSTR-2B for credit reconciliation. BDO India's Maulik Manakiwala highlights industry consultation, simplifying GST law and compliance, with exemptions for small taxpayers from GSTR-9/9A filings.
These Paytm wallets will be closed on July 20, 2024
Latest on Paytm: In March, the Reserve Bank of India (RBI) issued guidelines that prohibit Paytm Payments Bank Account/Wallet from receiving new deposits or authorizing credit transactions beyond March 15, 2024.
Credit card bill payment hurdles; startup funding logs slight uptick
Happy Friday! The central bank has mandated credit card bill payments through Bharat Bill Payment System (BBPS), but only eight of 34 banks are live on the network, causing concern among payment companies. This and more in today’s ETtech Morning Dispatch.
Pause on the cards: Fintechs may take a hit as most banks stay away from BBPS
RBI mandates credit card bill payments through BBPS, but only 8 of 34 banks are live on the network, causing concern among payment companies like PCI for an extension.
EPF account withdrawal rule changed: EPFO discontinues Covid-19 advance facility
During the Covid-19 pandemic, a non-refundable advance was provided to the EPF members during the outbreak of first wave of Covid-19 and another advance was also allowed in view of second wave
IRDAI asks life insurers to offer surrender value in first year
The regulator issued a master circular, which mandates insurers to pay special surrender value (SSVs) after the first policy year, provided one full year's premium has been received.
Now autofill your UPI Lite wallet: You will soon get option to have auto debit mandate to maintain UPI Lite balance
UPI Lite: The Reserve Bank of India announced that now UPI Lite wallet is to be integrated with the e-mandate framework. This will help in auto-replenishment of the UPI Lite balance. If the balance in UPI Lite balance goes below a threshold amount, funds will be automatically added. Read here to know more about this feature of UPI Lite.
FASTags, NCMC payments to become easier: You don't have to add money manually for each recharge
New recurring payments rule: The Reserve Bank of India (RBI) announced including recurring payments for Fastag, National Common Mobility Card (NCMC), etc. with auto-replenishment facility under the e-mandate framework.
Kotak Mutual Fund introduces Freedom SIP facility
Kotak Mutual Fund introduces Freedom SIP facility for investments under growth option of eligible schemes effective from June 18. Investors can register for a SIP cum SWP for specified duration.
Bengaluru Airport launches India's first biometric-enabled self-bag drop facility
DigiYatra passengers using the self-bag drop at Bengaluru airport can select the 'scan your face biometric for baggage drop' option. They will then be prompted to choose the 'DigiYatra' icon to proceed. The machine will instruct the passenger to look directly into the camera to capture their biometric image. It will then generate the passenger's flight details and prompt them to declare any dangerous goods they might be carrying.
4 easy ways to repay a huge credit card bill
Credit cards can be a useful tool for financial management, but overspending can lead to challenging debts. Here are tips to efficiently pay credit card bills.
New EPF account rules in May: EPFO made these four major changes to the EPF account, claims process in May 2024
New EPF rules: The changes include an extended facility of auto-settlement, multi-location claim settlement, faster New rule for EPF death claim. Let us take a closer at each of these four changes.
Trouble with bank and can't find resolution? File a complaint against bank with RBI Ombudsman; who are eligible, when, where to file
RBI Ombudsman: Facing any issue with your bank? First try to solve it by filing a complaint, etc. If it is still not solved you may approach the Reserve Bank of India (RBI) and file a complaint under the 'Banking Ombudsman Scheme'. Read here to know who can file such a complaint and when will such a complaint not be considered.
PhonePe UPI payments launched in Sri Lanka
The transactions will be facilitated by the UPI and LankaPay National Payment Network. Users can scan LankaQR code to make secure and quick payments without carrying cash or calculating currency conversions. The amount will be debited in Indian currency, showing the currency exchange rate.
What is the advantage of borrowing against mutual fund units?
Borrow against equity or hybrid mutual fund units for immediate liquidity at 9-11% interest rates. Advantages include short-term monetary support without selling units, maintaining financial plan, and quick capital raise. Apply online through NBFC websites for a paperless process.
Karnataka govt to deposit compensation towards land acquired for Foxconn
Karnataka compensates Foxconn for Bengaluru facility, assembling 20M smartphones annually. CEO deposits compensation in court. 867.37 acres acquired for industrial estate, with additional $1.7 billion investment by Foxconn.
ICICI Bank provides Rs 2,675-crore debt facility to Tata Steel for three years
Tata Steel has raised Rs 2,700 crore through unsecured fixed-rate bonds at 7.79%, show documents filed with National Securities Depository Ltd. Niva Bupa Health Insurance invested Rs 25 crore in Tata Steel's bonds that were issued in the last week of March.
HDFC Bank asks customers to avoid this money transfer facility on April 1, 2024: Delay in salary and other payments
In an email to customers, HDFC Bank has said that this mode of money transfer may not be available on Monday, April 1, 2024. The bank has suggested HDFC customers to use other options to transfer money on Monday. Your salary may also get delayed due if it is done through NEFT due to financial year-ending on April 1, 2024. All HDFC customers must know
AIIMS-Delhi starts 'Smart Card' facility to cover all departments; no cash payment from April
The All India Institute of Medical Sciences (AIIMS) said that no cash payment will be accepted at any counters other than the 'AIIMS Smart Card' top-up counters. According to the order other than electronic payments via UPI, debit cards, credit cards, etc., 'AIIMS Smart Card' will be the only way to make payments for all investigations and procedures.
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