No transaction charges on payments up to Rs 2,000 via debit card

Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made […]

   

Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up to Rs 2,000 from today onwards. Last month, union cabinet approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs 2,000 made through debit cards, BHIM UPI or Aadhaar-enabled payment systems to promote digital transactions. “Happy Digital 2018. December quarter BHIM transaction rises 86 per cent to 145.6 million with value of Rs 13,174 crore,” Financial services secretary Rajiv Kumar said in a tweet on Monday. “Further impetus to digital payments, government to reimburse charges for transaction up to Rs 2,000 on debit cards/BHIM. Zero charges on merchants. Go Digital, embrace transparency,” he said. The MDR will be borne by the government for two years with effect from 1 January, 2018 by reimbursing the same to banks. The move will have an impact of Rs 2,512 crore on the exchequer. The decision was taken at the cabinet meeting chaired by prime minister Narendra Modi.





Trending

RAI

RAI requests RBI to implement a three-month moratorium on loans

Coronavirus trade impact

Covid-19 Economic Impact: Government extends foreign trade policy for one year

Coronavirus tax

Covid 19 Economic Impact : Finance Ministry issues Taxation and other Laws Ordinance, 2020

Coronavirus MSME

Covid-19 Economic Impact: Tamil Nadu CM announces concessions for MSME units, farmers

Coronavirus sanitizer industry

Covid-19 Impact: Chemical manufacturers brace for drop in revenues

medical kits

MSME ministry: Inform govt if you are dealing with products required to fight Covid-19

Schemes

COVID-19: Companies fresh start & LLP settlement scheme to provide relief

commerce ministry

Lockdown Impact: Commerce ministry provides relaxations in filing compliance report to SEZs

RBI Covid-Measure-Industry Reactions

Industry Reacts positively on RBI’s announcement to counter COVID-19 impact on economy

Srinivas-Rao-Mahankali

“Nothing in our lifetimes has prepared us for a situation like this”: M. Srinivas Rao, CEO, Global Alliance for Mass Entrepreneurship

coronavirus lockdown

Cabinet Secretary: No plan of extending coronavirus lockdown

invest india

Over 1.75 Lakh people visit business immunity platform website in a week