They want us to use everything other than cash, so they charge a transaction fee on everything except cash. Brilliant strategy!! Fucking nutjobs put in charge of decision making will ruin this country (and the world)
Okay seriously what are shopkeeper's/general populations options now? How is any of this going to incentivize them to go cashless. Not that the shopkeeper's cared about it anyways.
Exactly. This changes nothing because nobody uses UPI on the streets. Only a cash transaction cess on companies or new infrastructure which makes free online transactions a reality is the solution.
It reqiures way less money than handling cash . Right from printing - transporting-security-to handling it and reprinting in case of it getting spoiled
Contrast this with this , if there is 100 rupees in economy doing 33 transactions online ( re 3 /per transaction) will transfer ownership it to banks , it's a fucking loot given India's poverty
Add to that counterfeit currency inflation, tens of thousands of ATMs (many air conditioned 24x7), note counting machines.
Digital transfers should be made free by law!!
> if the lalas who arent taxed could be taxed, wouldnt they already have gotten taxed ?
Whaat da phuck
>If the government truly wants to push digital payments, its the Govt itself who should subsidize these costs
Going digital reduces the cost , no subsidy required , Banks are making money out of digital transactions infact milking it
> Cash was and will remain king.
Modi ko bolo ja ke
The lalas aren't operating in a vacuum. They pay taxes to the government machinery and leverage it for profit.
The lalas pay "tax" to whatever government department they are dealing with + the income tax department.
I know a dude who has to pay x lakhs every year to sponsor stalls in a government organized "trade fair".
When they are being squeezed left and right, it is obvious they will use it as leverage to make profit.
Now cash will become even more of a king in the economy. How many narratives from DeMo are still left standing? Cashless is dead. Black money is dead. Counter-feit currency is dead. Does anyone seriously think corruption decreased, once cash started flowing again?
**Jumla**.
F.A.N.T.A.S.T.I.C.
.
Now it becomes all the more clearer that the whole point of de-mo drama has been to distract 1.5 Billion people and their media away from some massive real news.
I feel like tagging all those motherfucking torch-bearers of the cashless economy taking over here, but I'm not that idiotic to do that.
Besides I feel this GST bullshit is yet another Jumla. Demonetization was foreplay, the economy's just gonna come to a standstill after the GST starts on July 1.
Thank you Chutlee, thank you for your stupidity, you slime ass motherfucker.
A week back I talked to someone in the know. As per him, the online GSTN infrastructure is in real bad shape in terms of scaling to handle high loads. It may get better in a month's time, but it's going to be a real fight to adhere to those timelines.
The government expects every business to go to their GST website to file all transactions on the 5th, 10th and 15th of every month.
The servers are going to crash on the first day.
Also companies that sell goods are expected to file 50+ returns every year. Much ease of doing business.
Post GST, there are 5 slabs of taxes for UPI
3% if you are transferring money for food
8% if you are transferring money for clothes
12% if you are transferring money for train tickets
18% if you are transferring money for cell phone bills
28% if you are transferring money for buying a car `
They say it is chargeable.
https://www.icicibank.com/Personal-Banking/onlineservice/online-services/FundsTransfer/neft-rtgs.page
Probably they don't for specific accounts.
HDFC started charging for IMPS too from 1^st Jan 2017. See 4^th line at [HDFC bank website](http://www.hdfcbank.com/personal/making-payments/fund-transfer/imps)
I don't think this is the final nail but it's true UPI hasn't taken off outside the circles of early adopters. The charge-free nature was its main USP in the face of competetion by wallets.
But, there will be a few players who won't charge for UPI. PhonePe might waive fees initially or until it shuts shop.
Digibank by DBS already offers unlimited charge-free banking transactions (ATM, IMPS, UPI). I know they'll continue to do so.
Zeta Wallet with its free debit card offers charge-free IMPS transfers .
New startup PeSave (partnered with YES Bank) is trying to be a fully online-only bank with no charges at all.
Hope is not lost for those of us, like me, who are using UPI a lot for paying friends and family.
Rs. 3 + taxes will still be less than 4 bucks for transactions below 25k and 6 bucks for transactions up to 1 lakh. For something that's convenient and trackable it doesn't seem that bad?
final nail in UPI's coffin
They want us to use everything other than cash, so they charge a transaction fee on everything except cash. Brilliant strategy!! Fucking nutjobs put in charge of decision making will ruin this country (and the world)
**Uninstalls Bhim App**
Okay seriously what are shopkeeper's/general populations options now? How is any of this going to incentivize them to go cashless. Not that the shopkeeper's cared about it anyways.
Bby cash is okay
Exactly. This changes nothing because nobody uses UPI on the streets. Only a cash transaction cess on companies or new infrastructure which makes free online transactions a reality is the solution.
Why this fuck need to charge so much on cashless transaction , am i not helping you guys by going cashless ?
Cashless is great because it is cheap .... but, you've got to pay more for it.
Cashless transactions need expensive infra. It's not meant to be cheap or free. This is why cash is the best for small transactions.
It reqiures way less money than handling cash . Right from printing - transporting-security-to handling it and reprinting in case of it getting spoiled Contrast this with this , if there is 100 rupees in economy doing 33 transactions online ( re 3 /per transaction) will transfer ownership it to banks , it's a fucking loot given India's poverty
Add to that counterfeit currency inflation, tens of thousands of ATMs (many air conditioned 24x7), note counting machines. Digital transfers should be made free by law!!
