Ministry of Finance advises banks not to levy fees on electronic transactions

Ministry of Finance advises banks not to levy fees on electronic transactions

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NEW DELHI: Union Finance Ministry has advised everyone Banks But no charge transaction Or payments made through Electronic modeThe Central Board of Direct Taxes (CBDT) said in a statement on Sunday.
According to CBDT, some representations revealed that some banks are levying and collecting fees on transactions done through UPI.
The CBDT stated that a certain number of transactions were allowed by these banks, under which a fee is levied on each transaction.
“This is a violation of Circular No. 32/2019 of December 30, 20219, which was clarified by the CBDT that the basis of Section 10A (Payment and Settlement Systems) (PSS) Act of any fee including MDR (Merchant Discount Rate) But the release states that payments made via electronic mode will not be implemented until or after January 1, 2020.
Therefore, it said that the Ministry has advised banks not to levy further charges on transactions made using electronic mode as prescribed under Section 269SU of the IT Act on or after January 1, 2020. Any future transactions are done via electronic mode.

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