Award-winning economist Dr Lekha S Chakraborty, who is also Professor and Chair at the National Institute of Public Finance and Policy, speaks to Open about the new Taxation and Other Laws (Amendment) Bill, which proposes a fee on UPI transactions, fears among wealth-management businesses, the next phase of digital payments, the United States’ stand on instant payment systems in India and Brazil, and more. Chakraborty, who is a Governing Board Member of the International Institute of Public Finance and Policy, Munich, says, “Transparent thresholds, strong protections for small merchants, and continued zero charges for consumers constitute one path that maintains the public-good character of the system.” An alumna of Delhi’s Jawaharlal Nehru University, her books include ‘Fiscal Policy for Sustainable Development in Asia Pacific: Gender Budgeting in India’ and ‘Fiscal Consolidation, Budget Deficits, and Macroeconomics’. Edited excerpts: