Deleted member 30411
TF Buzz
"The Reserve Bank of India (RBI) has mandated that all credit card payments be processed through the Bharat Bill Payment System (BBPS) by June 30" - TAKEN FROM NEWS WEBSITE
**This will remove Phonepe, cred etc from credit card payment, which is a lose to us as well becoz these platforms provides us with little amount of cashback on cc payments
MY QUESTIONs:
1) Is this decision made by Rbi to track Credit card usage as to TRACK & impose Tax for those whose expenditure is below 10 lakhs & income is comparatively less than there expenditure as bank only reports to ITD after crossing 10 lakhs limit.
2) Is this decision made to stop money rotation through credit card? (in any way)
**This will remove Phonepe, cred etc from credit card payment, which is a lose to us as well becoz these platforms provides us with little amount of cashback on cc payments
MY QUESTIONs:
1) Is this decision made by Rbi to track Credit card usage as to TRACK & impose Tax for those whose expenditure is below 10 lakhs & income is comparatively less than there expenditure as bank only reports to ITD after crossing 10 lakhs limit.
2) Is this decision made to stop money rotation through credit card? (in any way)
