Cash Transactions

Digital payments double in 3 years, cash transactions fall: RBI report

The study highlights that the share of digital payments more than doubled between 2021 and 2024, with UPI playing a key role in this transformation, particularly for small-value purchases

Restrictions on cash transaction: Know details before making any payment

The government's intention is to curb black money, promote digital transactions, and ensure tax compliance

Sales of Apple products, cars in India see surge in cash transactions

Around 7-9% of Apple's sales in its two company-owned stores were cash transactions, compared to less than 1 per cent or even none at all observed in its stores in the US or Europe

Cassette-swap: Mechanism to make ATMs better will miss deadline again

Cassette-swap is a lockable mechanism that does away with open cash replenishment. The upgrade is stuck over installation cost

Here's how the Indian banks are making $64 billion from a freebie

Since April, customers dipping into their mobile-phone wallets to settle bills of more than Rs 2,000 ($24) have to bear a maximum

Gross GST collection rises 10% to over Rs 1.62 trillion in September

Gross GST collection rose 10 per cent to over Rs 1.62 lakh crore in September, crossing the Rs 1.6 lakh crore mark for the fourth time during current financial year. Gross GST revenue collected last month was Rs 1,62,712 crore. Of this, Central GST was Rs 29,818 crore, State GST was Rs 37,657 crore, Integrated GST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess was Rs 11,613 crore (including Rs 881 crore collected on import of goods). The revenue in September 2023 was 10 per cent higher than the GST revenue of Rs 1.47 lakh crore in the same month last year, the finance ministry said in a statement. "During the month, revenues from domestic transactions (including import of services) are 14 per cent higher than the revenues from these sources during the same month last year. It is for the fourth time that gross GST collection has crossed Rs 1.60 lakh crore mark in FY 2023-24," it said.

Six years after demonetisation: e-transactions gain, but cash is still king

The Covid-19 pandemic has boosted digital transactions, with UPI turning out to be the biggest gainer, however, the dependence on cash has not reduced

India may consider alternative pay system for exporters if war continues

India may consider alternative payment system for exporters if Ukraine war continues for a long time and sectors such as gems, jewellery face a issue in international cash transfer, government sources

PayPal to research transactions that fund hate groups, extremists

PayPal is partnering with non-profit organisation Anti-Defamation League to investigate how extremist and hate movements in US take advantage of financial platforms to fund their criminal activities

In a first, UPI transactions exceed ATM cash withdrawals, courtesy pandemic

But while cash withdrawals and dealings are declining, there has been a 20% YoY spike in the quantum os notes and coins help with the public

Covid-19 crisis: Payments fall 46% in April; ATM cash withdrawal declines

Retail payments fall 45%, card usage slips 57%

Soon, you will be charged even for failed transactions at Axis Bank ATMs

The proposed fee will be Rs 25 per transaction; the bank has uploaded a notice on its website listing this and three other charges coming into effect from 1 April 2020

Digital transactions to grow as cash usage attracts more compliance

Digital transactions to become cheaper and more merchants to accept electronic payments

Aadhaar now alternative for payments above Rs 50,000: Revenue Secy Pandey

This follows the Budget allowing interchangeability of PAN and Aadhaar

Soon you may have to pay tax on cash withdrawal of Rs 10 lakh a year

The government may also mandate Aadhaar authentication for all high-value cash withdrawals in order to track individuals and tally tax returns.

Cash is falling out of fashion- will it disappear forever?

As of 2013, approximately 85% of the world's transactions involved cash.

Health insurance to donations: Don't use cash for these transactions

The government has proposed to lower the cash transaction limit to Rs 2 lakh

Cash transactions proposed to be capped at Rs 2 lakh

This is down from Rs 3 lakh as proposed in the Budget

Free withdrawal days are over: ICICI, Axis, HDFC Bank restore cash charges

The new charges would apply to savings as well as salary accounts effective from today