India's free UPI payment ecosystem could soon witness its biggest policy shift since launch. The government has proposed amendments to the Payment and Settlement Systems Act that create a legal framework for introducing Merchant Discount Rate (MDR) on selected digital payment modes in the future.

While no immediate charges have been announced, reports suggest the government is considering a 0.25% to 0.4% merchant fee on UPI transactions above ₹2,000 made to businesses. Person-to-person transfers are expected to remain free, while larger merchants could bear the charges based on their annual turnover.

UPI Payments May No Longer Be Free? Government Eyes Merchant Charges

Elon Musk remains the world's richest person, but his fortune has suffered one of the sharpest declines ever recorded after heavy selling in Tesla and SpaceX shares. According to the Bloomberg Billionaires Index, Musk's net worth has fallen below the level it stood at before SpaceX's blockbuster stock market debut. His estimated fortune has dropped from around $1.45 trillion to just over $700 billion, wiping out roughly $650 billion in paper wealth within just a few weeks. The decline follows a steep correction in SpaceX shares, which have fallen around 45% since their record-breaking IPO, while Tesla stock has dropped approximately 17% after reporting weaker-than-expected second-quarter earnings.

Elon Musk Loses Nearly $650 Billion In Weeks | Tesla And SpaceX Selloff Ends Trillionaire Status

South Korea's Supreme Court has delivered what is being called the country's "Divorce of the Year." SK Group Chairman Chey Tae-won has been ordered to pay 944 billion won to his former wife, Roh So-young, in one of the largest divorce settlements in South Korean history. The landmark ruling has drawn attention to Chey's massive stake in SK Group, South Korea's second-largest conglomerate. Analysts believe the billionaire may need to sell shares or use them as collateral to fund the record payment.

Chey Tae-Won to Pay 944 Billion Won to Wife | Wion News 

Does the stock market perform better during certain months of the year? In this News by Numbers report, we break down the historical seasonal performance of the S&P 500, revealing which months have consistently delivered the strongest returns—and which have historically underperformed.

Using decades of market data, we examine how seasonal trends have influenced Wall Street, investor sentiment, and long-term investment strategies. While history does not guarantee future performance, these patterns provide valuable insight into how the market has behaved over time.

S&P 500 Seasonal Trends: Which months deliver the best Stock Market Returns?

<p>Australia is trying to raise $70 billion in tax revenue, and some experts are calling to bring back a law from the 1970s that could help achieve this goal. A report from the Australia Institute says that if the country reimposes the inheritance tax, it would be able to raise $10 billion. This would also reduce "intergenerational inequality" as the wealth passes on to the next generation. Additionally, it added that a whopping $41 billion a year could be raised if a two per cent wealth tax in imposed on people with a worth of more than $5 million. The calls for these taxes come ahead of the government's landmark economic roundtable in Canberra, which will see participation from several business, union, and community leaders. Notably, an inheritance tax used to exist in state and federal form in the 1960s and 1970s in the country. Also Read: <a href="https://www.wionews.com/business-economy/australia-cuts-interest-rates-amid-economic-slowdown-and-inflation-relief-1754997832059"><strong>Australia cuts interest rates amid economic slowdown and inflation relief</strong></a></p><h2><strong>What is Inheritance Tax, or “death tax”?</strong></h2><p>An inheritance tax is the tax a person pays to the government after they inherit money or property from a deceased person. The tax has been panned by some critics, who have dubbed it the "death tax". Advocates of the tax, as mentioned in the report, believe that this imposition could be done without hurting the low- or middle-income citizens. Australia Institute senior economist Matt Grudnoff told Nine News that Australia "does not do a good job of taxing wealth," and is "one of the few developed economies in the world which has neither a wealth tax nor an inheritance tax." He urged to correct this practice as a change could "raise huge amounts of extra revenue for essential services and ease growing inequality in Australia." Also Read: <a href="https://www.wionews.com/trending/meteor-shakes-ground-in-victoria-australia-fragments-likely-landed-on-earth-1754878669988"><strong>VIDEO: Meteor jolts Earth in Victoria, Australia. Was it linked to meteor shower?</strong></a></p><h2><strong>Why is Inheritance Tax called “death tax”?</strong></h2><p>The report also suggests a way to reduce property prices and make housing more affordable. The researchers stated that scrapping the capital gains tax discount would raise another $19 billion a year, thus helping people to crack the property market. &nbsp;Inheritance tax, or "death tax", has been a point of debate in the country for years. By 1979, it was abolished in all Australian jurisdictions because of the objections raised by the public, claiming that it could negatively impact family businesses. Critics argue that families that are handed down the businesses could end up giving up their assets or going out of business because of high tax requirements.&nbsp;</p>

