What has happened?
The R.B.I has banned Mastercard Asia and Pacific Pte. Ltd. from getting new customers into their company in India. Will the ban on Mastercard by RBI affect existing Indian customers? The ban has happened because Mastercard Asia, Pacific Pte Ltd have not accepted the terms and conditions of foreign card companies to store payment data in India.
The ban will take effect from the 22nd of July. The regulator of R.B.I said that “The Reserve Bank of India (RBI) has today imposed restrictions on Mastercard Asia / Pacific Pte. Ltd. (Mastercard) from on-boarding new domestic customers (debit, credit or prepaid) onto its card network from July 22, 2021. Notwithstanding the lapse of considerable time and adequate opportunities being given, the entity has been found to be non-compliant with the directions on Storage of Payment System Data.”
What will banks do now?
Being a reputed payment system operator, Mastercard was authorized to issue cards for payment in India under the Payment and Settlement Act System. But as of now, R.B.I has banned the production of credit, debit, or prepaid cards from Mastercard to new customers, from the 22nd of July. Banks will not be able to issue new mastercards from now on. R.B.I also added that “Mastercard shall advise all card issuing banks and non-banks to conform to these directions.”
As the order was issued, RBL Banks Said, “We await further information from Mastercard on RBI’s supervisory action. RBL Bank currently issues credit cards on the Mastercard network only.”
Will This Affect Existing Customers of Mastercard?
India has millions of Mastercard’s credit and debit card users. So, the ban on mastercard by RBI affect existing Indian customers.
According to the data released by PPRO, London Based Payments, Mastercard was held accountable for over 30% of total transactions done in India. So, if you are an existing customer of Mastercard in India, you don’t have to worry as this new regulation will not affect the existing customers, The regulator of R.B.I earlier mentioned that “This order will not impact existing customers of Mastercard.”, So if you own a Mastercard Credit, Debit or Prepaid card, you can use it without any hassle.
What is the R.B.I’s Payment Data Storage Rule?
In 2018, R.B.I.’s regulator issued a notice that “All system providers shall ensure that the entire data relating to payment systems operated by them are stored in a system only in India.”
It affected tech giants like Google, Paytm, Whatsapp, who used to store data in cloud-based storage outside India. The Bank further stated that “This data should include the full end-to-end transaction details or information collected or carried or processed as part of the message or payment instruction.”
RBI gave a half year time to guarantee new installment information stockpiling standards. The organizations were approached to report consistency and present a review report inside the course of events. Even after two years, a few unfamiliar organizations are yet to follow RBI information localization rules.
Banks To Be Closed From Tomorrow For 6 Days
Why are banks going to be closed?
The Reserve Bank of India has announced special times of year for moneylenders under three sections: the Negotiable Instruments Act, Holiday, Real Time Gross Settlement Holiday, and Banks’ Closing of Accounts. All banks to be closed from tomorrow for 6 days, including the public area, private area, foreign banks, agreeable banks, and regional banks, the nation overstay shut on these told occasions. The bank occasions differ, starting with one state then onto the next.
Every one of the banks stays shut on Republic Day (January 26), Independence Day (August 15), and Gandhi Jayanti (October 2), Christmas Day (December 25). Banks likewise stay shut on celebrations including Diwali, Christmas, Eid, Guru Nanak Jayanthi, Good Friday.
When Will, The Banks, Stay Closed?
Banks have 15 holidays in July; All banks will stay closed on July 16th in Dehradun for Harela Puja. Banks will remain closed on 17th July in Agartala and Shillong for U Tirot Sing Day and Kharchi Puja. July 18th is Sunday which is a national holiday for all Banks. Banks will remain closed on 19th July in Gangtok for Guru Rinpoche’s Thungkar Tschechu. July 20th marks Bakrid, so all Banks in Jammu, Kochi, Srinagar, Thiruvananthapuram will be closed for that occasion, and there will be a national holiday on 21st for Eid Al Adha. Still, the banks in Bhubaneswar, Gangtok, Kochi, and Thiruvananthapuram will be functional on that day.
What to do?
If you are a bank customer, please keep visiting your bank for a proper routine and get any urgent work done before these mentioned holidays.
List of Dates
- 16 July 2021- Friday – Harela Puja (Dehradun)
- 17 July 2021 – Saturday – U Tirot Sing Day / Kharchi Puja (Agartala, Shillong)
- 18 July 2021 – Sunday (Weekend off)
- 19 July 2021 – Monday – Guru Rinpoche’s Trungkar Tshechu (Gangtok)
- 20 July 2021 – Tuesday – Bakrid (Jammu, Kochi, Srinagar, Thiruvananthapuram)
- 21 July 2021 – Wednesday – Eid al Adha (Nation-wide except for Aizawl, Bhubaneswar, Gangtok, Kochi, and Thiruvananthapuram)
If you have any future work at the bank, here is a notice for you as banks to be closed from tomorrow for 6 days beginning one week from now because of the moving toward celebrations. According to the Reserve Bank of India (RBI) occasion schedule list, every nine occasions is a state-explicit occasion for various events. Consequently, on the off chance that you have significant bank-related work in July, this news article should have indeed helped you identify these holidays.
