Federation of Manufacturers Urges Withdrawal of Proposed UPI Transaction Fee
What happened
The Federation of Manufacturers and Traders Associations of Tamil Nadu urged the central government to withdraw a proposed 0.4% fee on UPI transactions exceeding Rs2,000, which is scheduled to begin on October 15. The fee would be deducted by banks from the account of the merchant receiving the payment. Ravichandran, president of the Federation, warned that implementing the charge could force merchants and consumers to revert to cash transactions.
From indiatimes.com
Why it matters
The Federation argues that the fee would place an excessive financial burden on merchants who are already dealing with high commodity prices, intense competition, and rising operational costs. The proposal directly impacts the cost of digital commerce in Tamil Nadu.
From indiatimes.com
Who's involved
- RavichandranPresident of the Federation of Manufacturers and Traders Associations of Tamil Nadu (FOMTA)
- Tamil NaduState of Tamil Nadu, where the merchants and transactions are based
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
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The entities involved
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Ravichandran
Indian actor
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Tamil Nadu
state of India
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