SC Explains When Shares Received After Company Amalgamation are Taxable as Business Income  ||  SC: Excavators, Dumpers Etc Used Within Factories aren’t Motor Vehicles For Road Tax Purposes  ||  SC: Complaints Alleging Fraud under Companies Act Can Be Filed Only By SFIO, Not By Private Parties  ||  SC: Preventive Detention Cannot Override Bail and Requires Proof of a Threat to Public Order  ||  Supreme Court: Multiple Complaints Are Valid For Dishonour of Several Cheques in One Transaction  ||  SC: Bail Should Not be Refused Mechanically Nor Granted Based on Irrelevant Considerations  ||  Gujarat HC: Motor Accident Compensation Doesn’t Cover Medical Expenses Paid by Charity  ||  HP High Court: Panchayati Raj Elections Cannot Be Postponed Beyond Five-Year Term  ||  Ker HC: Victim Cannot File Second Appeal Seeking Special Leave Against Acquittal Under S.419(4) BNSS  ||  Delhi HC: Right to Higher or Professional Education is Fundamental and Cannot be Curtailed Lightly    

Digital Payment Transactions - Streamlining QR Code infrastructure- (Reserve Bank of India) (22 Oct 2020)

MANU/RMIC/0150/2020

Banking

1.Reserve Bank had constituted a Committee (Chairperson : Prof Deepak Phatak) to review the current system of Quick Response (QR) Codes in India and suggest measures for moving towards interoperable QR Codes. The report of the Committee containing various recommendations was placed on the Reserve Bank website for public comments and feedback.

2. After examining the recommendations and the feedback received, the following has been decided:

i. The two interoperable QR codes in existence - UPI QR and Bharat QR - shall continue as at present.

ii. Payment System Operators (PSOs) that use proprietary QR codes shall shift to one or more interoperable QR codes; the process of migration shall be completed by March 31, 2022.

iii. No new proprietary QR codes shall henceforth be launched by any PSO for any payment transaction.

iv. RBI shall continue a consultative process to standardise and improve interoperable QR codes, to enable beneficial features identified by the Phatak Committee.

v. PSOs may take initiative to increase awareness about interoperable QR codes.

3. The above measures are expected to reinforce the acceptance infrastructure, provide better user convenience due to interoperability and enhance system efficiency.

4. This directive is issued under Section 10 (2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

Tags : DIGITAL PAYMENT   TRANSACTIONS   QR CODE  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved