3 hrs ago
Traders Withdraw No UPI Day Protest as Fee Deadline Remains
Some trader groups planned to stop accepting UPI payments on October 2.
They called this protest 'No UPI Day.'
They were worried about a new fee on certain business payments made through UPI.
The fee would be 0.4 percent for eligible transactions above Rs 2,000.
About 20 trade leaders met Finance Minister Nirmala Sitharaman.
They said the fee could make it more expensive for small and medium-sized businesses to accept digital payments.
After the meeting, the groups canceled the October 2 protest.
However, the proposed fee has not been canceled.
It is still expected to begin on October 15 unless the government makes a change.
Traders withdrew their planned October 2 'No UPI Day' protest after meeting Finance Minister Nirmala Sitharaman.
The protest opposed a proposed 0.4 percent fee on eligible merchant UPI transactions above Rs 2,000.
Around 20 senior trade leaders raised concerns about higher costs for small and medium-sized businesses.
The Confederation of All India Traders delegation was led by Chandni Chowk MP Praveen Khandelwal.
The proposed fee remains scheduled to take effect on October 15.
- Who
- Leading trader organisations, Finance Minister Nirmala Sitharaman, and a delegation led by Praveen Khandelwal.
- What
- Traders withdrew their October 2 'No UPI Day' protest, while the proposed 0.4 percent UPI fee remains scheduled.
- Where
- The meeting took place in New Delhi.
- When
- The meeting took place on Wednesday; the protest was planned for October 2 and the fee for October 15.
- Why
- Traders raised concerns that the fee could increase transaction costs for small and medium-sized businesses.
Trader Concerns
Government Consideration
Effect of the proposed fee
Trader Concerns
Traders say a 0.4 percent charge on eligible merchant UPI payments above Rs 2,000 could increase transaction costs, particularly for small and medium-sized businesses.
Government Consideration
After meeting the traders, Finance Minister Nirmala Sitharaman assured them that their concerns would receive due consideration; the proposed fee nevertheless remains scheduled for October 15.
October 2 protest
Trader Concerns
The All India Consumer Products Federation and the All India Mobile Retailers Association planned to stop accepting UPI payments for one day to oppose the fee.
Government Consideration
The organisations withdrew the protest after what trader representative Praveen Khandelwal described as constructive discussions with the finance minister.
Key facts
- Protest date
- October 2
- Proposed fee
- 0.4 percent
- Transactions affected
- Eligible merchant UPI transactions above Rs 2,000
- Fee start date
- October 15
- Delegation size
- Around 20 senior trade leaders
- Delegation leader
- Praveen Khandelwal, Chandni Chowk MP and secretary general of the Confederation of All India Traders
- Protesting organisations
- The All India Consumer Products Federation and the All India Mobile Retailers Association
Sources
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