Australia wants to bring back the “death tax” that was abolished 46 years ago. Experts argue that it could help reduce the inequality in the country. However, critics are against, stating that it could affect families that end up with the businesses.

Australia is trying to raise $70 billion in tax revenue, and some experts are calling to bring back a law from the 1970s that could help achieve this goal. A report from the Australia Institute says that if the country reimposes the inheritance tax, it would be able to raise $10 billion. This would also reduce "intergenerational inequality" as the wealth passes on to the next generation. Additionally, it added that a whopping $41 billion a year could be raised if a two per cent wealth tax in imposed on people with a worth of more than $5 million. The calls for these taxes come ahead of the government's landmark economic roundtable in Canberra, which will see participation from several business, union, and community leaders. Notably, an inheritance tax used to exist in state and federal form in the 1960s and 1970s in the country. Also Read: Australia cuts interest rates amid economic slowdown and inflation relief What is Inheritance Tax, or “death tax”? An inheritance tax is the tax a person pays to the government after they inherit money or property from a deceased person. The tax has been panned by some critics, who have dubbed it the "death tax". Advocates of the tax, as mentioned in the report, believe that this imposition could be done without hurting the low- or middle-income citizens. Australia Institute senior economist Matt Grudnoff told Nine News that Australia "does not do a good job of taxing wealth," and is "one of the few developed economies in the world which has neither a wealth tax nor an inheritance tax." He urged to correct this practice as a change could "raise huge amounts of extra revenue for essential services and ease growing inequality in Australia." Also Read: VIDEO: Meteor jolts Earth in Victoria, Australia. Was it linked to meteor shower? Why is Inheritance Tax called “death tax”? The report also suggests a way to reduce property prices and make housing more affordable. The researchers stated that scrapping the capital gains tax discount would raise another $19 billion a year, thus helping people to crack the property market. Inheritance tax, or "death tax", has been a point of debate in the country for years. By 1979, it was abolished in all Australian jurisdictions because of the objections raised by the public, claiming that it could negatively impact family businesses. Critics argue that families that are handed down the businesses could end up giving up their assets or going out of business because of high tax requirements.

<p>Australia wants to bring back the “death tax” that was abolished 46 years ago. Experts argue that it could help reduce the inequality in the country. However, critics are against, stating that it could affect families that end up with the businesses.</p>

'Death Tax' could return to THIS country after 46 years. Here's why it was abolished

<p>Indian central bank, the Reserve Bank of India (RBI), has asked banks in the country to ditch the traditional SMS-based second-factor authentication system and seek safer, advanced alternatives. As per media reports, while there are multiple options available, all include the use of a user’s mobile phone for authentication.</p>

<p>The RBI issued a detailed statement on Development and Regulatory Policies on February 8 on its website but did not lay out instructions in this regard as of now.</p>

<h2><strong>The current OTP-based regime</strong></h2>

<p>Currently, whenever we conduct a digital financial transaction, the fintech firm or bank typically sends an OTP to the mobile number linked to the account as an extra layer of authentication. The transaction can only proceed after entering this OTP, ensuring the security of bank accounts and preventing unauthorised use of financial data.</p>

<p>The RBI has not indicated any intention to completely eliminate the authentication process, but rather to streamline the AFA (additional factor of authentication) process.</p>