Critical judgment on Cash Deposits by Housewives Up to Rs 2.5 Lakh
Tax is an essential source of revenue for the government. But to avoid the exploitation of poor people due to high taxes, we have several laws providing certain exemptions to specific people. But still, there remains some ambiguity in his rules due to which the court and tribunals have to intervene and clarify particular provisions. Along the same row, the ITAT (Agra bench of Income Tax Appellate Tribunal (ITAT) has recently held that if a housewife makes a cash deposit of Rs. 2.5 lakhs after demonetization, it will not come under the purview of Income Tax. So, in this article, we will tell you all the details of this critical judgment on cash deposits by housewives up-to Rs.2.5 lakh..
What was the case, and what did the Tribunal hold?
Recently, a housewife named Uma Agarwal, a resident of Gwalior, appealed in the Agra bench of Income Tax Appellate Tribunal. She had a total income of Rs 1,30,810 in her income tax return filed for fiscal 2016-17. After demonetization, she deposited Rs 2,11,500 cash in her bank account. But the Income-tax department asked her how she got this much money in her account, to which she explained that she saved this amount from the savings of her husband, children, etc.
However, the CIT did not believe her, and they ordered to treat this money as unexplained money. Therefore the lady appeal in the matter. The appellate tribunal after hearing both the parties said that it allows the appeal because women’s contribution to the family is immeasurable. It further explained the earlier decision taken by the Supreme Court. In addition, the tribunal acknowledged that nearly 159.85 million women have household work as their primary occupation in Indian homes.
The Tribunal held that women save every money they get in gifts, but due to demonetization, they had to deposit this money in the bank to get new currency notes. Therefore the Tribunal exempts all the women who made cash deposits of less than Rs. 2.5 lakh during demonetization. This decision will become an important precedent for other future decisions.
This critical judgment on cash deposits by housewives by the Income Tax appellate tribunal is an important decision for housemakers. We often ignore The wives who do housework. Even government does not count their contribution in National Income. Therefore it becomes difficult for them to show how they collected their Income. But after this decision, there are chances that the scenario might improve in the future, and we will start valuing household work as we weigh the professional work.
Delta plus variant of Coronavirus: check all the concerns
Covid-19 cases in the country are still rising. But besides rising COVID cases, we face significant problems because new variants of COVID-19 keep on emerging. Earlier the double mutant Covid virus created panic worldwide. Along the same lines, several parts of India like Kerala, MP and Maharashtra reported a new variant of COVID-19 named Delta plus variant. In this article, we will tell you all the details about this delta plus variant of coronavirus.
What is Delta plus variant?
Delta Plus variant is a new variant of COVID-19. A Genetic study of bodies detected this new variant. CSIR-IGIB (Council for Scientific and Industrial Research, New Delhi) conducted this study on several body samples. Delta plus variant is also known as AY.1’ variant or B.1.617.2.1.
Where have been cases of Delta plus variants reported?
Two districts of Kerala, namely Palakkad and Pathanamthitta reported Delta variant cases .The first target of this new variant of covid-19 was a 4-year-old boy in the Kadapara village of Pathanamthitta District of Kerala. Pathanamthitta District Collector Dr Narasimhugari TL Reddy reported this case to the media.
The four-year-old boy who showed symptoms of Delta variant of COVID-19 did not test positive for COVID-19, although his community is one of the most significant Covid clusters with a positivity rate of 18.42%
Two fifty year old women also showed the symptoms of this new virus. Interestingly, when they were tested for Covid-19, their results were negative, and their acquaintances’ result was also negative.
Besides Kerala, Maharashtra and Madhya Pradesh reported Delta variant cases. In response to the issues of delta variant Maharashtra government has started genome sequencing and collecting samples. However, in MP, where an older woman of 65 years was the first victim of the Delta plus variant, the government did not respond.
What has the health ministry told about this variant?
The health ministry has told the media that this new variant of covid-19 that is delta variant, is not yet of concern. But still, the authorities have to take stringent measures to control the spread of this new coronavirus variant. The local authorities also wish to conduct a mock test to know more about this delta variant.
NITI Aayog member Dr VK Paul has told the media that although the virus is not yet of concern, the ministry has put it into the Variant of Interest (VoI) category. Explaining the difference between Voi and VOC, Mr Paul said that VOC (Variant of Concern) means a variant that can impact humans and has a high transmission rate. Therefore the ministry is closely monitoring the new variant. And looking for its presence in the country to design public health responses.
What are the health concerns about this new variant (Acc. To prof. Jameel)
Although The health ministry has not raised any concerns regarding this new variant. There are some professors and experts who are warning about the harmful effects of this new variant. Along the same lines, professor Shahid Jameel told the media that this new variant might withstand antibodies and vaccination. This means that even a vaccinated person will be prone to this new variant. He said that this virus also contains remains of the Beta virus and can evade immunity.
Covid-19 continues to worry the whole nation through the rising cases and the reporting of new delta plus variant of coronavirus. This new variant, called delta plus variant, is not of much concern, but we don’t know its impact in future. So it is a must to ensure that we take proper steps against covid-19 by wearing masks, washing hands, maintaining social distance etc.