It is already known that the government of India and the finance ministry have communicated that UPI transactions above ₹2000 will invite MDR charges of 0.4% for the merchants. This is going to come to flight from October 15.
However, there are several concerns about the implementation of this financial system, as people are fear if these merchants would impose this fee on the common public.
Subsequently, multiple court cases were filed at the Supreme Court demanding an immediate pause on this prospect. Incidentally, one such crucial case came to a hearing at the Supreme Court today.
The Supreme Court has issued notices to the Reserve Bank of India and National Payments Corporation of India over a plea challenging the government’s decision to impose a 0.4% Merchant Discount Rate on specified UPI person-to-merchant transactions above Rs 2,000.
But the fundamental point that must be kept in mind, here is that the Supreme Court Court did not instruct the central government or the finance ministry to pause this UPI fee which is coming to effect on October 15.
As the UPI fee that is proposed by the authorities will be implemented from dimension date and the public will have to make do with the same. But the Supreme Court has instructed the authorities to clarify on the specified reasons behind the imposition of this fee though.