<p><strong>Watch:&nbsp;Paytm Bank's Crisis: Traders urged to ditch Paytm in wake of RBI's decision</strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/paytm-banks-crisis-traders-urged-to-ditch-paytm-in-wake-of-rbis-decision-687081/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>“Though RBI has not prescribed any particular AFA, the payments ecosystem has largely adopted SMS-based one-time password (OTP). With innovations in technology, alternative authentication mechanisms have emerged in recent years. To facilitate the use of such mechanisms for digital security, it is proposed to adopt a principle-based "Framework for authentication of digital payment transactions," reads the statement.</p>

<p><strong>Also read:&nbsp;<a data-jsarwt="1" data-usg="AOvVaw35jmPoiykBKk45inSuoXiw" data-ved="2ahUKEwjpjPyUz6OEAxW-T2wGHaj1D14QxfQBKAB6BAgPEAE" href="https://www.wionews.com/business-economy/paytm-ceo-advised-by-government-no-intervention-in-rbi-clampdown-687746" jsname="YKoRaf">Paytm CEO Advised by Government: No intervention in RBI clampdown</a></strong></p>

<p>In the same context, the RBI has suggested simplifying the onboarding process for Aadhaar-enabled payment system (AePS) touchpoint operators, to be supervised by banks. Additionally, they will consider additional requirements for managing fraud risks.</p>

<h2><strong>Safer OTP-less alternative</strong></h2>

<p>Route Mobile's latest initiative, TruSense, has introduced an innovative OTP-less authentication system. This method allows service providers to establish direct data connections with users' devices, facilitating identification and token exchange without requiring OTP input from users.</p>

<p>David Vigar, Executive Vice President overseeing digital identity, warned against relying solely on biometrics for authentication. He highlighted the risks posed by advancements in artificial intelligence, particularly the potential for deepfake technology to bypass facial recognition systems.</p>

<p><em>(With inputs from agencies)</em></p>


Indian central bank, the Reserve Bank of India (RBI), has asked banks in the country to ditch the traditional SMS-based second-factor authentication system and seek safer, advanced alternatives.

Indian central bank, the Reserve Bank of India (RBI), has asked banks in the country to ditch the traditional SMS-based second-factor authentication system and seek safer, advanced alternatives. As per media reports, while there are multiple options available, all include the use of a user’s mobile phone for authentication. The RBI issued a detailed statement on Development and Regulatory Policies on February 8 on its website but did not lay out instructions in this regard as of now. The current OTP-based regime Currently, whenever we conduct a digital financial transaction, the fintech firm or bank typically sends an OTP to the mobile number linked to the account as an extra layer of authentication. The transaction can only proceed after entering this OTP, ensuring the security of bank accounts and preventing unauthorised use of financial data. The RBI has not indicated any intention to completely eliminate the authentication process, but rather to streamline the AFA (additional factor of authentication) process. Watch: Paytm Bank's Crisis: Traders urged to ditch Paytm in wake of RBI's decision × “Though RBI has not prescribed any particular AFA, the payments ecosystem has largely adopted SMS-based one-time password (OTP). With innovations in technology, alternative authentication mechanisms have emerged in recent years. To facilitate the use of such mechanisms for digital security, it is proposed to adopt a principle-based "Framework for authentication of digital payment transactions," reads the statement. Also read: Paytm CEO Advised by Government: No intervention in RBI clampdown In the same context, the RBI has suggested simplifying the onboarding process for Aadhaar-enabled payment system (AePS) touchpoint operators, to be supervised by banks. Additionally, they will consider additional requirements for managing fraud risks. Safer OTP-less alternative Route Mobile's latest initiative, TruSense, has introduced an innovative OTP-less authentication system. This method allows service providers to establish direct data connections with users' devices, facilitating identification and token exchange without requiring OTP input from users. David Vigar, Executive Vice President overseeing digital identity, warned against relying solely on biometrics for authentication. He highlighted the risks posed by advancements in artificial intelligence, particularly the potential for deepfake technology to bypass facial recognition systems. (With inputs from agencies)

India: RBI asks banks to stop relying on OTP-based authentication, look for safer alternatives

<p>India's drive to internationalise the Rupee is reaping benefits in one and a half dozen countries across the world. Banks from 18 countries have been allowed by India's central bank, Reserve Bank of India,&nbsp;to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the Indian government told the parliament which is currently in session.&nbsp;</p>

