October 1, 2020

I-T Dept asks banks to refund UPI

Shyamasri Bandyopadhyay: I-T Dept asks banks to refund any fees levied on UPI transactions from January 2020.


the government has mandated banks not to levy any charges,

for accepting payment through electronic modes including Merchant Discount Rate for businesses with a turnover of over ₹50 crore.

Income Tax Department on Sunday came hard on banks,

for collecting charges from specified businesses providing payment facility through RuPay debit card or BHIM UPI.

Banks have been asked to refund charges and also cautioned that such collection would attract a penalty