Digital transactions including UPI will not be charged, refund will be given if money is deducted

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New Delhi, 30 August 2020 Sunday

Merchant Discount Rates (MDR) will no longer be charged on digital transactions. If the MDR charge is deducted on any transaction after January 1, 2020, the banks will also refund it to the customers. The Central Board of Direct Taxes (CBDT) on Sunday notified the banks.

The central government issued a circular in December last year stating that from January 1, 2020, no other charges, including MDR, would be levied for payments through electronic mode. Indeed, the government has taken this decision to promote digital transactions in the country.

The directive issued by the CBDT states that some banks are charging certain charges for making payments through UPI (Unified Payment Interface). This includes charging customers after a certain limit transaction. By doing so, the banks are violating the rules and necessary action can be taken against them.

What happens is MDR

There is a fee that shoppers charge you by debit, credit card or digital payment. You can say that this fee is charged on debit or credit card payment facility. The shopkeeper does not receive the amount received from the MDR (Merchant Discount Rate). He will have to pay MDR instead of every payment made by card.

Benefits of UPI

With the help of UPI you can transfer money anywhere, to anyone's account. With the help of UPI you can use UPI using many apps like BHIM, Phone Pay, Google Pay, MobiQuick, Paytm. Currently, the maximum fund transfer limit through UPI is Rs 1 lakh. However each bank is different.

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