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Business correspondents Requested RBI to ease domestic transfer limits and rules
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Business correspondents Requested RBI to ease domestic transfer limits and rules
Business correspondents have requested the RBI to double the monthly transfer limit to ?50,000 and reduce two-factor authentication to once a month. They have also flagged misuse of the system by some entities to bypass TDS and GST rules using the payment gateway's API.
Business correspondents (BCs)-who process thousands of crores of rupees daily in domestic remittances-have urged the Reserve Bank of India (RBI) to relax the restrictions it had imposed on monthly and daily transfers 14 years ago, according to people aware of the development.
Business correspondents have requested the RBI to double the monthly transfer limit to ?50,000 and reduce two-factor authentication to once a month. They have also flagged misuse of the system by some entities to bypass TDS and GST rules using the payment gateway's API.
Business correspondents (BCs)-who process thousands of crores of rupees daily in domestic remittances-have urged the Reserve Bank of India (RBI) to relax the restrictions it had imposed on monthly and daily transfers 14 years ago, according to people aware of the development.
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