Businesses to be fined Rs 5,000 per day for not offering digital payment facility

Agencies
December 31, 2019

New Delhi, Dec 31: Shops, business firms or companies with an annual turnover of Rs 50 crore or more and required to provide digital payment facilities to customers as part of government's stride towards a less-cash economy, will not have to pay any penalty till January 31 for not installing the system.

They would, however, be made to cough up Rs 5,000 per day as penalty for failing to accept payments in the prescribed digital modes from February 1, 2020.

Clarifying this, the Central Board of Direct Taxes (CBDT) said that the move was aimed at giving sufficient time to the specified person to install and operationalise the facility for accepting payment through prescribed electronic modes.

In a circular, the CBDT said that penalty under Section 271DB of the Finance Act shall not be levied if the specified person installs and operationalises the facilities on or before January 31, 2020.

"However, if the specified person fails to do so, he shall be liable to pay a penalty of five thousand rupees per day from 1st February, 2020 under section 271DB of the Act for such failure," the circular dated December 30 said.

In order to encourage digital economy and move towards a less cash economy, a new provision was inserted in the Income Tax Act to require every person having a business turnover of more than Rs 50 crore to mandatorily provide facilities for accepting payments through prescribed electronic modes.

RuPay and UPI are among the prescribed mode of payment for digital transactions without any Merchant Discount Rate (MDR). The MDR is the percentage of the digital transaction that a merchant pays to banks. This cost is most often passed on to the customers.

In her Budget speech in July, Finance Minister Nirmala Sitharaman had listed out BHIM UPI, UPI-QR Code, Aadhaar Pay, certain Debit cards among others as the low-cost digital modes of payment which could be offered without levying MDR in order to promote a less-cash economy.

The Minister last Saturday announced that the MDR charges for businesses with over Rs 50 crore annual revenues will be waived off from January 1, 2020.

Section 10A of the Payment and Settlement Systems Act, 2007 which was inserted by the Finance Act provides that no bank or system provider shall impose and charge on a payer, or a beneficiary receiving payment, through electronic mode prescribed under Section 269SU of the Act.

"Consequently, any charge including the MDR shall not be applicable on or after January 1, 2020 on payment made through prescribed electronic modes," the CBDT circular said.

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News Network
January 4,2020

Alappuzha, Jan 4: The management committee of a mosque in Kerala is all set to solemnize the wedding of a Hindu couple, setting yet another instance of the communal harmony prevailing in Kerala.

The Cheravally Muslim Jamaat Committee at Kayamkulam in Alappuzha district in South Kerala is conducting the marriage of Anju and Sharath after the bride's mother approached the Jamaat authorities seeking help. 

The marriage will be held at the mosque premises on January 19 as per Hindu rituals and the Jamaat Committee has also prepared the invitations.

Anju's father Ashokan died a few years back and her mother Bindhu was struggling to win bread for her three children. Nujumudeen Alummoottil, a businessman and secretary of the Jamaat had helped the family earlier also.

Hence Bindu sought his help for the marriage of Anju. Nujumudeen discussed it with other members of the Jamaat committee and members of the mosque.

Najumudeen said that there was no hesitation from anyone on conducting the marriage by the mosque at its premises. A gift in cash and gold would be also given to the couple.

Kerala recently witnessed a church allowing the Muslim believers who participated in an anti-CAA meet to offer namaz at the church premises and another church conducting a carol service with the youth of the parish dressed up in traditional Muslim attire.

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well wisher
 - 
Monday, 6 Jan 2020

Well educated, good decision makers , intelects and wise people are keralites.

Abdullah
 - 
Sunday, 5 Jan 2020

Kerala is unique in India for cordial relation between different religions.  However, this is not being digested by sanghis and are trying to build gulf between the communities.  I am sure that people will not let theese anti national succeed in their wicked behaviour.   This communal harmoney is a slap on the faces of enemies of society.    Well done keralites.  Salute to all of you. 

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News Network
July 1,2020

Mumbai, Jul 1: The Maharashtra government will set up a Marathi medium college in Kolhapur for the Marathi- speaking people residing in the border areas of Karnataka, a minister said on Tuesday.

Higher and technical education minister Uday Samant, in a statement here, said the decision has been taken with a view to cater to the educational needs of the Marathi-speaking population residing in the neighbouring state.

He said the new state-run college will be a sub-centre of the Shivaji University at Kolhapur.

The Kolhapur district collector will provide a five- acre plot for the proposed college following which all necessary official permissions will be given, Samant said.

The college will start functioning from the next academic year, the release said.

Acommittee headed by Shivaji University vice- chancellor Nitin Karmalkarwill work out the modalities for establishing the educational institute, it added.

The border areas of Karnataka have a sizeable Marathi- speaking population.

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News Network
February 27,2020

Bengaluru, Feb 27: The Centre has adopted Prime Minister Narendra Modi's mantra of "Make in India', for India and the world" to build strong defence and security infrastructure in the country, said Defence Minister Rajnath Singh after inaugurating the new Light Combat Helicopter Production Hangar at Helicopter Division in Hindustan Aeronautics Limited (HAL) Complex here on Thursday.

According to an official statement, the Defence Minister said in the last five years, India has made significant progress towards manufacturing military equipment indigenously under the 'Make in India' initiative.

Stressing that the defence industry plays a major role in the economic development of the country, Singh lauded the significant contribution of organisations like HAL.

Highlighting the Rs 35,000 crore exports target set for the coming years, he expressed confidence that HAL, through its various platforms, will contribute significantly to achieve this milestone.

According to the statement, Rajnath Singh commended HAL for being the backbone of the Indian Air Force and meeting the requirements of the Armed Forces.

"The HAL has excelled both in operations and finance in the last five years. It has achieved operational clearance on seven platforms, including Light Combat Aircraft and Light Combat Helicopter, and overhauled platforms like Hawk and SU 30 MKI," he said.

He also appreciated that HAL had a turnover of Rs 19,705 crore till March 2019 and it gave shareholders a healthy dividend of 198 per cent.

HAL also apprised the Defence Minister on the progress of the new design and development programme of indigenous Indian Multi-Role Helicopter (IMRH), the statement informed.

The full-scale mock-up was showcased to Rajnath Singh. The IMRH is proposed as a replacement to the existing medium-lift helicopters such as Mi17's, Kamovs and Seakings which will phase out in the next eight to ten years.

LCH is a 5.5-tonne class combat helicopter designed and developed by HAL. It is powered by two Shakti engines and inherits many technical features of the Advanced Light Helicopter. LCH has the distinction of being the first attack helicopter to land in Forward Bases at Siachen, 4,700 mts above sea level with 500kg load.

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