NSE to cut cash, derivative transaction charges by 1%; rival BSE stock slumps
Currently, the transaction charge in the equity delivery or cash segment is 0.00325% and in the derivatives segment, it is 0.0019%. Key Points
Economic TimesIndia's entrepreneurial households set to drive economic surge with $8.8 trillion transaction value
A recent report by Praxis Global Alliance and Enmasse indicates that India is home to approximately 247 million entrepreneurial households, expected to drive the nation's economic surge with a transaction value of $8.8 trillion in FY23. The study introduces the concept of core transaction value (CTV), projecting a 12.7% YoY growth to $95.2 trillion by FY43. Key Points
Economic TimesPriyanka Chopra sells office space in Andheri for ₹7 crore
The property was sold to dentists Dr Nitesh and Dr Nikita Motwani. Madhu Chopra, the mother of the Los Angeles-based actor, carried out the transaction on her behalf, according to documents accessed by Zapkey.com. The purchasers paid a stamp duty of ₹42 crore on the transaction | Mumbai news Key Points
Hindustan TimesUPI surges on broad-based usage and deeper penetration
The Reserve Bank has higher transaction limit for financial services like for AMC, Broking, Mutual Funds, collections (Credit card payments, Loan re-payments, EMI), Insurance etc. where the transaction limit is `2 lakh. Insurance policy purchases and premium collections surged by 150% in transaction volume and 140% in new customer adoption, underlining the role of digital retail stores in addressing the challenges of insurance Key Points
Economic TimesEris buys nine derma brands from Dr Reddy’s for Rs 275 crore
The transaction helps augment and expand the cosmetic dermatology business of Eris Lifesciences by way of expansion in the product offerings, it said. The transaction is likely to be completed before March 31, 2023. Key Points
Financialexpress
International online transaction is unsuccessful but money has been deducted: When, how will you get a ref
There are multiple reasons as to why an international online transaction on an e-commerce or other websites could fail if an Indian debit or credit card was used for executing such a transaction. However if the money was deducted for such a transaction although the website showed it as failed, do not worry, it will be refunded back automatically by the bank. Key Points
Economic TimesGurugram woman orders alcohol online, loses money to scammers: How to stay safe
A woman in Gurugram lost ₹30,000 after being directed to a scammer while trying to buy whiskey online. The scammers asked for additional funds for delivery and ended up stealing her money. Key Points
mintSajid Nadiadwala’s production house buys Juhu plot for ₹31.3 crore
The transaction between the production house and Portion Trading Pvt Ltd was registered on April 10, as per the documents accessed and shared by IndexTap.com. | Mumbai news Key Points
Hindustan TimesGoldman Sachs hires Wells Fargo executive to lead transaction banking
Goldman Sachs (GS.N) has hired former Wells Fargo executive Paul Camp as its new head of transaction banking, according to a memo seen by Reuters. Key Points
ReutersStuck or failed UPI transactions: Common issues and how to deal with them
Financial Literacy News: Encountering issues with UPI transactions? Learn about the common problems and find solutions to deal with them. Get tips on how to handle failed UPI transactions and ensure a smooth payment experience. Key Points
Times Of IndiaSoftbank sells 1.09 pc stake in Zomato worth Rs 1,040 crore
New Delhi, Oct 20 (PTI) Japanese conglomerate Softbank on Friday divested a 1.09 per cent stake in online food delivery platform Zomato for Rs 1,040 crore through an open market transaction. Softbank through its affiliate SVF Growth (Singapore) Pte Ltd offloaded shares of Zomato on the National Stock Exchange (NSE). Bandhan Mutual Fund (MF), Motilal […] Key Points
ThePrintFuture Retail resolution professional moves NCLT against Kishore Biyani and family alleging fraudulent tra
This application has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP, said a regulatory filing from Future Retail Ltd (FRL). The transaction Review Auditor was to assist RP in his duties and the determination, wherein a transaction has been reported under Section 66 of the Code for adjudication by the NCLT. Key Points
Economic TimesAmazon Great Freedom Festival Sale 2023: Best deals on smartphones under ₹20,000
Amazon Great Freedom Festival Sale starts today at 12 PM IST for Prime members. Some of the best smartphone deals include OnePlus Nord CE 3 Lite 5G, Samsung Galaxy M34 5G, realme narzo 60 5G, Oppo A78 5G, and iQOO Z7s 5G. Key Points
mintAmazon Great Freedom Festival Sale starts today for Prime Members. Check out best deals and offers
Amazon Great Freedom Festival Sale begins today at 12 PM IST for Prime members. Non-Prime members can shop from August 4 onwards. Extra 10% discount for SBI Credit Card transactions or EMI. Sale runs until August 8 with discounts on smartphones, laptops, TVs, and more. Key Points
mintWhat can countries with high transaction cost on remittance do? Adopt an Indian method
The high transaction cost on remittances amounts to an additional tax on cross-border movement of incomes. For 2023, roughly $41 billion was spent on just transaction costs. Key Points
ThePrint
Blackstone signs binding pact for controlling stake in Care Hospitals
