What is e-RUPI and how does it work?

-

A Digital payment system - The One-Time-Payment Mechanism - developed by the National Payments Corporation of India (NPCI) in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.

Date of Launch : 2nd August, 2021


- e-RUPI is a cashless and contactless digital payments medium. which will be delivered to mobile phones of beneficiaries in form of an SMS-string or a QR code.

- This will essentially be like a prepaid gift-voucher that will be redeemable at specific accepting centers (Service providers) without any credit or debit card, a mobile app or internet banking.

- The beneficiaries will be identified using their mobile number and a voucher allocated by a bank to the service provider in the name of a given person would only be delivered to that person.


Services Where Can Be e-RUPI Used

- e-RUPI can be used for delivering services under schemes meant for providing drugs and nutritional support under Mother and Child welfare schemes, TB eradication programmes, drugs & diagnostics under schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, fertiliser subsidies etc.

The government expects it to be a revolutionary initiative in the direction of ensuring a leak-proof delivery of welfare services.

Even the private sector can leverage these digital vouchers as part of their employee welfare and corporate social responsibility programmes, the PMO stated.


How Does It Work?

e-RUPI connects the sponsors of the services with the beneficiaries and service providers in a digital mode without any physical interface, the government informed.

The mechanism also ensures that the payment to the service provider is made only after the transaction is completed. The system is pre-paid in nature and hence, assures timely payment to the service provider without the involvement of any intermediary.






Comments

Post a Comment

Popular posts from this blog

GST - Important Reconciliations must be done before finalization of the Financial Statement

-
Image
To Ensure that there are no major / material misstatements, It is important to check compliance with GST laws and rules even during the finalization of the Financial Statement. An important list of reconciliations is given below:  Balance of Electronic Credit ledger with Balance of Input Tax credit (ITC) in Books of Accounts  Balance of Electronic Cash ledger with Balance of excess cash paid in Books of Accounts  GST paid in cash in March return, with GST Payables as per Books of Accounts  Refund claimed in GST portal with ITC refund receivable in Books of Accounts  Output Liability in GST returns with Books of Accounts  ITC Reconciliation in FORM GSTR-2A/ 2B with FORM GSTR-3B and Books of Accounts  ITC reversed in FORM GSTR-3B with Books of Accounts  Ineligible ITC in FORM GSTR-3B with Books of Accounts  Reconciliation of Gross Turnover in Books of Accounts with FORM GSTR-1, e-Way Bills and FORM GSTR-3B  Reconciliation of accounts of the suppliers  Adjustments of previous year, do
Read more

Non-Profit Organisation (NPO)

-
Image
Non-Profit Organisatoin’s (NPO) have played a crucial role in development of India. There are various NPOs that work all over India and for a wide range of causes.  The World Bank defines NPO’s as “private organizations that pursue activities to  relieve suffering,  promote the interest of the poor,  protect the environment,  provide basic social services, or  undertake community development.”  NPOs do not work for profit motive and apart from own sources, NPO utilises funds raised through donations. NPOs receiving foreign contributions in India come under the purview of Foreign Contribution Regulation Act, 2010 i.e. FCRA. Corporate Social Responsibility (CSR) is practical way to give back to society and NPOs are the best way to do this. NPOs can be registered in any of the applicable acts as mentioned below, according to the type of organisation chosen to be formed. Major laws and acts applicable to NPO are as follows – Society registered under Societies Registration Act, Central or r
Read more

Income Tax dated 04.01.2019- CA Samadhan Series

-
Image
1.      Income Tax : Charitable Activities - Exemption under Section 11 denied - AO should have restricted the denial of exemption only to that portion of the investments, which were made by the assessee in violation of Section 11(5) of the Income Tax Act - Madras High Court in case of [M/S. Vincentian Madras Society , Chennai V s. The D CIT ( Exemptions ) III] 2.      Income Tax : TDS u/s 195 - Time-Writing Charges - The service provided by employees of BGIL are merely in the nature of routine support services and, therefore, cannot be termed as ‘FTS’ under Article 13 of the India UK DTAA -  ITAT Delhi in case of [M/S B.G. India Energy Solutions P Ltd . V s. The DY. C.I.T, Circle – 1 (1) , Gurgaon ] 3.        Income Tax: Valuation of Shares - Restriction as per Rule 11U(a) on the auditor’s acceptance as Accountant for the purposes of Rule 11UA (2) is well founded. - There is no merit in this argument of the assessee that only because the certifica
Read more