After the brouhaha over Justice Jayant Patel, collegium resolves to be more transparent, but some senior lawyers want minutes of meetings too.
New Delhi: In...
Meghnad’s interest went much beyond economics and politics. This is reflected in his writing, particularly after his retirement as a full-time LSE professor in 2003.
In the latest budget, the FDI limit was increased to 100 percent, but most foreign companies are not buying such large stakes in the Indian insurance sector.
As Narendra Modi becomes India’s second-longest consecutively serving Prime Minister, we look at how he compares with Indira Gandhi across four key dimensions.
Ease in digital payment will more and more customers and government is also getting more benefits from the companies in the form of GST and other taxes.
the government seems to be bent on shirking its responsibility while levying charge upon charge. insecurity in online payments is not due to existing systems like neft/imps/RTGS, but newly added systems that were implemented without much thought: upi, aadhaar payments etc. suggest the government stops pushing aadhaar linking on to every platform, concentrate on securing existing platforms, and doing so with funding from its existing resources. if the claims of the government are to be believed, demonetization should have boosted revenues of banks, and there should be no need to add a further cess.
Why should customers bear safe digital cess? It is the responsibility of banks and shadow banks (like e-wallet and fintech companies) to bear the cost of maintaining digital assets and secrecy. Slapping a digital cess on customers is a retrograde step. First the government would start with a nominal charge, which would grow over time thereby becoming a substantial source of fee-based income for banks. When banks are required to manage their digital assets as part of operational risk management (ORM) as per Basel guidelines, why should they shirk their responsibility in bearing the cost? RBI should pull up banks for not securing their digital infrastructure as part of ORM. Besides, shadow banks should be brought under regulatory purview and erring shadow banks should be taken to task. RBI should conduct digital audit of banks and shadow banks to protect the interests of customers.
If for everything there is a separate cess. Then whybare we paying tax on the first place. Govt is trying to bust all the money we are earning by hard work.
I am affraid, this might lead to less online transactions. Where govt want to go cashless, then this decision might give -ve feedback.
If govt really wants to go cashless they certainly has to invest on infrastructure.
However I dont think except demonotization, none of the steps from govt leed us to cashless economy. No follow up steps has been taken to maintain the momentum.
I think Governmnt of india need only consider matters in its domain. The transactions are safe abroad with no cess and the responsibliy rests on the card issuers and their insurers. The “cess”is included in the card’s fees
What is needed is an insurance mechanism to reimburse people defrauded by cyber criminals,not cess upon cess.
Just collecting cess will not provide succour to those whose hard earned money is swindled by cyber criminals.
People wouldn’t mind paying a small premium based upon percentage of transactions like in rail tickets to ensure the reimbursement of their hard earned money in case of misappropriation or swindling or fraud.
Generating ideas to raise funds even before doing anything on the issue!! This will kill digital payments. First build whatever security system you want to test it and prove it over a stable period and then think of imposing fee. If you cut the huge unproductive government expenditure even by half, you will have all the funds needed for any expenditure.
Ease in digital payment will more and more customers and government is also getting more benefits from the companies in the form of GST and other taxes.
Well, I agree with this article. But i think some people will not agree about this step.
the government seems to be bent on shirking its responsibility while levying charge upon charge. insecurity in online payments is not due to existing systems like neft/imps/RTGS, but newly added systems that were implemented without much thought: upi, aadhaar payments etc. suggest the government stops pushing aadhaar linking on to every platform, concentrate on securing existing platforms, and doing so with funding from its existing resources. if the claims of the government are to be believed, demonetization should have boosted revenues of banks, and there should be no need to add a further cess.
Although idea is good but this step will not encourage people to use digital payment
Why should customers bear safe digital cess? It is the responsibility of banks and shadow banks (like e-wallet and fintech companies) to bear the cost of maintaining digital assets and secrecy. Slapping a digital cess on customers is a retrograde step. First the government would start with a nominal charge, which would grow over time thereby becoming a substantial source of fee-based income for banks. When banks are required to manage their digital assets as part of operational risk management (ORM) as per Basel guidelines, why should they shirk their responsibility in bearing the cost? RBI should pull up banks for not securing their digital infrastructure as part of ORM. Besides, shadow banks should be brought under regulatory purview and erring shadow banks should be taken to task. RBI should conduct digital audit of banks and shadow banks to protect the interests of customers.
If for everything there is a separate cess. Then whybare we paying tax on the first place. Govt is trying to bust all the money we are earning by hard work.
I am affraid, this might lead to less online transactions. Where govt want to go cashless, then this decision might give -ve feedback.
If govt really wants to go cashless they certainly has to invest on infrastructure.
However I dont think except demonotization, none of the steps from govt leed us to cashless economy. No follow up steps has been taken to maintain the momentum.
I think Governmnt of india need only consider matters in its domain. The transactions are safe abroad with no cess and the responsibliy rests on the card issuers and their insurers. The “cess”is included in the card’s fees
Utter nonsense. What happened after imposing edu session, swatch Bharat cess?
Is this supposed to be an incentive or disincentive for the public going digital ?
What is needed is an insurance mechanism to reimburse people defrauded by cyber criminals,not cess upon cess.
Just collecting cess will not provide succour to those whose hard earned money is swindled by cyber criminals.
People wouldn’t mind paying a small premium based upon percentage of transactions like in rail tickets to ensure the reimbursement of their hard earned money in case of misappropriation or swindling or fraud.
Generating ideas to raise funds even before doing anything on the issue!! This will kill digital payments. First build whatever security system you want to test it and prove it over a stable period and then think of imposing fee. If you cut the huge unproductive government expenditure even by half, you will have all the funds needed for any expenditure.