Credit card to bank, RBI guidelines
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Is RBI going to ban Credit card to bank transfer, (P2P) transfer?
Untill ban, we can enjoy these benefits, Which app is better for these transfer, Bharat NXT or Housing app?
What is the MCC code of these apps?
Its funny to see, Housing app allows Maid Salary by credit card.
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but if RBI decides then its final:) as its safety for the majority of people:) if RBI bans it, ban for sure:) nothing can go against it:) even twitter/X cries wont matter
i am sure only very few people of the total population who has access to credit cards are into credit money rotation using this method because credit card penetration in india is less
Not possible to ban because rent transfer is allowed via credit card using these apps/websites like Housing.com or app (as far as I know RBI didn't issued anything against credit card to rent and edu payments till now)
but already many apps/websites implemented PAN of landlord to be given for rent payment and education payment (dont know about housing.com)
so if PAN is given then rotation can be easily figured out in future, so IT notice is possible if you are doing it for money rotation and you have to pay tax on it in future in this amount when they send notice (since you wont have proper reason of why you did that transaction to bank account)
Cred and Phone pe asking for PAN card number, even for tution fees or rent of 1000 rupees. Nobody is going to give PAN card number to get 1000 rupees. 😃
Housing and BharatNxt working fine without PAN card, but what is the MCC code?
MCC code of rent is dangerous
This Is New Security Measure.
Yes In Cred , After Entering Pan No , Server Is Checking If Pan Name And Upi Id Name Is Same Or Not , If We Enter Different Pan Number Then It Will Throw Error And Won't Proceed For Rent Payment.
instead housing, tax & rbi need to start issuing House with multiple occupancy licence to anyone sharing house+room for rent or owning multiple houses for rent
Without multiple occupancy licence no landlord should be allowed to rent because without protection in place every house owner has become a slum landlord by turning their rooms to अस्तबल where people are squeezed into single room thereby exploiting public & defrauding govt of tax on rental income.
Rent ranges from 10-40% of individual's income. So the amount tax revenue lost to govt due to unreported greedy landlord's income is the biggest scam of India; forget political scams.
I was talking about Credit card to bank account money transfer 😄
it will nevet get banned, govt. getting taxes and gst thru it.
Housing app aur Bharat NXT MCC code kya hai?
Kuch bhi ban nhi hoga...banks reward Dena hi band kr denge..yahi ho skta hai bas..
If maid salary comes under Rental and maintenance category, then the customer is doomed with heavy charges
How long we can use the app
Beware everyone, don't use housing app. Every transaction in Housing app comes under rental category. As you know, doing rental transaction on credit card attract huge charges by bank and also app. Even tution fees payment comes under rent in housing app. Customer care has confirmed as per screenshot.
Don't Worry If Rbi Ban Card To Bank Transfer , Then Twitter Will Be Full Of #UnbanRent And Comes To Trending And Rbi Will Unban It.
Many People Surviving With Rotation.