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In 1980 it was ₹ 662 crore (US$840.1 million) and ₹ 5,250 crore (US$1.62 billion) in 1995. [158] In 2022 financial outlay was ₹ 2.06 lakh crore (equivalent to ₹ 2.3 trillion or US$27 billion in 2023). Allocation in 2020-21 had reached ₹ 5.41 lakh crore (equivalent to ₹ 6.1 trillion or US$70 billion in 2023), an all-time peak. [159 ...
Its recommendations were expected to be implemented with effect from 1 January 2016. A.K Mathur—a former justice of the Supreme Court of India—spearheaded the Seventh Pay Commission. [12] On 19 November 2015, the 7th Central Pay Commission recommended a 23.55% increase in pay and allowances, effective from 1 January 2016. [13]
This means that payments via NEFT and RTGS would become either free or charges would be drastically reduced. [9] [10] 24x7 Availability of Real Time Gross Settlement (RTGS) System. In a major development, Reserve Bank of India (RBI) Governor Shaktikanta Das has confirmed that RTGS facility is now operational 24×7. [11]
In April 2009, the National Payment Corporation of India (NPCI) was formed to integrate all the payment mechanisms in India and make them uniform for all retail payments. By March 2009, RBI found out that in India, only six non-cash transactions were executed each year by individual citizens while 1 crore (10 million) retailers accepted card ...
National Payments Corporation of India (NPCI) is an Indian public sector company that operates retail payments and settlement systems in India. The organization is an initiative of the Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust payment and settlement infrastructure in India.
BHIM (Bharat Interface for Money) is an Indian state-owned mobile payment app developed by the National Payments Corporation of India (NPCI), based on the Unified Payments Interface (UPI). Launched on 30 December 2016, [ 1 ] it is intended to facilitate e-payments directly through banks and encourage cashless transactions.
There are total 13 parameters set by government of India and households with kutcha house of 0, 1, 2 rooms and kutcha roof but are fulfilling any one of the 13 parameters are kept excluded from this scheme. Households having three or four wheeler and motorized boat are excluded from Pradhan Mantri Gramin Awas Yojana.
On 10 December 2018, the Government of India made NPS an entirely tax-free instrument in India where the entire corpus escapes tax at maturity; the 40% annuity also became tax-free. [11] Any individual who is a subscriber of NPS can claim tax benefit for Tier-I account under Sec 80 CCD (1) within the overall ceiling of ₹1.5 lakhs under Sec 80 ...