New Delhi: Funds transfers through NEFT and RTGS are set to become cheaper from July 1 following a direction from the Reserve Bank of India against imposing charges on such transactions.
The State Bank of India, for example, levy charges between Rs 1 to Rs 5 for transactions through NEFT and between Rs 5 to Rs 50 through RTGS. All these charges will come to an end from July 1 (Monday), said news agency PTI.
The move is aimed at encouraging digital transaction and give a push to the digital economy, Indian Bank Association Chairman Sunil Mehta was quoted by PTI as saying.
Meanwhile, the Finance Ministry will also on Monday roll out a new GST return filing system on a trial basis. The system will subsequently be made mandatory from October 1. The rollout will coincide with two years of the GST implementation.
Rationalisation of cash ledger system and a single refund-disbursing mechanism are also on the cards, the Finance Ministry said in a statement.