Surya Financial Infotech

 Mcap of 7 of top-10 most valued firms climbs ₹71,301 crore last week; Bharti Airtel shines : The combined market valuation of seven of the top-10 most valued firms climbed ₹71,301.34 crore in the holiday-shortened last week, with Bharti Airtel emerging as the lead gainer.  In a record-breaking rally last week, the BSE benchmark climbed 374.04 points or 0.50 per cent. Stock markets were closed on Friday for Mahashivratri. The 30-share BSE Sensex on Thursday settled at a new closing peak of 74,119.39. The Nifty also ended at a fresh closing high of 22,493.55. - Business Line..

 FPIs quizzed on 'loans' for trading : Several foreign portfolio investors (FPIs) have been asked by the Indian tax office on whether they have borrowed money to trade on stock exchanges. It’s unclear why the information was sought, but the Income Tax (I-T) department has directed these offshore funds to disclose the identities of the lenders, the latter’s source of money, and the nature of agreement between the two parties. The move to fish out such information could well be to trace any possible and indirect links between overseas portfolio managers with Indian companies and promoters, feel some of the tax and finance professionals. - economic times.

    FPIs inject over ₹6,100 crore in equities in March on strong economic growth, market resilience : Foreign Portfolio Investors (FPIs) are turning steady buyers as they bought Indian equities worth ₹6,139 crore so far this month driven by strong economic growth, market resilience and decline in US bond yields. This came following a modest investment of ₹1,539 crore in February and massive outflow of ₹25,743 crore in January, data with the depositories snowed. "FPI inflows have shown a positive trend as compared to the previous month. Thanks to the recent announcement of Q3 GDP numbers at 8.4 per cent, persistence performance of large Indian corporates being major factors for turning the tide green for the Indian equity market," Manoj Purohit, Partner and leader - FS Tax, Tax and Regulatory Services, BDO India, said. - Business Line.

 ATM ecosystem players looking to adapt UPI for making cash deposits : If UPI (Unified Payments Interface) can be used for cardless cash withdrawal at an ATM, can it not be adapted for making a cash deposit at a cash recyler machine (CRM)? This may be possible, going by the innovation that players in the ATM ecosystem are working on. Currently, when a customer chooses the ‘UPI cardless cash” withdrawal option on the ATM screen, he will be prompted to enter the amount to be withdrawn. After entering the amount, a single use dynamic QR code is displayed and the customer needs to scan the same using any Bank’s mobile banking app and authorise the transaction with UPI PIN to get cash. - Business Line.

  Jio Payments to disrupt market with entry into soundbox segment : Jio Payments is set to enter what has been the domain of Paytm and PhonePe so far - the soundbox segment. Reckoned as a payments and audio verification device, Jio is all set to venture into the soundbox play across retail merchants.  The full-fledged launch is after 8-9 months of rigorous pilot launch of the soundbox across Reliance Retail stores. Initially, the device was tested across retail entities of the Reliance group in tier-2 cities and smaller metros such as Jaipur, Indore, and Lucknow. With this round of testing proving to be successful, Jio’s soundbox entered urban markets; albeit within the group’s retail outlets.  - Business Line.

  EbixCash up for sale but buyers not in sight  : In less than three months of filing for bankruptcy in the US, Ebix is said to have put its Indian operations on the block. The decision to sell EbixCash follows the grime or no prospects left for listing the Indian operations. In December 2022, EbixCash has filed its papers for ₹6,000 crore of initial public offering (IPO). Sources say the IPO plans didn’t glide smoothly even with the market regulator as SEBI had sought for further information on litigations surrounding the company. An updated red herring prospectus hasn’t been filed since.- Business Line .

  Paytm ready for all options for banks’ survival, including acquisition : One 97 Communications is resigned to losing its associate, Paytm Payments Bank , the entity at the centre of the crisis surrounding the fintech . However, it feels that if there is even a slight chance of its survival through an acquisition, then it is ready to take it. Sources said that the outlook for the bank looked bleak at the present, but there is still hope to eventually convince the regulator through ‘good behaviour’ to ease some restrictions. If the bank is given a chance to survive through acquisition, if there is a way for it to thrive, Paytm is willing for that to happen. Having worked hard to establish and create a thriving ecosystem, it wants the bank to continue to exist, even if it changes hands. - Business Line . 🍒           Paytm nodal account : Axis Bank to get “fee and float” boost : Axis Bank’s income will get a “fee and float” boost as One 97 Communicat...

  International Transaction through Cards : TCS and LRS Guidelines  In terms of the amendment to Section 206C of the Income Tax Act, 1961, (Act), Authorized Dealers are liable to collect Tax Collected at Source (TCS) on transactions under Liberalised Remittance Scheme (LRS). As per the revised provisions, the following card-based transactions are also considered as remittances under LRS, and hence, TCS is applicable on eligible cases w.e.f. 01.10.2020: a. International transactions through Debit Cards (including Dynamic Currency Conversion Transactions). b. Load / reload transactions on State Bank Foreign Travel Cards (SBFTC) under LRS. Applicability: Under the Liberalised Remittance Scheme (LRS), the Bank is required to collect TCS at the rate of 5% on the aggregate remittance amount exceeding Rs. 7 lakhs during a Financial Year. Section Description TCS Rate     PAN/Aadhaar available* PAN/Aadhaar not available* 206C(1G) LRS-Remittances out of India 5% 10% *PAN ...

   SBI Gold International Debit Card   Features   For shopping at over 52 Lakh merchant outlets in India, and over 30 million worldwide. For booking movie tickets, bill payments, travel and other online purchases and payments over the internet. For withdrawing cash from SBI ATMs or other ATMs in India and worldwide. Safe online shopping and e-commerce transactions How to Apply For more information, contact: SBI's 24x7 helpline through Tollfree 1800 11 2211 (BSNL/MTNL), 1800 425 3800 or Toll no. 080-26599990. Mail at contactcentre@sbi.co.in Write to State Bank Contact Centre, P.O. Box No. 825, Bangalore 560 008. Issuance and Annual Maintenance Charges Particulars Charges* Issuance Charges Rs 100/- plus GST Annual Maintenance Charges Rs 175/- plus GST Card Replacement Charges Rs 300/- plus GST   * Subject to revision from time to time. Daily Cash Withdrawal & Transaction Limit SBI Gold International Debit Card Domestic International Daily Cash Limit at ATMs Mi...

  SBI Global International Debit Card (Available on RuPay / MasterCard / VISA) For shopping at over 52 Lakh merchant outlets in India, and over 30 million worldwide. For booking movie tickets, bill payments, travel and other online purchases and payments over the internet. For withdrawing cash from SBI ATMs or other ATMs in India and worldwide Safe online shopping and e-commerce transactions The PIN will not be prompted if the NFC enabled Card is being used at NFC terminal for transaction up to ₹5000/-. Maximum such five contactless transactions without PIN are permitted per day.

    Name of Card:  SBI Virtual Debit Card Type of Card:  Global at RuPay / VISA / MasterCard Issuance criteria:  To be issued in  normal Saving Bank Account( Non-FI) segment. Usages: International and Domestic  Channels : e-Com, Contactless (Device Tokenization payment through Google Pay & Samsung pay) Contactless payment facility :  Available through Near field communication (NFC) enabled Android mobile phones. Presently, available in MasterCard and VISA Debit Cards Daily Cash Limit at ATMs :  Nil Contactless limit for Tokenized payments :  Maximum: Rs. 5,000/- per transaction Daily Purchase Limit e-Com:  Rs. 50,000/- Validity :  5 years Issuance Fee for Virtual Card:  Nil Annual Maintenance Charges:  Nil SBI Rewardz: Cardholders will get two reward points for every Rs. 200/- spent on Point of Sale/e-Commerce. Bonus Points :  Customer will earn: 200 bonus points if the customers perform three PoS/ e-Com tran...