Supreme Court ISSUES NOTICE on writ petition seeking quashing of Gazette notifications issued by the Union Ministry of Finance on September 14 and 15, announcing charges on commercial #UPI transactions above ₹2,000

Bench: CJI Surya Kant, J Joymalya Bagchi and J V Mohana

Petitioner's counsel: Since UPI was brought, black money transactions were reduced

ASG Venkatraman: It's yet to come...Oct 15 is the first milestone. 96% using gateways are exempt. Amongst the [...] persons, essential services are capped at 5 rs. There's a value cap. It's not a tax or fee

CJI: we need these facts on affidavit. It's more of a technical issue

J Bagchi: What is the executive scope of making this expropriation? We would have understood if it was a fee. It's not a fee, then what is the character? Charge of 1% on 140 cr Indians [...]

ASG: There's cost for doing debit/credit card transactions. UPI is not different. 2 operators provide the service. 1 are the banks. It is not statutory collection by govt of India. It's a settlement fee amongst the players, which NPCI facilitates. Govt not taking a rupee of this.