BANKING AND FINANCE

Full-KYC Paytm wallets can now make payments across all UPI QR codes (MAR 27, 2023)

Following National Payments Corporation of India’s (NPCI) circular asking all KYC wallets (prepaid instruments) to be interoperable on all UPI merchants in offline stores and online apps and websites, Paytm Payments Bank on March 27, 2023 said its full KYC customers now will be able to able to make payments on every UPI QR code and online merchant where UPI payments are accepted. 

DETAILS : Full-KYC Paytm wallets can now make payments across all UPI QR codes (business-standard.com)

Wallet payments may have a transaction fee, UPI to remain free (MAR 29, 2023)

The National Payments Corporation of India (NPCI) has recommended an interchange fee on Unified Payments Interface (UPI) transactions of over Rs 2,000 made through Prepaid Payment Instruments (PPIs). The move is said to be aimed at increasing revenue for banks and payment service providers, who are reportedly been struggling with the high cost of UPI transactions. The fee will be charged from April 1 and the interchange pricing will be reviewed by September 30, 2023.

UPI payments made through PPIs -- read digital wallets like PayTM wallet -- will now attract 1.1 per cent fee if the value of the transaction is Rs 2000 or more.

NEWS REPORT : UPI transactions of more than Rs 2,000 to be charged at 1.1 per cent starting April 1, all details - India Today

SUPREME COURT

Borrowers must be heard before fraud tag, says SC ( MAR 28, 2023) 

The Telangana HC had in a December 2020 verdict said that the principles of “audi alteram partem” or “hear the other side” must be applied before declaring a borrower as “fraudulent”. This is because declaration of fraud entails civil and legal consequences, which results in blacklisting borrowers from accessing institutional finance, it had said. The ruling was challenged in the Supreme Court.

NEWS REPORT : Borrowers must be heard before fraud tag, says SC | The Financial Express

MINISTRY OF FINANCE  

Customs duty full exemption for all imported drugs&Food for Special Medical Purposes for personal use for treatment of all Rare Diseases  (MAR 30, 2023) 

The Central Government has given full exemption from basic customs duty on all drugs and Food for Special Medical Purposes imported for personal use for treatment of all Rare Diseases listed under the National Policy for Rare Diseases 2021 through a general exemption notification.  

In order to avail this exemption, the individual importer has to produce a certificate from Central or State Director Health Servicesor District Medical Officer/Civil Surgeon of the district.Drugs/Medicines generally attractbasic customs duty of 10%, while some categories of lifesaving drugs/vaccines attract concessional rate of 5% or Nil.

PRESS RELEASE : Press Information Bureau (pib.gov.in)

NOTIFICATION : Explore (cbic.gov.in)

ARTIFICIAL INTELLIGENCE

AI may automate up to 300 million jobs around the world: Goldman Sachs (MAR 30, 2023) 

Artificial intelligence could automate as many as 300 million full-time jobs around the world, according to a report by Goldman Sachs' (GS) economists. The report said platforms like ChatGPT are based on artificial intelligence (AI) and may play a significant role in such a transition. In a report published on March 26, GS economists predicted that 18 per cent of work globally could be computerised. The effects of this automation would be felt most in advanced economies.

NEWS REPORT : AI may automate up to 300 million jobs around the world: Goldman Sachs (business-standard.com)

FOREIGN TRADE POLICY

Piyush Goyal unveils Foreign Trade Policy 2023; new policy to encourage trade in Rupee (MAR 31, 2023)

Commerce minister Piyush Goyal today announced the new Foreign Trade Policy 2023, which is expected to boost exports amid slowing global trade. The new foreign trade policy has highlighted the vision to take India's goods and services exports to $2 trillion by 2030. The new FTP comes into effect from April 1, 2023.

The DGFT added that though the%C2%A0new policy was expected to be in place until 2028, there will be no end date to the new foreign trade policy, it will be updated as and when required.

NEWS REPORT : Piyush Goyal unveils 2023-28 foreign trade policy; new policy to encourage trade in Rupee - BusinessToday

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