Bank customers have got a big relief in Coronavirus.
-Modi Sarkar (PM Modi) has abolished the additional charge on Digital Transaction including UPI.
The Income Tax Department has asked banks to refund to customers the charges levied after 1 January 2020 on transactions made on digital platforms such as RuPay Card or Bhima-UPI (UPI, RuPay BHIM). Do it
Bank customers have got great relief in the coronavirus. Modi government (PM Modi) has abolished the additional charge on digital transactions including UPI. The Income Tax Department has asked banks to refund the charges charged after 1 January 2020 on transactions made on digital platforms such as RuPay Card or Bhima-UPI (UPI, RuPay BHIM). . Along with this, CBDT has strictly asked the banks not to levy any charge on any transaction done through electronic platform in future, citing section 269 SU of Income Tax Act.
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Customers will get refund
According to the report, the government has added a new provision in the Finance Act 2019 in the form of Section 269 SU, promoting digital transactions. The CBDT stated in the circular that if banks have charged any charge on transactions made through electronic mode fixed on or after January 1, 2020, they should refund it immediately and do not charge any charges on such transactions in future.
Let us tell you that in December 2019 it was clarified that from January 1, 2020, any type of charge including merchant discount rate (MDR) will not be applicable on the transaction done in fixed electronic mode. Action can be taken against any charges levied by banks in digital transactions from customers.
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Action can be taken against banks
CBDT said that violation of these laws can be taken against the bank under section 271DB of IT Act and section 26 of PSS Act. According to data released by the National Payments Corporation of India, 1.49 billion UPI digital transactions took place in July. Digital payments have become a necessity after the coronavirus outbreak.
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