UPI abroad and the 2026 charge-free rule change

1. Question 1Answer B

   The Rajya Sabha returned the Taxation and Other Laws (Amendment) Bill, 2026 on which date?

   • A8 August
   • BCorrect answer: 10 August
   • C14 August
   • D6 September

   Core Trigger: The Lok Sabha passed the Taxation and Other Laws (Amendment) Bill, 2026 on 6 August; the Rajya Sabha returned it on 10 August.From Book 1 RATNA, topic 183, point 1

2. Question 2Answer D

   Which section of the Payment and Settlement Systems Act was amended to enable a UPI merchant fee?

   • ASection 4
   • BSection 18
   • CSection 7
   • DCorrect answer: Section 10A

   Key Change: Section 10A of the Payment and Settlement Systems Act now bars charges only on modes the Centre notifies, enabling a merchant fee.From Book 1 RATNA, topic 183, point 2

3. Question 3Answer B

   Who said small merchants will pay no merchant fee on UPI?

   • APiyush Goyal
   • BCorrect answer: Nirmala Sitharaman
   • CSanjay Malhotra
   • DAmit Shah

   Current Head: Finance Minister Nirmala Sitharaman said small merchants will pay no merchant fee; person-to-person UPI stays free.From Book 1 RATNA, topic 183, point 3

4. Question 4Answer D

   UPI handled 24,161.69 crore transactions in FY 2025-26 worth how much?

   • ARs 214.23 lakh crore
   • BRs 414.23 lakh crore
   • CRs 124.50 lakh crore
   • DCorrect answer: Rs 314.23 lakh crore

   Key Numbers: UPI handled 24,161.69 crore transactions worth Rs 314.23 lakh crore in FY 2025-26.From Book 1 RATNA, topic 183, point 4

5. Question 5Answer B

   Which institution's June 2025 note called UPI the largest retail fast-payment system by volume?

   • AWorld Bank
   • BCorrect answer: IMF
   • CBIS
   • DWTO

   Data Point: A June 2025 IMF note called UPI the world's largest retail fast-payment system by volume.From Book 1 RATNA, topic 183, point 5

6. Question 6Answer B

   NIPL partnered the central bank of which country in May 2024?

   • APeru
   • BCorrect answer: Namibia
   • CTrinidad and Tobago
   • DBhutan

   Agreements: NIPL partnered the Bank of Namibia (May 2024), Peru's central bank (June 2024) and Trinidad and Tobago (September 2024).From Book 1 RATNA, topic 183, point 6

7. Question 7Answer C

   NPCI, the UPI operator, is headquartered in which city?

   • ANew Delhi
   • BHyderabad
   • CCorrect answer: Mumbai
   • DChennai

   Headquarters: NPCI, the UPI operator, is headquartered in Mumbai; its MD and CEO is Dilip Asbe.From Book 1 RATNA, topic 183, point 8

8. Question 8Answer A

   Consider: 1. NPCI was incorporated on 19 December 2008. 2. UPI launched on 11 April 2016 with 12 banks. Which is/are correct?

   • ACorrect answer: Only 1
   • BOnly 2
   • CBoth 1 and 2
   • DNeither

   Founded: NPCI was incorporated on 19 December 2008; UPI launched on 11 April 2016 with 21 banks.From Book 1 RATNA, topic 183, point 9

9. Question 9Answer C

   Since 1 January 2020 RuPay debit and BHIM-UPI have carried zero what?

   • AGST
   • BTransaction limit
   • CCorrect answer: Merchant fee
   • DSettlement delay

   Landmark: Since 1 January 2020 RuPay debit and BHIM-UPI have carried zero merchant fee.From Book 1 RATNA, topic 183, point 10

10. Question 10Answer A

    Consider: 1. Article 110 defines a Money Bill. 2. Article 109(2) gives the Rajya Sabha thirty days to return it. Which is/are correct?

    • ACorrect answer: Only 1
    • BOnly 2
    • CBoth 1 and 2
    • DNeither

    Articles: Article 110 defines a Money Bill; Article 109(2) requires the Rajya Sabha to return it within fourteen days.From Book 1 RATNA, topic 183, point 11

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