E-filing

It must for those Taxpayers with annual income of over 5 lakh will now have to file their returns in electronic form. The threshold limit for e-filing of returns was 10 lakh last year. The e-filing allows for faster processing of income tax returns and settlement of errors and omissions. Even the wealth tax returns will now have to be filed electronically.

RuPay Global Card

RuPay Global Card

National Payments Corporation of India (NPCI)'s RuPay debit card will go 'global' in a strategic tie-up with an American card issuer, Discover Financial Services (DFS) which will offer international acceptance of the card. With this, RuPay will emerge as an alternative of international payment gateways like VISA or Mastercard and wants to make substantial difference in payment landscape.

RTGS, NEFT and Internet Banking

Electronic fund transfers are safe & also a faster and cheaper way to transfer money. Both RTGS 

and NEFT, the money is transferred directly from the bank account of the person sending or remitting the money to the bank account of the receiver.

RTGS

This is the fastest way of transferring funds. The transactions are settled on an instruction by instruction basis. Just that the minimum that can be so transferred is Rs 2 lakh.

NEFT

The transfer happens on a deferred net settlement basis. The transactions are settled in batches against the continuous individual settlement in RTGS. It operates in hourly batches from 9 am to 7 pm on weekdays, and 9 am to 1 pm on Saturdays. For instance, transactions put through between 9 am and 5 pm on weekdays are settled on the same day. For transactions settled after 6 pm on weekdays and after 1 pm on Saturday, the amount will be settled on the next working day. But it can be used for smaller amounts with no minimum threshold. Apart from the receiver’s name, the details required include the receiver’s bank, account number, and IFSC (Indian Financial System Code) of the destination bank branch for both RTGS and NEFT.

Internet banking

To access an online banking facility, you must register for the service. To access online banking, you will have to go through the bank’s website, and enter the online banking facility using your user name and password. One can carry out transactions such as fund transfers, utility bill payments, shopping and so on through internet banking. As of now, banks do not charge any fees for this service.