According to the Ministry of Finance, UPI successfully hit a big milestone and showed success in the mission that had been started. Elon Musk has commented on Gukesh D, who championed chess at a very young age, and Switzerland removed India from its Most Favoured Nation (MFN) status. Let’s explore these topics and the consequences these incidents have on India.
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UPI Achieves a Big Milestone: 15,547 Crore Transactions Valuating Rs 229 Lakh Crore in 2024.
The Unified Payments Interface (UPI) has achieved an important milestone with a 15,547 crore transaction amounting to Rs 229 Lakh crore from January to November 2024 according to a Ministry of Finance report. Launched in 2015, it is now available in more than 7 countries including the UAE and Singapore giving India global recognition in terms of digital payment. It has been proven revolutionary for India’s digital payment status.
UPI was launched in 2015 by the National Payments Corporation of India (NPCI), a governmental organization, with the support of the Reserve Bank of India (RBI). The idea of UPI was launched by a group led by Nandan Nilekani, the prior CEO of Infosys and chairman of the Unique Identification Authority of India (UIDAI). This team suggested that a strong digital payment system should be built which resulted in UPI.
UPI touched a historic milestone by handling 15,547 crore transactions valued at Rs 229 lakh crore from January to November reported Finance Ministry. The Finance Ministry disclosed the data in a post on Social Media platform X.
Words Richest Man Elon Musk Praised World’s Youngest Chess Champion Gukesh D.
Gukesh D became the world’s youngest champion in the chess world at just his 18s, breaking Garry Kasporov’s record, who achieved the title at the age of 22 in 1985 by defeating Anatoly Karpov. On Thursday, he became the 18th world chess champion by defeating China’s first-ever-world chess champion 2023, Ding Liren, in a critical game that took an unexpected turn in the favour of Gukesh D, Giving Gukesh a winning lead in the game.
This extraordinary success of Gukesh D brought his name to the 9th Cloud because the world spoke his name with pride and appreciation. From the Prime Minister to the world’s richest man appreciated Gukesh D for his success.
Tesla’s CEO Elon Musk, who is history’s richest man with his $400 billion net worth appreciated Gukesh D for his remarkable success. Actually, Gukesh D shared a post on his social media handle X regarding his success, and below that particular post World’s and History’s richest man, CEO of Tesla and SpaceX, Elon Musk, commented “Congratulations!” in his encouragement.
Not only Elon Musk but also India’s Prime Minister Narendra Modi wrote a dedicated post for Gukesh D, cricket king Sachin Tendulkar wrote on his social media handle in his appreciation, and honor of his achievement, Tamil Nadu chief minister MK Stalin, on Friday declared a cash award of Rs 5 crore for Gukeskh D.
Switzerland Withdraws India From Its Most Favoured Nation (MFN) Status.
Switzerland has decided to withdraw India from its Most Favoured Nation (MFN), leading to higher taxes for the businesses operating in the country. Starting January 1, 2025, Indian businesses will have to face a 10% tax increase, marking a significant change in the tax landscape between the two nations. This decision follows a ruling by the Indian Supreme Court in October 2023, regarding a tax dispute involving Nestle, the Swiss food giant.
The MFN status granted to India by Switzerland, previously allowed Indian businesses to enjoy reduced tax rates based on Switzerland’s treaties with other countries. However, the Indian Supreme Court ruled that such benefits could not be automatically extended to India without explicit notification under Indian Tax Laws.
Accepting this ruling, Switzerland’s Federal Department of Finance (FDF) announced the suspension of MFN status for India in its Double Taxation Avoidance Agreement (DTAA). Because of this, Indian entities will not benefit from the lower tax rates previously availed under the FDF provision.
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