The deal will mark Blackstone's first healthcare investment in India with TPG staying on as a minority shareholder, holding about 30%. Notably, the deal was signed between the two private equity giants even as the sale itself is being challenged in court by Max Healthcare Institute, which has accused TPG of breaching the terms of an exclusivity agreement between them on a transaction. Key Points
Economic TimesGovt urged to allow foreign currency transactions in country via RBI
Consultants and service providers in India have called on the government to cease routing domestic forex deals via the US banking system in order to save foreign currency and avoid transaction fees. At present, a fee is charged on USD transactions within India; these deals should be routed through the Reserve Bank of India to avoid the levy, consultants argued. Key Points
Economic TimesIndia a focus market for us; e-commerce, B2B services propelling growth, says Payoneer’s Gaurav Shisodia
For a small exporter, overseas transactions are tough and expensive. Payoneer says its solutions can simplify the process. Key Points
Economic TimesCCI imposes ₹40 lakh penalty on Axis Bank over acquiring stake in CSC e-Governance
The transaction comprised an acquisition of a 9.91 per cent stake in CSC e-Governance by Axis Bank and got completed in November 2020. Key Points
mintFinance Ministry clarifies on confusion over STT hike on selling options
Under the new rules, option traders will have to pay Rs 6,200 for every Rs 1 crore worth of turnover as against Rs 5,000 that is being paid currently. This translates into a hike of around 25%. Key Points
Economic Times
transaction limit increased to Rs 500 for small value digital payments in offline mode like UPI Lite
The Reserve Bank of India (RBI) has increased the upper limit of an offline payment transaction from Rs 200. The overall limit for offline transactions on a payment instrument, however, remains Rs 2,000 at all times. Key Points
Economic TimesAmazon Great Freedom Festival Sale starts today for Prime Members. Check out best deals and offers on premium phones
Amazon Great Freedom Festival Sale begins today at 12 PM IST for Prime members. Non-Prime members can shop from August 4 onwards. Extra 10% discount for SBI Credit Card transactions or EMI. Sale runs until August 8 with discounts on smartphones, laptops, TVs, and more. Key Points
mintMajority of users to stop using UPI if it attracts transaction fee: Survey
According to a survey by LocalCircles, a majority of people will stop using UPI if a transaction fee is imposed. The survey also found that 1 in 2 UPI users conduct over 10 transactions every month. In August 2022, the Reserve Bank of India (RBI) published a discussion paper suggesting a tiered fee structure for UPI payments, varying according to different transaction amounts. Subsequent to the release of the RBI discussion paper, the finance ministry clarified that there were no plans to impose fees on UPI transactions. Key Points
Economic TimesUCO Bank glitch: Dos and don'ts for banks and customers
Banks must provide customers with facilities of a website, phone banking, SMS, email, IVR and a dedicated toll-free helpline for reporting unauthorised transactions as well as loss/theft of payment instruments such as cards. They should also be given the facility to report these to the home branch. Key Points
Economic TimesIn Images | Shah Rukh Khan’s daughter Suhana Khan buys Rs 12.91 crore property in Mumbai’s Aibaug area
According to registration records, the transaction included 2,218 square feet of structures and 1.5 acres of agricultural land. Key Points
Financialexpress
Dunearn Investments sells 2.8 pc stake in Devyani International for Rs 499 cr
According to the bulk deal data available with the National Stock Exchange (NSE), Dunearn Investments sold 3,44,30,150 shares, amounting to 2.85 per cent stake in the company. Key Points
Financialexpress70% users say will stop using UPI if fees levied
According to a survey by Local Circles, 7 out of 10 UPI users would stop using the app if transaction fees were imposed. Fintech companies have urged finance minister Nirmala Sitharaman to address the issue of implementing a merchant discount rate (MDR) in UPI transactions. Key Points
Economic TimesDisney may post impairment charges of $1.8-2.4 bn
Walt Disney is forecast to record non-cash pre-tax impairment charges of $1.8 billion to $2.4 billion for the quarter ending March 31, primarily due to Star India's net asset and goodwill write-down at the entertainment linear network's reporting unit. The charges are mainly due to the merger deal with Reliance Industries Ltd (RIL) to create a $8.5 billion media entity through the combination of Star India and Viacom18. Key Points
Economic TimesNirma closes in on Glenmark's API arm, emerges sole contender as bid deadline ends
Nirma Group is likely to acquire an 82.84% stake in Glenmark Life Sciences in a deal worth INR 6,664 to INR 7,000 crore. The company has emerged as the sole bidder following the deadline last week, with the acquisition likely to be facilitated by healthcare subsidiary Aculife Healthcare. Key Points
Economic TimesHDFC Bank Credit Card rules change next month: New charges, 3rd party transaction impact, all the details
Utility transactions will see a bifurcated fee structure. While transactions below ₹50,000 remain unaffected, those exceeding this amount will be subject to a 1% fee, also capped at ₹3,000 per transaction. Key Points
Business Today
Aadhaar fraud alert: How banks use new methods to protect your money from scammers
Aadhaar enabled payment systems (AePS) transaction fraud can be done if the fraudster has got access to the bank customer's fingerprint/IRIS impression/data, their Aadhaar number and name of the bank where the account is maintained. In order to stay protected from this kind of fraud an individual must take certain steps. Further banks also help in prevention of such a fraud. Key Points
Economic TimesWhat is the per transaction limit for using contactless debit card
Contactless cards allow for faster and more convenient payments at participating merchants in India without the need to enter a PIN. The RBI has increased the per transaction limit for contactless card transactions based on stakeholder feedback and the benefits of contactless transactions during the COVID-19 pandemic. Key Points
Economic TimesAzim Premji gifts 10 million shares worth nearly Rs 500 crore to his sons
India Business News: Wipro founder Azim Premji gifted 10.2 million shares worth nearly Rs 500 crore to his sons, Rishad and Tariq. The transaction does not alter the overa Key Points
Times Of IndiaV-Guard Industries' promoter sells shares worth Rs 129 crore
New Delhi, Dec 22 (PTI) A promoter of electricals and home appliances manufacturer V-Guard Industries on Friday sold 1 per cent stake in the company for Rs 129 crore through an open market transaction. The shares were bought by Aditya Birla Sun Life Mutual Fund and Motilal Oswal Mutual Fund. Chittilappily Thomas Kochouseph offloaded 45 […] Key Points
ThePrintRBI raises automatic payment limit via UPI to Rs 1 lakh
UPI emerges preferred mode of payment for a large section of population with over 11.23 billion transactions recorded in November. The Reserve Bank of India on Tu Key Points
The Tribune India
RBI declares formation of repository for fintechs to expand digital payments
The Reserve Bank of India (RBI) has increased the limits on UPI payments to Rs 5 lakh for specific situations and announced the creation of a repository for fintechs. This move aims to expand digital payments and reduce reliance on physical cash or cheques. The limits for UPI transactions made to hospitals and educational institutes have been raised from ₹1 lakh to ₹5 lakh per transaction. Key Points
Economic TimesWarburg Pincus pares 1.3% stake in IDFC FIRST Bank
New Delhi: Warburg Pincus on Thursday divested a 1.3% stake in private lender IDFC FIRST Bank through an open market transaction for Rs 790 crore. Following the Key Points
The Tribune IndiaAster DM to tap private equity investors for its India business
We are getting a lot of inbound interest from investors in the last six months; now it has increased, Dr. Azad Moopen, chairman of Aster DM Healthcare, said in an interview to ET. The active work on this will happen once the transaction (business sale in the GCC countries) is completed. We are looking for the best PE or investor who is ready to align with our plans, Moopen added. Key Points
Economic TimesGurugram woman orders alcohol through Google, ends up losing money from her bank account
A Gurugram woman tried ordering a bottle of wine online. However, it turned out to be a scam and the woman lost more than Rs 30,000 from her bank account. Key Points
India TodayRaymond, Godrej FMCG deal under DGGI's scanner
The DGGI is also understood to have sought an explanation from GCPL on the matter. The sources cited added that DGGI's Mumbai unit also conducted an inspection on premises linked to Raymond as part of its investigation. Section 67 of the CGST empowers an official to conduct an inspection if he has reason to believe that a person concerned has suppressed information to evade tax. Key Points
Economic Times
Quinag exits Manappuram Finance; sells entire stake for Rs 1,177 crore
According to the bulk deal data available with the BSE, Quinag Acquisition (FPI) disposed of 8,37,85,880 shares amounting to a 9.90 per cent stake in Manappuram Finance. The shares were offloaded at an average price of Rs 140.50 apiece, taking the transaction value to Rs 1,177.19 crore. At the end of June quarter, Quinag owned more than 8.37 crore shares which is equivalent to 9.90 per cent stake in the company, as per the shareholding data available with the BSE. Key Points
Economic TimesSekhmet, Nirma in fray for Glenmark's API business
Sekhmet Pharmaventures and Nirma Group are in competition to acquire Glenmark Life Sciences (GLS), the 82.85% subsidiary of Glenmark Pharmaceuticals. The firm will reportedly sell the API developer and manufacturer in bid to deleverage. Many sources, including ChrysCapital, are said to be looking at the opportunity, but have yet to make any binding bids. Since Glenmark's share price peaked at Rs 595 last week, the company has grown in value to have a market cap of Rs 7,232 crore. Rising dependence on imports of APIs and bulk drugs has made it an area of interest for India's government, which is seeking to incentivise domestic production. Key Points
Economic TimesCCI approves SREI Infra Finance's acquisition by NARCL, IDRCL
The Competition Commission of India (CCI) has approved the acquisition of Srei Infrastructure Finance by National Asset Reconstruction Company (NARCL) and India Debt Resolution Company (IDRCL) under the green channel route. NARCL submitted a resolution plan to acquire the majority of the equity share capital of Srei Infrastructure Finance and its wholly-owned subsidiary, SREI Equipment Finance. Key Points
Economic TimesWhite Field Investment Fund buys stake in Goyal Aluminiums through bulk deal
With a market valuation of Rs. 455.75 crore, Goyal Aluminiums Ltd. is a small-cap company that works in the commercial service sector. Key Points
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