No stay on 0.4% UPI MDR from October 15, rules Supreme Court
The Supreme Court has declined to pause the Centre's plan to levy a 0.4% Merchant Discount Rate on UPI person-to-merchant transactions above Rs 2,000, leaving the October 15 rollout on track.
The court issued notices to the Centre, the RBI and NPCI, seeking their responses to a petition challenging the change.
The order clears the way for the first-ever merchant fee on India's dominant digital-payments system, a move that could reshape economics for large merchants and payment apps.
Originally reported by Education Times. Article compiled by the Deccan Age desk.
