Business
India Post Launches UPI-UPU Global Remittance Service For Faster, Cheaper Money Transfers
New Delhi: In a major push for cheaper and faster cross-border remittances, India Post has teamed up with NPCI International Payments Ltd. (NIPL) and the Universal Postal Union (UPU) to launch a new digital initiative linking India’s Unified Payments Interface (UPI) with the UPU’s Interconnection Platform. The system was unveiled at the 28th Universal Postal Congress in Dubai by Union Communications Minister Jyotiraditya Scindia.
The integration aims to slash remittance costs and transfer times, giving millions of overseas Indian workers, small traders and e-commerce operators a faster and more convenient way to move money. Leveraging India’s home-grown UPI network, the project extends the country’s successful digital payments model to an international stage, boosting financial inclusion worldwide.
Under the new system, funds sent from abroad can be picked up at designated post offices using a valid ID and reference number. If the recipient holds an India Post Payments Bank (IPPB) account, the money can be credited directly—removing the need to visit a branch. This makes remittances simpler and safer for users with limited access to traditional banks.
Beyond personal remittances, the initiative is expected to benefit exporters, small businesses and e-commerce firms engaged in frequent overseas transactions. By connecting with the UPU’s network of over 190 countries, the system improves accessibility and reliability, reducing friction in global trade.
India Post already offers international transfer services through partners like MoneyGram and Western Union. The new UPI-UPU link complements these options by offering a low-cost, digital-first alternative to traditional money transfers—positioning India Post as a direct competitor to established players.
This initiative reflects India’s growing leadership in digital payment innovation and aligns with global trends favouring tech-driven financial services. By undercutting fees and cutting transfer times, it could significantly disrupt a market long dominated by legacy remittance companies, opening the door to a more inclusive and efficient cross-border payments ecosystem.
A scheme has been launched to compensate victims of the Post Office Capture IT scandal that saw former subpostmasters forced to repay shortfalls.
The Government said those affected can now apply for redress, with those found to be eligible set to receive £10,000 immediately and final awards potentially reaching up to £300,000 after full assessment by an independent panel, or more in certain cases.
The Capture system pre-dated the now infamous Horizon software, which has been responsible for around 1,000 wrongful convictions.
An independent report into faulty accounting system Capture was commissioned last year after subpostmasters said they had suffered similar problems to those faced by the Horizon victims.
The report by forensic accountants Kroll Associates, which concluded there was a reasonable likelihood that Capture – in use at Post Office branches between 1992 and 2000 – created financial shortfalls for postmasters.
In some cases, postmasters resorted to using their own savings to make up the difference.
The scheme will be not be open to postmasters who have criminal convictions related to Capture.
Those who were given criminal convictions must instead go through the Criminal Cases Review Commission, or its Scottish equivalent.
The Government has said it will “ensure that appropriate redress is given” to those where convictions are overturned by the courts.
The compensation scheme will be tested for the first 150 claimants before being rolled out more widely.
Post Office minister Blair McDougall said: “After over two decades of fighting for justice, postmasters and their families will finally receive recognition and recompense for the lives and livelihoods that Capture destroyed.
“I’d like to thank all of those victims who have helped us to design this scheme, allowing us to deliver on our promise of providing redress today.
“We can’t make up for everything they have lost, but today we begin restoring some of the dignity so cruelly taken away by this scandal.”
The Government said the scheme has been designed “hand in hand” with victims, while also taking lessons into account from redress schemes for the Horizon IT Scandal.
So far, more than £1.2 billion has been paid out in compensation to more than 9,000 victims of the Horizon scandal, it added.
New Delhi: The Central Board of Direct Taxes (CBDT) has extended the due dates for filing audit reports and Income Tax Returns (ITR) for the Assessment Year 2025–26, giving major relief to businesses, professionals, and firms whose accounts require auditing.
Earlier, the deadline to submit tax audit reports was October 31, 2025, and the corresponding ITR filing deadline was also October 31, 2025. However, considering technical delays and representations from taxpayers and professionals, the CBDT has now extended both these dates.
As per the latest circular, taxpayers who are required to get their accounts audited under the Income Tax Act, 1961 can now file their audit reports by November 10, 2025, instead of October 31. Consequently, the due date for filing the ITR for such taxpayers has also been pushed to December 10, 2025.
This extension applies to companies, Limited Liability Partnerships (LLPs), and other entities whose books of accounts need to be audited. It also benefits professionals and small businesses who were facing difficulties due to late availability of ITR forms and software utilities.
The government’s decision aims to provide adequate time for taxpayers and auditors to ensure accuracy and compliance while reducing last-minute rush and filing errors. The extension also reflects the government’s understanding of the challenges faced by the accounting community, especially with overlapping deadlines for GST audits and other financial filings.
Tax experts advise taxpayers to make the most of this extension by completing audits early and verifying data consistency between GST, TDS, and income tax returns to avoid discrepancies during assessment.
In summary, the new deadlines are:
Audit Report Filing: November 10, 2025
ITR Filing for Audited Taxpayers: December 10, 2025
Missing these dates could still attract penalties and interest, so taxpayers are urged to file well before the final deadline.
Gold and silver prices have experienced significant fluctuations recently. The US-China trade deal and the strengthening US dollar are the primary factors influencing these movements. Investors tend to reduce their investments in precious metals when market and global geopolitical conditions appear stable, leading to a decline in prices.
On the Multi Commodity Exchange of India (MCX), gold for December fell by Rs 1,546 to Rs 1,21,905 per 10 grams. Last week, which had fewer trading days due to holidays, saw gold prices drop by Rs 3,557 (2.80%). Similarly, silver for December decreased by Rs 1,964 to Rs 1,45,506 per kg.
During the same week, silver prices fell by Rs 9,134. Many traders engaged in transactions involving 12,428 gold bars and 20,367 silver bars. The progress in US-China trade talks has contributed to the declining prices since Friday.
The recent price decline can be attributed to the two-day meeting between US and Chinese leaders in Malaysia. They reportedly reached a consensus on key issues such as export rules and shipping tariffs. As a result, the US-China trade deal and the strong US dollar have diminished the demand for safe-haven assets, leading to a further decline in gold prices.
This week, central banks are expected to make significant decisions regarding interest rates. The US Federal Reserve is likely to cut rates by 0.25%, while the European Central Bank and the Bank of Japan are expected to maintain their current rates. Traders are closely monitoring these developments.
Expert Darshan Desai commented, “We should be prepared for significant fluctuations in the short term. Gold prices may fall further.”
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