Understanding Unified Payment Interface (UPI)

Payments get simpler as the much-awaited Unified Payment Interface goes live. Customers of 21 banks can now use a mobile app to make and receive payments through multiple banks, 24 hours a day. AP Hota – MD & CEO of NPCI and Jitendra Gupta of Citruspay share more details on this edition of Startup Central. Tune in.

Advertisements

Is This The End Of Diet Soda?

 Huge Study Links Aspartame To Major Health Problems; Sales Drop…

Is-This-The-End-For-Diet-Soda

As concerns about health epidemics plague the nation, demand and sales of diet soda have plunged as consumers try to make better choices. As WeSupportOrganic.com reported recently, Aspartame (the main sweetener for diet soda – check the labels) is regarded by scientists as one of the most dangerous ingredients used in our food supply, who have linked it to seizures and a host of other major health issues including fatal cardiovascular events.

In a newly published study [1] (presented in 2014 at the American College of Cardiology, Washington D.C.), 60,000 women were sampled over ten years. It was shown that women who drink two or more diet drinks a day have much higher cardiovascular disease rates and are more likely to die from the disease.

“30% more likely to have a heart attack or stroke, 50% more likely to die from related disease…”

In the largest study done of its kind, The University of Iowa concluded:

“…Compared to women who never or only rarely consume diet drinks, those who consume two or more a day are 30 percent more likely to have a cardiovascular event [heart attack or stroke] and 50 percent more likely to die from related disease.

This is one of the largest studies on this topic, and our findings are consistent with some previous data, especially those linking diet drinks to the metabolic syndrome,’ says Dr. Ankur Vyas… the lead investigator of the study.

…The association persisted even after researchers adjusted the data to account for demographic characteristics and other cardiovascular risk factors, including body mass index, smoking, hormone therapy use, physical activity, energy intake, salt intake, diabetes, hypertension, high cholesterol, and sugar-sweetened beverage intake. On average, women who consumed two or more diet drinks a day were younger, more likely to be smokers, and had a higher prevalence of diabetes, high blood pressure, and higher body mass index.”

Soda sales slipping… Thankfully this study comes on the heels of reports of already slipping sales of diet soda, one of the largest aspartame markets.

According to Time Magazine’s 2014 report “Soda Sales Drop to Lowest Point Since 1995”:

“One reason for the decline could be a growing awareness of the obesity epidemic in the US and growing health concerns surrounding sugar-sweetened beverages. According to Reuters, industry experts say the beverage industry is shrinking under the scrutiny. Even diet-branded drinks have suffered a loss of sales with concerns over artificial sweeteners.”

Whatever the reason for the decline, this new study should only add fuel to the movement away from artificial sweeteners. There are plenty of natural sweeteners that people can choose that are regarded as much healthier than aspartame.

Another important note is that the overall sales of soda going down also means that less people are being exposed to (mostly GMO) high fructose corn syrup which carries a whole host of other health risks as well.

Super Tip: We also have an awesome guide to making your own refreshing drinks using all natural, healthy ingredients: Check it out here – 10 Healthiest Drink Recipes In The World.

Article from WeSupportOrganic.com, lic. under Creative Commons.

References:

[1] http://now.uiowa.edu/2014/03/ui-study-finds-diet-drinks-associated-heart-trouble-older-women

http://www.herbs-info.com/blog/is-this-the-end-of-diet-soda-huge-study-links-aspartame-to-major-health-problems/


Consumer preferences for local travel – Mumbai

Capture

Dear Commuters,

What is your preference? ✌

Ola/ Uber 🚗
or
Kaali -pili taxi…🚓

Voice your Choice
with
Mumbai Grahak Panchayat
Fill in the Survey
&
SUBMIT
https://goo.gl/forms/AtAXrt56cYitq5pC3

Please forward this message to your friends/families and groups. Encourage maximum participation in the Survey!


Can’t tax redevelopment payment to flat owner

ITAT: Can’t tax redevelopment payment to flat owner
Compensation received by a flat owner of a cooperative housing society , from a redeveloper cannot be taxed in his hands, according to a recent order of the Income-tax Appellate Tribunal’s (ITAT) Mumbai bench.

The ITAT noted this compensation was towards the hardship which the flat owner would face owing to the redevelopment. It held such compensation to be in the nature of a “capital receipt“, which “is outside the scope of income that can be chargeable to tax“. In other words, such compensation cannot be subject to income-tax.

This landmark order, whi ch relates to the I-T implications for a flat owner, will help taxpayers facing similar litigation. Management committees of co-operative societies, especially in Mumbai, will also find it easier to persuade their members (flat owners) to agree to undertake redevelopment, as I-T-related anxieties will ease. However, the ITAT held that another sum of money rece ived by the flat owner for payment of rentals while the redevelopment work was ongoing would not be taxed only to the extent it was actually utilised for rent payments. Any surplus would be treated as `income from other sources’.It would be added to the taxable income of the flat owner and the applicable I-T slab rate would apply (for income above Rs 10 lakh, the current rate is 30% plus surcharge and cess).

Jitendra Kumar Soneja had received a sum of Rs 22 lakh as compensation from the redeveloper and also another sum of Rs 8.55 lakh for paying rent as he had to vacate his flat while the redevelopment work was ongoing. Both these amounts were credited to his bank account.

As he was unable to satisfactorily explain the reason for not disclosing this sum of Rs 30.55 lakh in his I-T returns for the concerned financial year 2006-07, the I-T officer treated it as `undisclosed income’ liable to I-T. Having lost the case at the Commissioner of I-T (Ap peals) level, Soneja appealed to the ITAT.

Soneja’s counsel submitted to the ITAT that Rs 22 lakh was received as compensation owing to the hardship caused to the taxpayer on account of redevelopment. It was received as a corpus fund, which was a capital receipt and was not taxable. The ITAT took note of this contention and the fact that the compensation relates to a flat, which is a capital asset.

The ITAT did not agree with the views of the I-T department that such compensation was the flatowner’s share in the profits earned by the redeveloper. “One has to see what is the nature of income in the hands of the receiver and not the payer (redeveloper),“ ITAT held.

Going a step further, ITAT stated that while the compensation was a capital receipt and not taxable, it would be reduced from the cost of acquisition of the flat. This would have a tax impact, in case the flat (or rather the redeveloped flat) was subsequently sold.

Capital gains, on which capital gains tax is levied, is the difference between the sale price and the cost of acquisition (or purchase price).If the cost of acquisition is lower, it would result in a higher capital gains base and thus a higher incidence of capital gains tax.

As Soneji had incurred a rent expenditure of only Rs 6.80 lakh as against Rs 8.55 lakh received for this purpose, the balance of Rs 1.75 lakh was held liable to I-T.

Lubna Kably Mumbai:

New Uses For Used Tea Bags


CUTS Institute for Regulation and Competition (CIRC) in India

Capture

CIRC Core Activities

CIRC offers a wide range of programmes aimed at the existing scenario and will cater to the unmet demand of trained personnel in the following areas:

point Economic Regulation
point Competition Policy and Law

 

The Aim

Their aim is to offer educational and training programmes on the referred subjects, while maintaining international standards

 

Customer-Focused Approach

Cater to specific needs by offering customised training programmes.

 

Who is it meant for?

It focuses on civil servants, staff of regulatory bodies, civil society organisations, researchers, professionals and business. Career aspirants are also amongst the target clients.
The Difference
The Real thing: Local content in course curriculum (real life situations) will be the basis of the study material.
Quality Matters: Global quality standards and Inter-disciplinary approach will form the basis for all disciplines.
Widening Horizons: CIRC will employ a multi-stakeholder approach and in doing so aim to maintain a rich tapestry of resources both in terms of faculty and institutional affiliations.

 

Approach

Lectures, case analysis, interaction with experts are being used as tools to provide strategic understanding, develop core skills and encourage in-depth knowledge of the dynamics involved.
Online courses are being/ will be offered utilising techniques that will be relevant and adapted to the particular needs of recipients. In doing so the aim is to share knowledge, exchange experiences and build networks.

Product Range

Certificate and Diploma Courses for students / practitioners in Competition Law and Economic Regulations
Training courses for practitioners are special features wherein modules are being crafted in specification to their needs and demand.
Conferences/Seminars/Workshops are the media through which the CIRC programme are being promoted. Besides this and much more the Institute will extend professional expertise through Research Journals, Policy Briefs, etc.
CIRC will offer Consultancy services to regulatory bodies, governments and business for better markets.

http://circ.in/


Customers not liable for e-frauds, if reported in time

Onus Now On Banks To Make Good Losses

Concerned over the rise in complaints about unauthorized electronic transactions, the Reserve Bank of India has introduced a policy of `zero liability’ for customers in third-party frauds if they are reported within three days. This means banks will have to make good the losses suffered by customers.In cases where the victim notifies the fraud between 4 and 7 days after coming to know about it, the customer’s liability will be capped at Rs 5,000.

In a draft notification issued on Thursday , the RBI said that if a bank employee is responsible for the fraud, the customer must get his money back irrespective of whether it is reported in time or not.

The three-day time limit for reporting a fraud will start from the day the customer receives an intimation about the transaction from the bank. This can be either by way or an SMS, email or statement. This directive puts the onus on the bank to notify the customer of the transaction as soon as possible. The proposed rules will apply to all electronic transactions, including payments made remotely using net banking or cards and payments made in shops using cards or mobile wallets.

If a customer has shared his password or other payment credentials, he will be responsible for any transaction that takes place until the time he informs the bank of his indiscretion. Once he informs the bank, the bank will be liable for any loss that takes place subsequently .

Banks have been told that all complaints have to be resolved within 90 days from the date of reporting and to ensure that customer does not bear any interest cost or late payment fee in credit cards. If there is a reversal of a debit card fraud or net banking fraud, banks have to make good the loss of interest income.

The proposed norms place much more responsibility on the banks than in the past.Existing norms require banks to compensate customer only up to a limit. Also, this limit is left to the bank based on a board-approved customer relations policy .

To make it possible for the customer to report frauds on time, banks have been asked to provide multiple option in cluding website, SMS, interactive voice response systems, a dedicated toll-free helpline and a reporting option at home branch. Banks have also been asked to put in place systems acknowledging receipt of the complaint.

The tightening of norms comes at a ti me when online and mobile payments are growing at 100% and banks and payment companies are lobby ing with the regulator to relax two-factor authentication for low-value payments.

The RBI has been re sisting any relaxation on the two-factor aut hentication (usually a PIN or a password in addition to the card details) on the grounds that the present dispute resolution mechanism was not very robust. By reducing liability of the customer, RBI expects banks to put more robust systems in place.

 Mayur Shetty, Mumbai: