Supreme Court: Foreign Companies’ Head Office Expenses in India are Capped under Section 44C  ||  SC Directs Trial Courts to Systematically Catalogue Witnesses and Evidence in Criminal Judgments  ||  SC Calls For Sensitising Future Generations on Equality in Marriage to Combat Dowry Practices  ||  SC: Separate Suits Against Confirmed Auction Sales are Barred; Remedy Available under Sec 47  ||  NCLT Mumbai: Oppression Claims Against Majority Shareholders Do not Justify Winding up a Company  ||  J&K&L HC Rules it Illegal and Inequitable to Deny Regularisation to a Daily Wager After 34 Years  ||  J&K&L High Court: Revisional Powers Must Be Used Within Reasonable Time; Merits Don’t Justify Delay  ||  Supreme Court: Compassionate Appointees Cannot Later Claim Entitlement to a Higher Post  ||  NCLAT New Delhi: Insolvency Pleas Cannot Be Admitted When Information Utility Records Show a Dispute  ||  NCLAT: Issuing Cheques For Another Entity’s Liabilities Does not Constitute Operational Debt    

Directions on charging of fees for transactions settled on Immediate Payment Service and Unified Payments Interface- (Press Information Bureau) (21 Dec 2016)

MANU/PIBU/1074/2016

Banking

In line with the Central Government's objective of promotion of payments through cards and digital means over payments in cash, the Reserve Bank of India (RBI) has recently rationalized customer charges for transactions up to Rs. 1000/- settled on Immediate Payment Service (IMPS), Unified Payments Interface (UPI) and Unstructured Supplementary Service Data (USSD) with effect from 01.01.2017 till 31.03.2017. RBI has also rationalized the Merchant Discount Rate (MDR) for debit card transactions up to Rs. 2000/- with effect from 01.01.2017 till 31.03.2017. In order to further promote digital and card payments, the Department of Financial Services (DFS), Ministry of Finance has issued a direction in public interest to all Public Sector Banks (PSBs), in accordance with which these banks shall not charge fees for transactions settled on Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) in excess of rates charged for National Electronic Funds Transfer (NEFT) for transactions above Rs. 1000/-, with service tax being charged at actuals. For Unstructured Supplementary Service Data (USSD) transactions above Rs. 1000/-, a further discount of fifty paise on these rates shall apply.

Tags : DIRECTION   TRANSACTION   FEES  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved