Brief by Shorts91 Newsdesk / 03:16am on 11 Aug 2026,Tuesday Business
Parliament on Monday passed the Taxation and other Laws (Amendment) Bill, with Finance Minister Nirmala Sitharaman ruling out any tax or transaction charge on UPI. The Bill, already passed by the Lok Sabha, was returned by the Rajya Sabha through a voice vote after a brief discussion and the Finance Minister’s reply. Sitharaman said UPI has remained free for consumers since its launch and will continue without transaction charges. The legislation seeks to remove the linkage between the Payment and Settlement Systems Act and Income Tax Act, while allowing the government to decide which electronic payments must remain free. It also aims to attract foreign capital, boost domestic electronics manufacturing and facilitate foreign cloud companies’ use of Indian data centres. (PC: BBC)
