Global trade and tariff uncertainties​ can become catalyst for reforms in India: HSBC Research

New Delhi, (IANS): Global trade and tariff uncertainties could become a catalyst for reforms in India over the medium term and for growth results, the reforms must run deep, an HSBC Research report said on Tuesday.Potential US tariffs may have already become a catalyst for reforms like lowering import tariffs, opening up to regional FDI, fast-tracking trade deals, and making the Indian rupee more flexible."And India does not have to look too far for models to emulate. Its success in services exports has demonstrated the power of moving up the value chain, from basic (call centre services) to high-tech (professional services)," said the report.India's goods trade deficit narrowed sharply in February to $14.1 billion, from $23 billion in January.“The trade deficit tends to narrow in February but this time, it narrowed rather sharply to the lowest in more than three years,” the report mentioned.India's goods trade deficit narrowed to $14 billion and the services trade surplus rose to $18.5 billion, putting the overall trade balance in a rare surplus zone in February.A normalisation in...

Read More........ → March 25, 2025

NPCI in talks to remove ‘pull transactions’ on UPI to reduce digital frauds

Mumbai, (IANS): In an effort to curb rising digital frauds, the National Payments Corporation of India (NPCI) is reportedly in early discussions with banks to eliminate ‘pull transactions’ on the Unified Payments Interface (UPI).Most frauds are happening through the pull method, and NPCI is exploring the possibility of removing this feature altogether to reduce fraudulent activities.A 'pull transaction' happens when a merchant sends a payment request to a customer, while a 'push transaction' occurs when a customer directly makes the payment using a QR code or other methods.By removing 'pull transactions', fraud cases could decline, but some bankers fear that genuine transactions may also be affected, potentially lowering efficiency, according to a report by NDTV Profit.However, NPCI, which operates retail payment and settlement systems in India, has not commented on this development yet.The discussions are still at an early stage, and a final decision on implementation has not been made yet, the report said.This development comes at a time when UPI payments are gaining immense popularity...

Read More........ → March 21, 2025

With billions in ‘profit’ exempt from tax, changes to NZ’s charity rules are long overdue

Jirsak/Shutterstock Ranjana Gupta, Auckland University of TechnologyThe profit made on every breakfast bowl of weet-bix is tax exempt, giving Sanitarium Health Food Company, owned by the Seventh-day Adventist Church, an advantage over other breakfast food companies. But this could be about to change. Under current rules, New Zealand’s charities are allowed to run businesses as long as the profits are not for personal gain. This means the government gives up millions in tax revenue from charities across the government. In December, Finance Minister Nicola Willis proposed revising the tax rules for charitable organisations. The changes are set to be announced with this year’s Budget. According to Willis, there was about NZ$2 billion of “profit” in the charitable sector that was not subject to tax. My new research – to be published later this year – looks at the integrity and fairness of the taxation framework that gives exemptions to charitable organisations competing directly with the for-profit sector. Striking the right balance between supporting legitimate charitable activities...

Read More........ → February 19, 2025