Plea in SC against imposition of MDR on UPI payments of above Rs 2,000
Advocate Anjan Datta filed the plea, challenging the Centre's September 14 notification and the MDR framework announced on September 15, which is stated to take effect on October 15.
The finance ministry has announced that a 0.4% merchant discount rate (MDR) will apply to person-to-merchant (P2M) UPI transactions above ₹2,000, while person-to-person (P2P) transactions will remain free of charges. For transactions of ₹75,000 and above, the MDR will be capped at ₹300 per transaction. The new framework comes into effect from October 15, aiming to create a sustainable funding mechanism for the UPI system while ensuring that small merchants and P2P transactions remain unaffected by the changes.
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- UPI sets charges for merchant payments above ₹2,000, caps fee at ₹300 livemint.com
- UPI charges of 0.4% to be levied on merchant transactions above ₹2,000 hindustantimes.com
- Plea in SC against imposition of MDR on UPI payments of above Rs 2,000 economictimes.indiatimes.com
