February 1, 2021
The government will spend up to Rs 1,500 crore in the coming year to incentivise digital payments adoption in the country, Finance Minister Nirmala Sitharaman announced as part of the Union Budget Speech for 2021-22. Sitharaman also said that the government will establish a Fintech hub at the International Financial Services Centre in Gift City, Gujarat.
“There has been a manifold increase in digital payments in the recent past. To give a further boost to digital transactions, I earmark Rs 1,500 crore for a proposed scheme that will provide financial incentive to promote digital modes of payment,” she said.
Last year, the government removed the merchant-discount-rate (MDR) on Unified Payments Interface (UPI) and RuPay debit card transactions for businesses with a turnover of over Rs 50 crore. MDR is the fee paid to banks and payment service providers by merchants, typically around 1.5-2% the transaction value. This led to payment companies and apps, that provi
GST fraud worth Rs 940 crore busted; 340 fake firms under Delhi Police s radar
According to Delhi Police s Cyber Crime Unit, as many as 340 bogus companies suspected to be involved in fake business transactions are under the scanner
PTI | February 1, 2021 | Updated 11:18 IST
With the arrest of six persons, including the kingpin, Delhi Police s Cyber Crime Unit (CyPAD) has busted a Goods and Services Tax (GST) refund scam involving fake business transactions worth Rs 940 crore. According to CyPAD, as many as 340 bogus companies suspected to be involved in fake business transactions are under the scanner.
Police said that in order to generate the GST number, the fraudsters used fake or stolen PAN and Aadhaar cards. They have registered fake firms on GST portal and also procured multiple SIM cards on fake documents. Subsequently, the details of the bogus firms were sold to business entities or individuals who then used those to show fake sale and purchase transactions through bogu