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‘Digital trap set for citizens’: Raj Thackeray attacks govt over 0.4 pc UPI charges

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Mumbai, Sep 19: In a sharp political offensive against the Central government’s decision to introduce a 0.4 per cent Merchant Discount Rate (MDR) on select Unified Payments Interface (UPI) transactions above Rs 2,000, Maharashtra Navnirman Sena (MNS) Chief Raj Thackeray on Saturday alleged that the administration has ensnared the nation in a carefully laid “digital trap”.

In a detailed statement on social media platform X, the MNS Chief accused the ruling MahaYuti coalition-led Maharashtra government of lulling Indian citizens into a false sense of security with free digital transactions, only to quietly impose transaction fees and taxes once people became dependent on the platform.

Tracing the trajectory of digital payments from the 2016 Demonetisation move to the nationwide push for UPI adoption, Raj Thackeray said that the trajectory was planned to make citizens reliant on digital architecture before levying charges.

“First came Demonetisation; then the UPI system was introduced with great fanfare to showcase the push for digital transactions. They trumpeted its success, basked in self-praise, got people habituated to it, and then suddenly announced that fees would apply. In short, they lulled citizens into a false sense of security and quietly ensnared them in a digital trap,” he remarked.

He said that he had consistently warned the public against assuming that zero-fee digital services would remain permanent, saying that the government’s process of “coming knocking at your door” to collect revenues has now officially begun.

He questioned why permanent budgetary provisions for long-term maintenance and cybersecurity were not established during the initial investment phase if the intent was genuinely to simplify transactions rather than monetise them later.

Rejecting the Union government’s claim that the 0.4 per cent MDR burden falls solely on merchants, Raj Thackeray asserted that the Union government possesses zero monitoring mechanisms to prevent small and large businesses from passing the extra operational cost onto consumers.

He sharply criticised the levy of 18 per cent Goods and Services Tax (GST) on top of the MDR, accusing the Finance Ministry of attempting to “dip into citizens’ pockets wherever possible”.

Raising questions around international policy influences, Raj Thackeray cited Opposition’s allegations regarding US pressure and asked whether foreign card corporations and global payment networks influenced the policy decision.

Releasing a official government tweet screenshot from August 21, 2022 — which explicitly promised that UPI services would remain completely free — the MNS Chief called the recent policy shift evidence of “unclear and non-transparent intentions”.

He formally registered his party’s protest against the implementation of the Merchant Discount Rate.

Calling upon the trading community, small business owners, and retail associations to take a unified stand, Raj Thackeray urged merchants across Maharashtra and the nation to vehemently oppose paying the new transaction levies.

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Early indications of FIIs turning towards Indian stock markets amid AI upheavals

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There are early indications of foreign institutional investors (FIIs) turning towards India markets amid the AI stock upheavals globally, analysts said on Sunday.

They said it is too early to say that this is a trend reversal, but early signs are positive. During the last four trading days ending on October 30, FIIs were buyers in three days in the cash market.

There are many factors that might have triggered this change in stance.

“One, the US Fed holding rates are a positive for equity markets globally. Second, the valuations in Indian markets, particularly in large caps, have become very attractive. Three, perhaps this is more important, there are clear indications of sustained momentum in economic growth in India,” said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

The surge in credit growth is impressive and indicative of robust growth ahead. Credit grew by 19.1 per cent in September (year-on-year). Credit growth to industry is at 19.5 per cent, and services are at 28.3 per cent.

There are signs of improvement in industrial capex, too. Another factor is the weakening of the AI trade globally. This change in stance of FPIs helped Nifty reclaim the 23,000 level, said the analyst.

Even while selling in large-cap financials, FIIs have been systematically accumulating stocks in pharmaceuticals and healthcare and select digital platform companies.

FIIs have net-sold $59 billion worth Indian equities in the 24 months leading up to September (about $64 billion with October 2026 month-to-date), and rolling 12-month outflows hit a record $40 billion in June 2026.

“FIIs return when oil breaks, and flows then confirm. The US midterms (November 3) and the Iran path decide when,” according to a note by JM Financial Institutional Securities.

FIIs sold a net $14.9 billion in FY25, $21.9 billion in FY26 and $17.7 billion with October 2026 month-to-date. Before this, FIIs had never sold for more than two straight years.

