Taxation, Payment and Settlement Systems amendment get President's nod
President Droupadi Murmu has given her assent to the Taxation and Other Laws (Amendment) Act, 2026, and another law to amend the Payment and Settlement Systems Act of 2007.
The bills were passed by Parliament on August 10.
The Taxation and Other Laws (Amendment) Act, 2026, and an Act to further amend the Payment and Settlement Systems Act, 2007, have received the assent of the President on the August 17, 2026, the Ministry of Law said in a gazette notification.
Through the taxation Act, the government seeks to attract more foreign capital, promote domestic electronics manufacturing and make it easier for foreign cloud companies to use Indian data centres by providing "process certainty".
The amendment to the Payment and Settlement Systems Act, 2007, gives a legal backing to the government to modify the zero-MDR framework on UPI and RuPay card transactions.
The government can now decide, via notification, which electronic payment modes or transactions would remain free from MDR ...
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