RBI panel considering tax subsidies for digital payments

RBI panel considering tax subsidies for digital payments

In a bid to develop the fintech and digital banking ecosystem in India, the Government is looking at introducing tax subsidies for merchants that accept a certain proportion of their business revenues from the use of digital payments as opposed to cash. The Reserve Bank of India, in a detailed report, has mentioned that the government may soon consider providing tax subsidies to merchants conducting business through digital payments. The report was conducted by the conducted by an inter-regulatory Working Group, which was formed in 2016 to study the entire gamut of regulatory issues relating to the financial technology […]

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