Tune in to the first edition of In The News of the year!
Adding up to a total of over Rs 11 lakh crore, the high number of cash withdrawals nudged the Centre to introduce measures to impose checks in such cases.
Sitharaman added that business establishments with an annual turnover of Rs 50 crore would have to provide digital payment modes to customers at no extra charges or merchant discounts, on either customers or merchants.
India plans to make QR code-based payment mandatory in all shops.
Today marks one year since the announcement of demonetisation and while the jury may not still be out on the long-term benefits of demonetisation, one thing is clear, it has sparked a boom in the digital economy.
Lack of awareness among customers and weak digital payment ecosystem are the key reasons that have amplified the chances of getting exposed to cybersecurity risks such as online fraud, information theft, and malware or virus attacks.
The success that Narendra Modi and BJP have tasted in the recent state elections reveal people's support for the withdrawal of high denomination notes but the jury is still out on its efficacy.
This widespread use and increasing dependence on technology no doubt has its benefits but it also brings along challenges in terms of data security.
According to a report, the threshold for quoting PAN card details for merchant transactions could also be reduced from the current Rs 2 lakh.
Calling it a "true tribute" to dalit icon Bhim Rao Ambedkar, BJP president Amit Shah said the indigenous digital payments app 'BHIM', launched by Prime Minister Narendra Modi today, will empower farmers, small businessmen and the poor.
Making his last monthly address this year in his Mann ki Baat programme, he said there is "an atmosphere of curiosity" in the country as to what is cashless, how cashless business can take place and how one can make purchases without using cash.
The competition is heating up in the online payments space. In a recent development, global payments platform PayPal Holdings Inc. is in the final stages of closing a deal to take a significant minority stake in domestic digital payments platform Freecharge, reports Mint.
The government is trying to push for inexpensive ways of going completely cashless with or without the use of internet.
Of the 13-member committee chosen to boost digital payments across country, actions of three men will hold the key to realising effectively Prime Minister Narendra Modi's dream of cashless economy.
"This is the biggest scam of the year. This is the one that should be investigated," Chidambaram said at a press conference.
As a part of the government's bid push towards cashless economy, Maharashtra Public Works Department today said all contractors working for it should henceforth make payments online, including those to the labourers.
Cyber investigators say that high awareness is required as India is marching towards plastic money.
With Prime Minister Narendra Modi stressing the need to move to a cashless economy, Tamil Nadu Governor Ch Vidyasagar Rao today directed all Vice-Chancellors/Registrars in the state to shift to electronic transfers and e-payments for day-to-day activities of universities and affiliated colleges.
The company, which has just completed integration following the buyout of Nixdorf, now manages a little over 1,05,000 ATMs out of the total 2,04,000 and close to 28,000 PoS machines in the country.
Demonetisation seems to have been factored in from a price correction perspective, says Nilesh Shah, Managing Director at Kotak Mahindra AMC. However, he quickly adds that from a time correction point of view the market still needs more good news.