BHIM App Launched, PM Narendra Modi Says World Will Google For It: 10 tips

Consistent with his push to lead India in opposition to a digital economic system, high Minister Narendra Modi on Friday launched a new e-wallet app, BHIM, named after founding father Dr BR Ambedkar, to enable you transact on-line. The Aadhaar-based cell cost utility will allow people to make digital payments instantly from their bank money owed. The PM additionally reiterated that digital transactions will likely be rewarded with raffle-like money prizes from the federal government.

listed below are the ten newest trends in this big story

• The BHIM app is being more advantageous upon so that in time, "simplest your thumb will likely be needed to make a fee," mentioned the PM, adding "you're going to in the end no longer be based on the internet, on smartphones, your thumb will probably be your financial institution."
• The 50-day time limit to put up invalid 500 and 1,000-rupee notes ended on Friday. The Reserve bank of India or RBI has asked banks to put up important points of the deposits made within the outlawed forex. virtually 90 per cent of the cancelled notes had been already deposited in banks, which means that that the federal government's intention of casting off black money may have ignored its mark. PM Modi will tackle the usa this evening to discuss the affect of his abrupt demonetisation force.
• the money restrictions at ATMs and withdrawals from banks that had been offered after demonetisation will stay in position in the new year. Reserve bank of India has on the other hand raised the day by day withdrawal limit at ATMs from Rs. 2,500 to Rs. 4,500.
• On November 8, PM Modi's shock announcement rendered 86 per cent of India's foreign money void, giving folks except December 30 to swap their previous 500 and 1,000-rupee bills for brand spanking new ones.
• The PM has been widely hailed for his assault on tax evasion however long queues outside banks, a cash crunch and coverage flip-flops have resulted in a concerted attack from the opposition.
• The dangerous gamble is expected to influence the election in Uttar Pradesh, which is expected to be held in February. Many high industrialists and financial experts have praised the PM's name to move towards a digital economic system, but some industries have ground to a halt and laid off personnel, highlighting India's enormous dependence on cash.
• As the virtually two-month window draws to a close, serpentine queues out of doors banks have thinned down however a single 2,000 rupee notice continues to be all that most ATMs dispense to consumers.
• except March 31, previous notes may also be deposited with the Reserve bank of India but December 30 was once the ultimate possibility to do so at different banks. After the March time limit there might be a minimal 10,000 rupees penalty for maintaining outdated notes.
• Analysts say the money squeeze will seriously dent India's economic growth within the short term, a prediction challenged by Finance Minister Arun Jaitley. scores agency Fitch revised down its GDP forecast for the fourth quarter of 2016 to 6.9 per cent from 7.4 per cent.
• Economists expect the economic system to profit in the long run due to an increase in tax revenues however simplest as soon as there's a plentiful supply of these elusive new notes in circulation. Many Indians have mentioned they failed to mind the hours of queuing if it pressured the rich to pay taxes.

Author : Wealth Research