<p>The government's response came to a question from Bharatiya Janata Party’s Sushil Kumar Modi.&nbsp;</p>

<p>The Union Minister of State for Finance Bhagwat Kishanrao Karad said that the SVRAs could be set up by banks of partner countries by approaching Authorised Dealer (AD) banks in India that may get permission from the RBI after the due procedure.</p>

<h2><strong>Rupee internationalisation: Which countries can trade in Indian Rupee?</strong></h2>

<p>According to records shared by the Indian government in Rajya Sabha, the Indian parliament's upper house, Special Vostro Rupee Accounts can be opened in 18 countries. They are Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom.</p>

<p>In India, the process of SVRAs began in July 2022 when the RBI announced that, "it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR [Indian rupees]."</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/business-economy/india-steps-up-rupees-internationalisation-for-sri-lankas-economic-recovery-589593">India steps up rupee's internationalisation for Sri Lanka's economic recovery</a></strong></p>

<p>"Procedures for trade in INR have been delineated by RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued Frequently Asked Questions on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc.,” Karad stated in the Rajya Sabha.&nbsp;</p>

<h2><strong>Russia top proponent of de-dollarisation move</strong></h2>

<p>Among the 18 countries mentioned in the government's response to the parliament, Russia has been actively advocating for the use of local currency in a broader effort to achieve "de-dollarisation."&nbsp;</p>

<p>On the other hand, India's interest in promoting trade in local currency primarily stems from its desire to enhance exports.</p>

<p><strong>Also watch |&nbsp;The growing footprint of Indian rupee | In-Depth Analysis</strong></p>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/the-growing-footprint-of-indian-rupee-in-depth-analysis-616217/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

<p>The commodities crisis was triggered by Western sanctions imposed on Russia following President Vladimir Putin's launch of offensive on Ukraine.</p>

<p>Over the past year, India has been actively engaging with countries like the United Arab Emirates and Australia to conclude trade agreements. Additionally, India has initiated negotiations with other significant trading partners such as the United Kingdom and the European Union to make towards adopting the Indian Rupee for bilateral and global trade.</p>

<p><strong>WATCH WION LIVE HERE</strong></p>

<p><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></p>

<p>You can <strong>now write for wionews.com</strong> and be a part of the community. Share your stories and opinions with us <strong><a href="https://www.wionews.com/content-contribution-registration-form">here</a>.</strong></p>


India's drive to internationalise the Rupee is reaping benefits in one and a half dozen countries across the world. Banks from 18 countries have been allowed by India's central bank, Reserve Bank of India, to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the Indian government told the parliament which is currently in session.

India's drive to internationalise the Rupee is reaping benefits in one and a half dozen countries across the world. Banks from 18 countries have been allowed by India's central bank, Reserve Bank of India, to open Special Vostro Rupee Accounts (SVRAs) for settling payments in Indian rupees, the Indian government told the parliament which is currently in session. The government's response came to a question from Bharatiya Janata Party’s Sushil Kumar Modi. The Union Minister of State for Finance Bhagwat Kishanrao Karad said that the SVRAs could be set up by banks of partner countries by approaching Authorised Dealer (AD) banks in India that may get permission from the RBI after the due procedure. Rupee internationalisation: Which countries can trade in Indian Rupee? According to records shared by the Indian government in Rajya Sabha, the Indian parliament's upper house, Special Vostro Rupee Accounts can be opened in 18 countries. They are Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom. In India, the process of SVRAs began in July 2022 when the RBI announced that, "it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports/imports in INR [Indian rupees]." Also read | India steps up rupee's internationalisation for Sri Lanka's economic recovery "Procedures for trade in INR have been delineated by RBI in the Circular (No 10 RBI/2022-2023/90 dated 11.07.2022 on ‘International Trade Settlement in Indian rupees’. RBI has also issued Frequently Asked Questions on its website. RBI has clarified matters related to operationalisation of SRVAs through the said FAQs, which are available to banks, importers and exporters etc.,” Karad stated in the Rajya Sabha. Russia top proponent of de-dollarisation move Among the 18 countries mentioned in the government's response to the parliament, Russia has been actively advocating for the use of local currency in a broader effort to achieve "de-dollarisation." On the other hand, India's interest in promoting trade in local currency primarily stems from its desire to enhance exports. Also watch | The growing footprint of Indian rupee | In-Depth Analysis × The commodities crisis was triggered by Western sanctions imposed on Russia following President Vladimir Putin's launch of offensive on Ukraine. Over the past year, India has been actively engaging with countries like the United Arab Emirates and Australia to conclude trade agreements. Additionally, India has initiated negotiations with other significant trading partners such as the United Kingdom and the European Union to make towards adopting the Indian Rupee for bilateral and global trade. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Indian Rupee bolsters New Delhi's economic might in 18 countries

