I-T dept warns banks against levying UPI fee

The income tax department on Sunday hit out at banks levying fee on electronic transactions or payments via tools such as UPI, warning them of penal action for violating the law. On August 25, TOI had reported that almost all large private banks had introduced charges, ranging from Rs 2.50 to Rs 5, on person-to-person payments made via Unified Payment Interface (UPI) beyond 20 times a month.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/31GuJJn