Prohibition on charges for electronic payments: banks and system providers cannot levy fees on senders or recipients. The amendment inserts section 10A into the Payment and Settlement Systems Act, providing that, notwithstanding anything in the Act, no bank or system ... Summary
Prohibition on charges for electronic payments: banks and system providers cannot levy fees on senders or recipients.
The amendment inserts section 10A into the Payment and Settlement Systems Act, providing that, notwithstanding anything in the Act, no bank or system provider shall impose, whether directly or indirectly, any charge upon a person making or receiving a payment by using the electronic modes of payment prescribed under the Income-tax Act.
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