As a new generation enters the workforce, they bring new ways to communicate. What exactly does Gen Z mean by 'Slay', 'Vibing, or 'Drip'? @PriyankaSh25 brings you the details.

WION Fineprint | Gen Z brings in all new office slang

<p>The top US stock regulator on Friday announced new reporting requirements for Chinese shell companies listed on American exchanges. This was in response to Beijing's crackdown on big business.</p>

<p>Beijing has recently taken steps to tighten leash on major corporations in entertainment, ride-hailing, education and online shopping, including cybersecurity checks on firms planning to raise money in foreign markets</p>

<p>In a move he said was aimed at protecting American investors, Gary Gensler, head of the Securities and Exchange Commission (SEC), called for new disclosures including to "prominently and clearly" state whether they have permission to list overseas.</p>

<p>These requirements focus on offshore shell companies known as Variable Interest Entities (VIEs).</p>

<p>"I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company," Gensler said in a statement.&nbsp;</p>

<p>"In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies."</p>

<p>He also said he asked SEC staff for "targeted additional reviews of filings for companies with significant China-based operations," but gave no details on how those would be determined.</p>

<p>China's new rules have roiled markets in recent days and caused some firms to shelve plans for initial stock offerings.</p>

<p>Ride-hailing giant Didi Chuxing defied authorities and went ahead with its IPO only to face a backlash when Beijing ordered the app to be removed from stores over cybersecurity concerns.</p>


The top US stock regulator on Friday announced new reporting requirements for Chinese shell companies listed on American exchanges. This was in response to Beijing's crackdown on big business.

The top US stock regulator on Friday announced new reporting requirements for Chinese shell companies listed on American exchanges. This was in response to Beijing's crackdown on big business. Beijing has recently taken steps to tighten leash on major corporations in entertainment, ride-hailing, education and online shopping, including cybersecurity checks on firms planning to raise money in foreign markets In a move he said was aimed at protecting American investors, Gary Gensler, head of the Securities and Exchange Commission (SEC), called for new disclosures including to "prominently and clearly" state whether they have permission to list overseas. These requirements focus on offshore shell companies known as Variable Interest Entities (VIEs). "I worry that average investors may not realize that they hold stock in a shell company rather than a China-based operating company," Gensler said in a statement. "In light of the recent developments in China and the overall risks with the China-based VIE structure, I have asked staff to seek certain disclosures from offshore issuers associated with China-based operating companies." He also said he asked SEC staff for "targeted additional reviews of filings for companies with significant China-based operations," but gave no details on how those would be determined. China's new rules have roiled markets in recent days and caused some firms to shelve plans for initial stock offerings. Ride-hailing giant Didi Chuxing defied authorities and went ahead with its IPO only to face a backlash when Beijing ordered the app to be removed from stores over cybersecurity concerns.

US asks for more disclosure from Chinese firms amid Beijing's crackdown

Finance Minister of India, Nirmala Sitharaman today slashed the personal income tax rate for individuals for the fiscal year 2020-21. Under the new regime, taxpayers will pay 10%, 15%, 20% and 25% for incomes between Rs 5-7.5 lakh, Rs 7.5-10 lakh, Rs 10-12.5 lakh and Rs 12.5-15 lakh.

Watch In-depth Analysis of Budget 2020

finance-news

Finance News, News on Finance News, stories on Finance News, articles on Finance News, Finance News stories at Wion, Finance News news, Finance News latest news

finance news