Which of the following statements regarding RuPay debit cards is/are correct? 1. The Cabinet recently cleared a ₹2,500-crore incentive scheme for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current fiscal. 2. Under the incentive scheme for the promotion of

Question

Which of the following statements regarding RuPay debit cards is/are correct? 1. The Cabinet recently cleared a ₹2,500-crore incentive scheme for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current fiscal. 2. Under the incentive scheme for the promotion of RuPay debit cards and low-value BHIM-UPI transactions, the government pays banks an incentive as a percentage of the value of RuPay debit card transactions and low-value BHIM-UPI transactions up to ₹2,000. 3. Incentives paid by the government to banks for promoting RuPay debit cards and low-value BHIM-UPI transactions will not attract GST. Which of the statements given above is/are correct?

Accepted Answer

2 and 3 only. The scheme provides incentives to banks for promoting RuPay debit cards and low-value BHIM-UPI transactions, and the incentive is linked to the value of eligible transactions. The government incentive is not subject to GST, so statements 2 and 3 are correct.

Solution

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