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CTI to launch poster campaign in 20 markets around Delhi’s Ramlila Maidan; urges INDIA Bloc to cancel rally

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With Diwali approaching, some Delhi traders have expressed concern over the proposed rally at Ramlila Maidan, with the Chamber of Trade and Industry (CTI) on Saturday launching a massive poster campaign urging that business activities in major markets should not be disrupted during the peak festive season and urging the INDIA Bloc to cancel its ‘Chalo Delhi’ rally.

The CTI, an apex body representing traders and entrepreneurs in Delhi, appealed to Leader of the Opposition in the Lok Sabha, Rahul Gandhi, saying that traders’ businesses also run on mutual trust, love and affection with their customers.

“You often say that you run shops of love in the market of hatred. Our shops also run on the basis of mutual trust, love and affection with our customers. Therefore, we humbly request you not to sacrifice our shops of love and business for a rally during the peak season of India’s biggest festival, Diwali,” the CTI said.

CTI has announced that starting on Saturday, these posters will be put up in 20 major wholesale markets within a 5-km radius of Ramlila Maidan.

CTI Chairman Brijesh Goyal said the poster campaign was intended to highlight the concerns of traders whose businesses could be affected by traffic restrictions and congestion around the rally venue.

“You talked about opening ‘shops of love’ during the Bharat Jodo Yatra, but in Delhi, our 300-year-old shops of love are being closed because of the rally,” Goyal said.

He cited businesses ranging from the famous parantha shops of Chandni Chowk and spice traders of Khari Baoli to bangle and bindi sellers in Sadar Bazaar, lehenga shops in Chandni Chowk and other traditional establishments.

“Each shop supports the families of 10 to 20 people,” he added.

The CTI said it would put up posters in major wholesale markets located within a five-km radius of Ramlila Maidan.

These include Chandni Chowk, Sadar Bazaar, Khari Baoli, Bhagirath Palace, Naya Bazaar, Chawri Bazaar, Kashmiri Gate, Daryaganj, Connaught Place, Karol Bagh, Nabi Karim, Paharganj, Ajmeri Gate, Lahori Gate, Janpath, Palika Bazaar, Ballimaran and Kinari Bazaar.

According to the traders’ body, a large gathering at Ramlila Maidan could lead to traffic congestion and restrictions in the surrounding markets.

Goyal said the proposed rally, scheduled just days before Dhanteras, could affect festive business activities.

He expressed concern that the arrival of a large number of people and around 20,000 vehicles could result in traffic jams across central Delhi and disrupt commercial activity.

The CTI claimed that the festive business of 2 million traders and the livelihoods of 7.5 million people dependent on these markets could be affected if restrictions were imposed during the peak Diwali shopping period.

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Axis Trustee warns contempt proceeding against Yes Bank over AT1 bonds

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Axis Trustee Services Limited, the trustee for the Additional Tier 1 (AT1) bonds issued by Yes Bank, called upon the private sector lender to reinstate the bonds and take necessary corporate actions within three days, failing which the former would initiate contempt proceedings in Supreme Court against the bank.

The trustee said in a filing that non-compliance will constitute “wilful disobedience by the lender of the Supreme Court’s October 15 judgment”.

Yes Bank said it had responded to the trustee, acknowledging the Supreme Court judgment and reiterating that it was fully committed to acting in accordance with the ruling and applicable law, according to an exchange filing.

The Bank replied to the Trustee that it is cognisant of the matters and is examining the SC Judgment and its implications in detail.

“The Bank will take all such steps and measures as are necessary and permissible under applicable law,” Yes Bank said.

“Should the Bank fail to comply with the said judgment as called upon above within the stipulated period, we shall be constrained to initiate proceedings for contempt before the SC, against the Bank and its directors and officers responsible for compliance with the said judgment, without any further notice, entirely at the Bank’s risk as to costs and consequences,” Axis Trustee said in its letter to Yes Bank.

Bank has merely stated that it is “examining the judgment in detail, including evaluating all available options and suitable actions or steps going forward,” the trustee said, adding that under the guise of evaluating its options, the bank should not withhold compliance with the said judgment.

Yes Bank rejected the allegation in its response letter, clarifying that it had not wilfully disobeyed the court.

“The Bank does not accept the characterisation in your Letter of its conduct as wilful disobedience and the assertions in your Letter are baseless and without merit,” it said.

The Supreme Court had, on October 15, upheld the Bombay High Court’s decision to set aside Yes Bank’s Rs 8,415 crore AT1 bond write-off carried out in March 2020. It ruled that the bank’s administrator had acted outside its authority and the applicable regulatory framework.

Axis Trustee challenged the decision of the then administrator of Yes Bank to write down the AT1 bonds in March 2020 before the Bombay High Court.

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