The Supreme Court will hear a plea challenging the government's decision to impose a Merchant Discount Rate (MDR) on specified UPI transactions exceeding INR 2,000. The hearing is scheduled for October 16.
On October 16, the Supreme Court will hear a petition filed by advocate Anjan Datta against the Centre's recent decision imposing an MDR on certain UPI transactions. This plea alleges that the levy has been introduced without adequate statutory safeguards, transparency or public consultation.
Effective from October 15, the government has introduced an MDR of 0.4% for transactions exceeding INR 2,000. However, everyday person-to-person transactions and small payments are exempted from the charge.
For transactions exceeding INR 75,000, the MDR is capped at INR 300. Sectors such as railways, telecom, insurance, fuel, and agricultural inputs will pay a flat fee of INR 5 per transaction above INR 2,000. Payments into mutual funds, securities, and through stockbrokers and dealers will attract a 0.02% MDR, also capped at INR 300.
The case will be heard by Chief Justice of India Justice Surya Kant along with Justices Joymalya Bagchi and V Mohana.
Source:
Akashvani News
