News Round-Up- Miscellaneous, Corporate

News Round-Up- Miscellaneous, Corporate

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Rs 2-lakh cash transaction norm eased

The Central Board of Direct Taxes (CBDT) has exempted certain cash transactions from the purview of the Rs 2-lakh restriction. The limit was introduced in this year's Budget as a part of efforts to promote the digital economy. The transactions kept out of this restriction are: money received by a business correspondent on behalf of a bank or cooperative bank; receipt by a whitelabel ATM operator from retail outlet sources on behalf of a bank or cooperative bank; receipt from an agent by an issuer of prepaid instruments; and receipt by a company issuing credit cards against bills raised in respect of one or more credit cards.

Report online fraud in three days: RBI Customers will not suffer any loss if unauthorised online banking transactions are reported within three days. The amount involved will be credited in the accounts concerned within 10 days, the RBI has said. In case the third-party fraud is reported with a delay of four to seven working days, a customer will face liability of up to Rs 25,000. However, in cases where the loss is due to negligence by the account-holder, such as sharing of payment credentials, the customer will bear the entire loss until the unauthorised transaction is reported to the bank.

Indian IT to hit $350 billion by 2025

The Indian IT-BPM industry is expected to reach $350 billion by 2025, and products will be a growth driver for the industry, notes NASSCOM President R Chandrashekhar. The domestic software products market is currently worth $4.8 billion and growing at 10.4 per cent annually. Globally though, India accounts for just 2 per cent of the $413-billion software products market.

MRP details must on goods sold online