I-T Dept instructs banks to refund any fees levied on UPI transactions from January 2020
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Govt had earlier mandated banks not to levy of Merchant Discount Rate by businesses with turnover of over Rs 50 crore. Income Tax Department has now slammed banks for collecting charges from specified businesses providing payment facility through RuPay debit card or BHIM UPI. Moreover, banks have been instructed to refund charges and also cautioned that such collection would attract a fine.