India-Middle East-Europe Economic Corridor; A Pathway to Global Connectivity
The India-Middle East-Europe Economic Corridor, an initiative arising from India’s G20 presidency, is gaining momentum with international support. This corridor promises robust infrastructure investments, economic integration, and enhanced connectivity across Asia, West Asia, the Middle East, and Europe. It consists of two key corridors, emphasizing cross-border rail transit networks to boost trade and services. Additionally, the India-US Initiative on Critical and Emerging Technology (iCET) aims to strengthen technology partnerships and resilience in supply chains. These developments underscore India’s active role in global diplomacy and economic growth.
NPCI Expands UPI Services to Gulf Countries:Paving the Way for Seamless Cross-Border Remittances
The National Payments Corporation of India (NPCI) is set to revolutionize cross-border remittances with its plans to extend the Unified Payments Interface (UPI) services to Gulf countries. This strategic move aims to simplify transferring funds between bank accounts across borders. With discussions in the early stages, NPCI has garnered significant interest from Gulf nations, showcasing the potential for seamless payment solutions. By leveraging UPI’s capabilities and collaborating with central banks and mission offices, NPCI aims to create a secure and efficient platform for cross-border transactions. As India’s UPI transactions surge, experts predict a milestone of 1 billion transactions per day by 2026-27, positioning UPI as the dominant player in the retail digital payments landscape. This expansion strengthens India’s global presence and highlights its commitment to fostering economic cooperation and financial inclusion in the digital era.
Central bank digital currencies can slash cross border payment time – BIS
HONG KONG, Sept 28 (Reuters) – Central bank digital currencies (CBDCs) can slash the time needed for cross border payments to seconds from days and cut costs, the Bank of International Settlements (BIS) said, citing a pilot scheme to test the digital forms of fiat currencies. The trial showed cross-border transactions could be made in […]
130 countries back global minimum corporate tax of 15%
Most of the countries negotiating a global overhaul of cross-border taxation of multinationals have backed plans for new rules on where companies are taxed and a tax rate of at least 15%, they said on Thursday after two days of talks.
