September 6, 2023
2 mins read

G20 Prioritises Interoperability Of Fast Payment Systems

This is aimed at improving cross-border payments, FM Nirmala Sitharaman said during her address at the Global Fintech Fest 2023 in Mumbai….reports Asian Lite News

Finance Minister Nirmala Sitharaman on Tuesday said that the primary focus for G20 is prioritising the exchange of information regarding national experiences and international efforts related to the interoperability of fast payment systems.

This is aimed at improving cross-border payments, she said during her address at the Global Fintech Fest 2023 in Mumbai.

“We’re talking about responsible financial ecosystem today when globalisation is being questioned. Globalisation has helped remove poverty. Disparity is not just in wealth, but also in well-being, demography, access to resources, digital literacy globally,” she said further.

Sitharaman further noted that the income tax data released in August is the biggest signal of the wide-scale formalisation of the Indian economy.

She added that taxable workforce will rise to 85.3 per cent from the current level of 22.5 per cent.

“There will be 48.2 crore income tax filers in 2047, as opposed to 7 crores in FY23,” said Sitharaman.

The Finance Minister added that all tax slabs have seen a minimum three times increase in tax filing, some even seeing a four-times surge.

“Each tax slab has seen a minimum of three-fold surge in tax filings. Maharashtra continues to be the leader in ITR filings,” she said.

The minister said that she wants the banking ecosystem, the financial ecosystem as well as the mutual funds and stock markets to keep in mind that when someone deals with customer’s money, the organisations will have to think about the future and ensure that customers nominate their heir and give their details.

Referring to changing global dynamics, Sitharaman called for collaboration across different areas, including regulating cryptocurrencies, tackling tax evasion, and easing global debt distress.

She said global collaboration in today’s world with more intensity is the key.

“Global cooperation is absolutely critical for financial ecosystems to thrive. Hence today we are gathering 100+ countries at this festival. Fintechs technologies like UPI and ONDC are driving more inclusion, resilience and sustainability in India. Technology is the common tool available to everyone regardless of the disparities globally,” the Minister informed.

ALSO READ: Australia, S. Korea G20’s Top Coal Power Polluters

Previous Story

Vicky: I’m really proud to be a part of a family entertainer

Next Story

Transforming Education: Empowering Teachers for the Future

Latest from -Top News

Pakistan reverses support for Trump’s Gaza peace plan

Pakistan retracts support for Trump’s Gaza peace plan, citing differences with Muslim nations’ draft; move reflects domestic sensitivities and regional alignment amid ongoing Middle East conflict diplomacy. In a surprising shift, Pakistan’s

Hamas agrees to release all hostages

Hamas agrees to release all Israeli hostages under Trump’s 20-point Gaza peace plan, backed by global powers and the UN, paving the way for regional stability. Hamas has formally agreed to release

Qatar now under US shield

Trump offers Qatar an unprecedented security guarantee, pledging US military protection amid Israeli strike and Gaza peace negotiations, reinforcing Qatar’s role in regional diplomacy. In an extraordinary move, the United States has

UAE condemns Manchester attack

UAE condemns Manchester synagogue attack; UK deploys extra police, PM Starmer vows protection for Jewish communities while emergency services respond to a shocking Yom Kippur tragedy. The United Arab Emirates has strongly
Go toTop

Don't Miss

75 years after accession, Kashmir’s streets to be renamed after national heroes

Attempts are underway to complete this exercise and give names

Israel Targets LeT with Terror Designation

It said that LeT is a deadly and reprehensible terror