The Supreme Court has refused to grant interim stay on the government’s decision to levy a 0.4 precent Merchant Discount Rate (MDR) on UPI transactions.
A bench led by Chief Justice Surya Kant was hearing a Public Interest Litigation (PIL) filed by advocate Anjan Datta. Earlier last week, the government had announced that UPI transactions [Person-to-Merchant (P2M)] above a certain limit will attract charges from 15 October.
The National Payments Corporation of India (NPCI) has revised Merchant Discount Rate (MDR) framework for select merchant payments. For merchant payments above Rs 2,000 there will be a little MDR charge, small merchants and low-value transactions will continue to remain free.
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