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Social media platform WhatsApp assured the Supreme Court on Wednesday that it will not roll out its payment services without complying with all payment regulations and norms in the country.

A bench headed by Chief Justice S.A. Bobde and comprising Justices Indu Malhotra and Hrishikesh Roy took up the matter through video conferencing. Senior advocate Kapil Sibal, representing the social media platform, said "WhatsApp Inc makes a statement on behalf of his client that they will not go ahead with the payments' scheme without complying with all the regulations in force."

The statement was made during the hearing of a petition seeking a ban on payment through WhatsApp, as it does not conform to the data localization norms. The top court took the assurance made by WhatsApp on record.

WhatsApp made the statement during the hearing of a plea seeking a ban on its payment service, for not being in line with data localization norms.

In 2018, WhatsApp was granted a beta licence to launch its payment service, but a dedicated and separate app is yet to be launched. A petition was moved in the apex court that WhatsApp's existing model for its payments service should be declared inconsistent with the Unified Payment Interface (UPI) Scheme, as a separate dedicated app has not been offered by the company.

The petitioner NGO, Good Governance Chambers, argued that the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI) must change its model on the lines of the UPI payment scheme, and its operations may be suspended until these conditions are met.

The apex court today asked the Centre, Facebook and WhatsApp to file their replies within three weeks and it will take up the matter thereafter. The court noted that the government may process the applications filed by WhatsApp in accordance with the law and there is no stay on the same. Facebook was represented by senior advocate Arvind Datar.

The petitioner argued that lapses have been found in relation to WhatsApp's claims of having a secure and safe technological interface for securing sensitive user data.

New Delhi, Jul 13: The Income Tax Department has facilitated a new functionality for banks and post offices to ascertain TDS applicability rates on cash withdrawal of above Rs 20 lakh in case of a non-filer of the income-tax return and that of above Rs 1 crore in case of a filer of the income-tax return.

In a statement, the Central Board of Direct Taxes (CBDT) said that now banks and post offices have to only enter the PAN of the person who is withdrawing cash for ascertaining the applicable rate of TDS.

So far, more than 53,000 verification requests have been executed successfully on this facility, a statement by the CBDT said.

"CBDT today said that this functionality available as 'Verification of applicability u/s 194N' on www.incometaxindiaefiling.gov.in since 1st July 2020, is also made available to the Banks through web-services so that the entire process can be automated and be linked to the Bank's internal core banking solution," it said.

On entering PAN by the bank or the post office, a message will be instantly displayed on the departmental utility: "TDS is deductible at the rate of 2 per cent if cash withdrawal exceeds Rs 1 crore", in case the person withdrawing cash is a filer of the income-tax return.

In case the person withdrawing cash is a non-filer of income tax return, the message shown would be: "TDS is deductible at the rate of 2 per cent if cash withdrawal exceeds Rs 20 lakh and at the rate of 5 per cent if it exceeds Rs 1 crore."

The CBDT said that the data on cash withdrawal indicated that huge amount of cash is withdrawn by the persons who have never filed income-tax returns.

To ensure filing of return by these persons and to keep track on cash withdrawals by the non-filers, and to curb black money, the Finance Act, 2020 with effect from July 1, 2020 further amended IT Act to lower threshold of cash withdrawal to Rs 20 lakh for the applicability of this TDS for the non-filers and also mandated TDS at the higher rate of 5 per cent on cash withdrawal exceeding Rs 1 crore by the non-filers.

New Delhi, Mar 10: Crisis-hit Yes Bank on Tuesday said that it has enabled inward IMPS and NEFT services.

The move allows people to send money from other bank accounts to their Yes Bank account through IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer) mode.

In a tweet, the bank also said that Yes Bank customers can pay their credit card dues and loan obligations from other bank accounts.

"Inward IMPS/NEFT services have now been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts. Thank you for your co-operation. @RBIA @FinMinIndia," said tweet.

Last week Yes Bank was placed under moratorium and a withdrawal cap of Rs 50,000 was imposed till April 3.

The administrator of Yes Bank, Prashant Kumar and Rajnish Kumar, the Chairman of the State Bank of India are hopeful that moratorium would be lifted within a week.

As per the Reserve Bank of India (RBI) draft reconstruction scheme for the crisis-hit private lender, the SBI will take up 49 per cent in the bank by investing Rs 2,450 crore.

The new board of directors will stand constituted from the appointed date. It will comprise a CEO and MD, non-executive chairman and non-executive directors. The SBI will have nominee directors appointed on the board of the reconstructed bank.

The RBI may appoint additional directors to the board, who shall continue in office for one year, or until an alternate board is constituted by Yes Bank.

The SBI will not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital.