Cash Transaction

Currency in circulation up despite rise of digital transactions

One of major benefits of Centre's decision to withdraw the Rs 2,000 currency note might be the immediate uptick in consumption demand, according to State Bank of Indias Economic Research Department

Riding on digital payments, the point-of-sale transaction value share conducted in cash is expected to fall from $11.6 trn in 2021 to $6.0 trn globally by 2026, a decline of nearly 50%, report showed

These easy to deploy, cost-effective devices that are akin to a point-of-sale terminal have mushroomed in India's semi-urban and rural areas

Will the interchange fee after free transactions increase with the shift to cassette-swap mode?

Central bank digital currency (CBDC), to be launched this year, could become a tool for reducing time and cost for cross-border transactions, Reserve Bank Deputy Governor T Rabi Sankar said on Wednesday. The RBI has proposed to launch on a pilot basis this year, as announced in the Budget by Finance Minister Nirmala Sitharaman. In the Union Budget for 2022-23, the finance minister had said the RBI would roll out a digital equivalent to the rupee in the current financial year. "We have to understand that internationalisation of CBDC is crucial to addressing the payments issue that bodies like G-20 and Bank for International Settlements (BIS) are dealing with now," he said at India Ideas Summit. Observing that India has an excellent, cheap and fast domestic payments system, he said the cost of cross-border payment, however, is still high. There is a lot of scope for improvement in terms of both cost and speed, he noted. CBDC is probably the most efficient answer to this, he said, .

The searches were carried out on December 16, and 30 premises of the unidentified group, also engaged in real estate and finance business

Here is the best of Business Standard's opinion pieces for Thursday

Co-founded by Taavet Hinrikus and Kristo Kaarmann, Wise launched in 2011 under its original name TransferWise

It would have been more effective, they say, if the exemption in cash payment had been given without any caveats and for a longer period

The rules for cash transactions are stringent. Ensure that you stay within specified limits