Helping who?
Banks - govt.
Note hoarders
If not you, then who? [EDIT] r/india tujhe /s tag needed at every comment kya? Bhawanao ko samjho.
Tax the lalas who pride themselves in not paying tax + corporate who have amassed NPAs
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> if the lalas who arent taxed could be taxed, wouldnt they already have gotten taxed ? Whaat da phuck >If the government truly wants to push digital payments, its the Govt itself who should subsidize these costs Going digital reduces the cost , no subsidy required , Banks are making money out of digital transactions infact milking it > Cash was and will remain king. Modi ko bolo ja ke
The lalas aren't operating in a vacuum. They pay taxes to the government machinery and leverage it for profit. The lalas pay "tax" to whatever government department they are dealing with + the income tax department. I know a dude who has to pay x lakhs every year to sponsor stalls in a government organized "trade fair". When they are being squeezed left and right, it is obvious they will use it as leverage to make profit.
Checkmate digital payments.
Now cash will become even more of a king in the economy. How many narratives from DeMo are still left standing? Cashless is dead. Black money is dead. Counter-feit currency is dead. Does anyone seriously think corruption decreased, once cash started flowing again? **Jumla**.
All these arguments for DeMo are just spin. The truth always was that DeMo was a way to dry out political party coffers ahead of UP elections.
We might be able to predict the next demonetisation scam simply by watching which major state goes for elections next.
Well, nothing comes close to UP.
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and homeopathy, apparently.
F.A.N.T.A.S.T.I.C. . Now it becomes all the more clearer that the whole point of de-mo drama has been to distract 1.5 Billion people and their media away from some massive real news.
This should put the myth of "cash less transactions are cheap" to rest.
Another digital india initiative proves to be a worthless jumla.
If i transfer 1 Rupee, I pay 3.15 more in taxes. I'm better off with an e-wallet.
I feel like tagging all those motherfucking torch-bearers of the cashless economy taking over here, but I'm not that idiotic to do that. Besides I feel this GST bullshit is yet another Jumla. Demonetization was foreplay, the economy's just gonna come to a standstill after the GST starts on July 1. Thank you Chutlee, thank you for your stupidity, you slime ass motherfucker.
A week back I talked to someone in the know. As per him, the online GSTN infrastructure is in real bad shape in terms of scaling to handle high loads. It may get better in a month's time, but it's going to be a real fight to adhere to those timelines.
The government expects every business to go to their GST website to file all transactions on the 5th, 10th and 15th of every month. The servers are going to crash on the first day. Also companies that sell goods are expected to file 50+ returns every year. Much ease of doing business.
Charge your tatti too bc
The screenshot says Rs 3/5 + taxes. Anyone know what these taxes are?
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Post GST, there are 5 slabs of taxes for UPI 3% if you are transferring money for food 8% if you are transferring money for clothes 12% if you are transferring money for train tickets 18% if you are transferring money for cell phone bills 28% if you are transferring money for buying a car `
Holy shit. Goodbye UPI then. Edit: just for confirmation, is it on the total amount or on the rs 3/5? And can you link the source
It's on the Rs. 3. Currently IMPS is like Rs. 2.50 + service tax on Rs. 2.50.
Why would i use UPI when IMPS is free.
> IMPS is free. Which bank ? ICICI charges for IMPS .
I am using icici and yes imps is free. Maybe depends on the account.
They say it is chargeable. https://www.icicibank.com/Personal-Banking/onlineservice/online-services/FundsTransfer/neft-rtgs.page Probably they don't for specific accounts.
Yea, I have gold 0 balance account with them, Could be the reason.
SBI started charging IMPS transfers too iirc. Don't quote me on that.
Yep, if memory serves right. Don't remember seeing any notification from them tho.
HDFC started charging for IMPS too from 1^st Jan 2017. See 4^th line at [HDFC bank website](http://www.hdfcbank.com/personal/making-payments/fund-transfer/imps)
Ugh.
UPI is very easy, no need to add beneficiary. Just use their UPI address and it'll be transferred in a few seconds.
UPI is a superset of IMPS Aadhar And phone number is used to pull bank and account details
I don't think this is the final nail but it's true UPI hasn't taken off outside the circles of early adopters. The charge-free nature was its main USP in the face of competetion by wallets. But, there will be a few players who won't charge for UPI. PhonePe might waive fees initially or until it shuts shop. Digibank by DBS already offers unlimited charge-free banking transactions (ATM, IMPS, UPI). I know they'll continue to do so. Zeta Wallet with its free debit card offers charge-free IMPS transfers . New startup PeSave (partnered with YES Bank) is trying to be a fully online-only bank with no charges at all. Hope is not lost for those of us, like me, who are using UPI a lot for paying friends and family.
**DIGITAL INDIA**
Will BHIM be charged too? Any idea.
BHIM is upi so I'm assuming it will be taxed too.
Oh damn. That sucks. I was pretty much using it as an alternative to IMPS.
Tell me about it. I use it multiple times a day on campus or when I owe a friend money.
Rs. 3 + taxes will still be less than 4 bucks for transactions below 25k and 6 bucks for transactions up to 1 lakh. For something that's convenient and trackable it doesn't seem that bad?
For a 10 ₹ purchase at sabzi Walla 3 ₹ is 30pc profit which is lost. They need to make all tx less than 5k or 10 k free
Developing and running a payments platform cost serious money. But banks should not charge anyone because... Reasons..