RBI cancels Vodafone m-pesa's certificate of authorisation | WeForNews | Latest News, Blogs RBI cancels Vodafone m-pesa’s certificate of authorisation – WeForNews | Latest News, Blogs
Connect with us

Business

RBI cancels Vodafone m-pesa’s certificate of authorisation

Published

on

vodafone m pesa

Mumbai, Jan 21 : The Reserve Bank of India on Tuesday cancelled the Certificate of Authorisation (CoA) of Vodafone m-pesa after its voluntary surrender of authorisation.

The company henceforth cannot transact business of issuance and operation of Prepaid payment Instruments, RBI said.

The central bank, however, said that the customers or merchants having a valid claim on the company as a PSO, can approach the company till September 30, 2022, for settlement of their claims within three years from the date of cancellation.

“The Reserve Bank of India, in exercise of the powers conferred on it under the Payment and Settlement Systems Act, 2007, has cancelled the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO) on account of voluntary surrender of authorisation,” RBI said.

Business

Govt caught ‘Karo Na’ virus: Congress makes jibe on economy

The Congress alleged that the BJP government is ignoring all the alarming econmic indicators.

Published

on

Randeep Surjewala

New Delhi, Feb 28 : The Congress once again took a jibe on the government, saying that under it, the economy has got infected by “Karo Na” (Don’t do anything) virus.

In a statement, Congress spokesperson Randeep Surjewala said “The latest GDP numbers reflect that “Karo-na” (Don’t do anything) virus has plagued the functioning of the BJP government.”

“The economy is in shambles, stagflation is there, every indicator of economy is showing a downward trend, yet the government continues to function as an ostrich.”

The Congress alleged that the BJP government is ignoring all the alarming econmic indicators.

To bolster his claim, Surjewala shared the figures of the quarter, saying: “The GDP in the third quarter i.e. December 2019 was recorded to be 4.7 per cent and GVA was at 4.5 per cent.”

Another spokesperson Gaurav Ballabh, a professor in a management college, said, “Manufacturing growth is minus 0.2 per cent (during Q3) which clearly indicates that there’s no improvement in the demand.”

He also gave example of the real estate sector as he said that it is at an all time high stress with more than 12 lakh units lying unsold and there are no signs of revival as of now.

The party said the demand and consumption sentiments are still low despite so-called stimulus by the government in September 2019 and the Budget 2020-21 which shows that the government is not concerned.

Exports are significantly low and industries are under stress which is clearly visible in the umemployment rate. The government is doing nothing to stop this unabted risk in the country, the party said.

The economy is in a huge risk as capital formation is at a negative of 5.2 per cent clearly indicating that there’s no positive outlook for investments.

“Does government wants to manage the numbers through unclear revisions? Why aren’t they coming out with the truth? It’s not the 20 basis point improvement, which will improve the sentiments, rather action should be taken with right intent,” said Surjewala.

Continue Reading

Business

Pakistan’s economy shows positive indicators: PM’s Office

Published

on

By

Imran Khan Pakistan PM

Islamabad, Feb 28 : Pakistan’s economic indicators are seeing a constant improvement due to efforts made by the current government to overcome the serious economic challenges, the Prime Minister’s Office said on Friday.

Prime Minister Imran Khan, chairing a meeting of his economic team, expressed satisfaction over the improvement in all sectors, adding that his government is making efforts to bring a trickle-down effect of the improving economy on general public and in this regard steps are being taken to provide relief to low income and salaried class of the country, Xinhua reported.

He also directed the economic team to keep the public updated about the positive indicators of the economy in a bid to win the confidence of the local businessman to invest in the country.

Earlier this month, the prime minister approved subsidy of Pakistani Rs 10 billion ($65 million) on five essential food items for controlling rampant inflation in the country.

Continue Reading

Business

DoT panel needs more data for deciding on AGR relief

Airtel has AGR dues of Rs 35,500 core, Tata Teleservices has said it has submitted Rs 2,197 crore as full and final amount against an AGR order of Rs 14, 829 crore. Airtel and VIL are yet to submit self-assessment numbers of AGR.

Published

on

By

Mobile tower

New Delhi, Feb 28 : Digital Communications Commission (DCC), the interministerial panel of Telecom Ministry, on Friday did not take any decision on possible relief to the financially distressed telecom sector with officials saying more data are required for reconciliation of AGR numbers, dashing the hopes of telcos, especially Vodafone Idea.

The DCC meeting that lasted two hours will be held again in the coming days, sources said.

No decision has been taken on any relief to the telecom companies, sources said, adding, the department needs more data, and that there will be more meetings and reconciliation of AGR figures.

Secretaries in the Ministries of Finance (DEA), Commerce, and Electronics and IT, as well as CEO of NITI Aayog, are the members of DCC. Vodafone Idea, the worst hit telco with Rs 53,000 crore AGR dues, has told the government that it would not be able to pay the dues unless state support is extended to it to survive the crisis.

While the rationale behind giving any relief to the telcos is that government wants to avoid a duopoly situation in the event Vodafone Idea is forced to shut operations, it is also in a bind over implementation of the Supreme Court order which directs DoT to recover the dues.

DoT is examining the COAI and Vodafone Idea proposals and waiting for the self-assessment numbers of the telcos to come to it. Once the department has an idea how much the telcos’ calculations are and reconcile with its own demands, the picture will be a little clear about payment.

One option is upfront payment of the entire principal amount on licence fee and spectrum usage charges and 50% of the interest, penalty and interest on penalty. The rest could be paid over four years with interest.

The other option is once DoT gets the self-assessment figures of the telcos, it may ask them to pay that amount immediately and the gap between the DoT and telcos could be a staggered payment after reconciliation of both figures over 4 to 5 years, said sources.

Both the options seek some payment first then any relief to the telcos on the remaining amount payment.

Airtel has AGR dues of Rs 35,500 core, Tata Teleservices has said it has submitted Rs 2,197 crore as full and final amount against an AGR order of Rs 14, 829 crore. Airtel and VIL are yet to submit self-assessment numbers of AGR.

The government is also said to be considering, among others, setting up a stress fund for telcos to draw from and pay off AGR dues and repay on easy terms, besides deferment of licence fees and spectrum usage charge (SUC) for a substantial period to free up cash flows.

Airtel has paid Rs 10,000 crore and VIL has paid Rs 3,500 crore as AGR dues.

Continue Reading
Advertisement

Most Popular