Parliament passes Taxation and Other Laws Bill, UPI remains free
Parliament just passed the Taxation and Other Laws (Amendment) Bill, and here's the good news: UPI payments will still be free for everyone.
Finance Minister Nirmala Sitharaman made it clear: "Will consumer pay any UPI charge - No. UPI has remained free for consumers since its launch and every Indian will continue to make this instant digital without paying any transaction charge."
The bill also aims to bring in more foreign investment, boost electronics manufacturing at home, and make life easier for foreign cloud companies working with Indian data centers.
Bill gives foreign portfolio investors breaks
The Bill lets the government officially keep electronic payment methods (like UPI and RuPay) fee-free by separating payment rules from income tax laws.
It also updates tax rules to give foreign portfolio investors (FPIs) breaks on interest income and capital gains from government securities, plus it replaces an older ordinance with these fresh changes.