Economy News-Daily Digest: 2 Key Updates
1. BHIM App Now Offers Cashback Worth Up to Rs. 750 to Customers
With the aim of convincing more citizens to use the BHIM app over tons of other payments apps, the government has announced a cashback scheme for both customers and merchants. The new scheme comes days after the Ministry of Electronics and IT (MeitY) extended the BHIM cashback scheme for merchants until March 31. It offers a cashback worth Rs. 51 for new customers and a total of Rs. 1,000 to merchants opting the BHIM app.Customers successfully completing the first financial transaction will receive Rs. 51 cashback. There isn’t any minimum limit for the first transaction. This means the customers can make the transaction for an as low amount as Re. 1 to avail the cashback. Further, for every unique transaction with a minimum value of Rs. 100 to any VPA (Virtual Payment Address)/ UPI ID, bank account, or mobile number, the BHIM app will offer a cashback worth Rs. 25. Maximum cashback, in this case, is limited to Rs. 500 per month.
Alongside the cashback offered for transactions valued Rs. 100 or above, the BHIM app is offering cashback on a minimum transaction value of Rs. 10. For the number of transactions less than 50 but equal to or more than 25, the app will offer a cashback worth Rs. 100, while a Rs. 200 cashback will be given for transactions equal to or more than 50 but less than 100. Similarly, the app will offer cashback worth Rs. 250 for the number of transactions equal to or less than 100.
For merchants, the BHIM app offers cashback of 10 percent of the transaction value with an upper limit of Rs. 50 per transaction. Merchants need to credit minimum 10 transactions with a minimum transaction value of Rs. 25. Additionally, the app offers a cashback of 10 percent of the transaction value with an upper cap of Rs. 50. This is valid for any bank merchant receiving payments through the BHIM app or via BHIM UPI. Minimum five transactions need to be credited with a minimum value of Rs. 25 to avail the cashback.
2. First ever Private Sector project by ITDC
India Tourism Development Corporation (ITDC) signed a MoU with Hyderabad based firm M/s Suraas Impex Pvt. Ltd. for developing a Mega Tourism Destination project at Bhairav Lanka in Kakinada, East Godavari District of Andhra Pradesh at an estimated cost of Rs. 550 crores. This is the first of its kind project for the state owned ITDC, which got preferred against several private contenders.
ITDC will be the Consulting Agency as well as Implementing Agency for the DPR and the execution which shall be taken up in three stages i.e. preparing the DPR, Implementation of project costing around 550 crores and implementation of second phase of the project.
ITDC has been the prime mover in the progressive development, promotion and expansion of tourism in the country. The Division has completed 67 infrastructure projects for Ministry of Tourism, Ministry of Culture and various State Governments. The division has also prepared more than 85 DPRs for various tourism projects in the country. The corporation provides Engineering Consultancy Services through its full-fledged Ashok Consultancy & Engineering Services Division. It undertakes development of Tourism infrastructure projects from concept to commissioning. It provides services to Ministry of tourism and State Tourism Departments. M/s Suraas Impex Pvt. Ltd. is engaged in trading, renewable energy power generation & hospitality etc.