Disscussion on "Tariffs on UPI transactions proposed by the Govt. of India"

On the occasion of the 157th birth anniversary of the Father of the Nation, Mahatma Gandhi, a seminar was held under the aegis of the CR Foundation on the topic "Tariffs on UPI transactions proposed by the Government of India." Professor D. Narasimha Reddy—a renowned economist, former Professor of Economics, and former Dean of the School of Social Sciences at the University of Hyderabad—participated in the event as the chief guest.

Prof. Narasimhareddy described that companies like Mastercard and Visa are losing due to UPI payments in the context of India-America business talks, the Indian government imposing 0.4% tax on UPI payments above Rs.2 thousand as an anti-people action. UPI system in Chalamani in India has gained a good reputation all over the world. 11 countries are following this policy. Due to the usage of UPI, a turnover of Rs 314 lakh crores is happening annually. Hence the cost of printing currency is Rs. Government estimates say that there is an income of 57 thousand crores. Rs in total transactions 95% of transactions under 2k is valued at 20 percent of total turnover. 80% turnover is likely to be taxed. Commercials who say it can afford it ultimately fell on consumers.