The Postal Department i.e. India Post is no longer limited to just letters and parcels. Now this department is working rapidly towards modernizing its services across the country. The Postal Department has started many new schemes to provide better facilities to the people in less time. In this series, now the Postal Department has launched IT 2.0 application, which will not only make the services digital but will also increase transparency and speed.

The IT 2.0 application has been implemented in several post offices in Ambala district. These include areas like Ambala Cantonment, Barara, Bihta, Mullana, Kesari, Saha, Dhin, Adhoya and Majri. This initiative is being taken to connect postal services across the country into a unified digital infrastructure, so that citizens can get quick and easy services.

What is IT 2.0 application?

IT 2.0 is a digital platform designed to modernize and streamline the operations of the postal department. This application integrates core postal services, financial services and logistics, so that the customer can get all the facilities on a single platform.

Through this system, real time tracking of postal services, better integration of banking services and distribution system, and cyber security have also been strengthened. This will not only provide transparency to the customers, but will also increase the efficiency of the postal department manifold.

Strengthening the Digital India Mission

The IT 2.0 application is a big step towards advancing the Digital India Mission. This will enable people living in rural and remote areas to get accessible and transparent banking and postal services. This application strengthens the Indian government’s vision of providing digital facilities to every corner of the country.

Citizens will get transparent services

Ambala division’s postal department officer Vijay Kumar told Local 18 that IT 2.0 application is a revolutionary change in postal services. This will provide the general public with better tracking facility, integrated experience of banking and logistics services.
He also said that this system will not only equip the employees with modern technology but will also provide digitally robust postal and financial services to the citizens across the country.

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Market regulator SEBI has followed last year’s consultation paper setting out a detailed regulatory framework on Execution Only Platforms (EOP) with final guidelines.
One of the restrictions imposed on these platforms is that such EOPs cannot sell regular plans of mutual funds on their website. Another restriction is that these EOPs cannot advertise specific mutual funds or mutual fund schemes on their platform.

Note that SEBI-

Online platforms run by registered investment advisors will not be covered under this new framework.

Will charge fees from AMC

SEBI has divided such EOPs into two categories. Category 1 EOPs will need to be registered with the Association of Mutual Funds in India (AMFI) and will collect fees directly from Asset Management Companies (AMCs). These entities will have to enter into an agreement with the AMC.

Whereas, Category 2 EOP will be registered with SEBI as a stock broker and will charge fees from investors. Existing platforms will be required to register under any one of the categories of EOP by September 1, 2023.

If we talk about fees, then Category 1 EOP can charge a flat fee from Asset Management Companies, which will not be based on the quantum of trade. However, Category 2 EOPs will charge a similar fee from investors. The fee structure will be nominal and will be decided by AMFI and the Stock Exchange.

SEBI has also asked EOPs to stay away from advertisements of specific mutual funds. At present, many digital platforms selling mutual funds are running advertisements of many funds and fund houses.

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Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post Big News! Finance Ministry issued notification regarding UPI Charges, UPI service will be free, see full details first appeared on Rightsofemployees.com.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post Charges on UPI Payment: Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.