As per PSS Act and IT Act, banks should not collect charges on electronic transactions from customers. But few banks are collecting the charges. Finance Ministry has asked the banks to refund the amount collected from January 2020. It is against the PSS Act and IT Act to collect charges on electronic transactions.

Central Board of Direct Taxes, CBDT had issued notification in this regard on 30th December last year. Ministry has asked the banks to not to collect charges in future. As per notification, if the transactions were carried out through RuPay card, BHIM – UPI,  UPI QR Code and BHIM- UPI QR code, no banks or system providers will impose charges.

A new provision added in the Payment and Settlement System, PSS Act, which provides that no bank or system provider will impose any charge on a payer making payment or a beneficiary receiving payment through electronic mode.

Say No To Betting Apps

Don’t get trapped into the betting apps. There are many other apps which run on Share Market and loot your money. You might get little profits initially but you will loose more later. Don’t go after easy money. No one is going to give you INR ₹100 for INR ₹1. Stay secure, safe and happy.

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