SC: Arrest & Remand Illegal if Grounds Not Given in Language Arrestee Understands  ||  SC: Judgment for Deceased Party is Null if Legal Heir was not Brought on Record Before Hearing  ||  SC: Hiding a Candidate’s Conviction Voids Election, Regardless of Whether it Influenced Results  ||  Delhi HC: Not Here to Monitor Delhi University, but Students Must Follow Law During Elections  ||  J&K&L HC: Paying Tax or GST Registration Doesn’t Legalize Unlicensed Business Activities  ||  Delhi HC: Victim’s Past or Character Cannot be Used to Suggest Consent in Assault Cases  ||  P&H HC: Constitution isn’t Privilege Charter; Reservation in Promotions Requires Statutory Amendment  ||  Kerala HC: Law Must be Amended to Hold Landowners Liable for Illegal Paddy Land Reclamation  ||  Bombay HC: Parents Saying Daughter was Unhappy, Wept Often not Enough to Convict under 498A IPC  ||  Kerala HC: Physiotherapists and Occupational Therapists Cannot Use “Dr.” Without Medical Degree    

Reimbursement of Merchant Discount Rate- (Reserve Bank of India) (16 Feb 2017)

MANU/RMIC/0008/2017

Banking

The Government of India (GoI) has decided to absorb the Merchant Discount Rate (MDR) charges in respect of debit card transactions while making payments to GoI. The Office Memoranda issued by the Office of Controller General of Accounts dated December 14 and 15, 2016 and Central Board of Direct Taxes dated January 30, 2017 in this regard are enclosed. Agency banks may also be guided by the extant RBI Circulars regarding the applicable MDR rates. In order to operationalise the above, RBI will reimburse banks the MDR on debit cards used for payment of tax and non-tax dues to the Government of India with effect from January 1, 2017. Agency banks are advised to forward their claim for reimbursement of MDR along with statutory auditor's certificate, as in the case of agency commission claims, to our CAS Nagpur on a quarterly basis. The claims may be signed by the Officer-in-Charge of the Government Banking Division of the bank. He should also certify that MDR charges for transaction amounts upto Rs. 1.00 lakh have not been collected from the payer. The first such claim may be made by April 30, 2017 for the quarter ending March 31, 2017.

Tags : MDR   CHARGES   REIMBURSEMENT  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved