The Supreme Court on Monday refused to grant an interim stay on the government’s new merchant discount rate framework that imposes a 0.4% charge on certain UPI transactions above Rs 2,000, allowing the policy to remain on track for an October 15 rollout. The court, however, issued notices to the Union government, the Reserve Bank of India, the National Payments Corporation of India and other respondents after a public interest litigation challenged the levy’s legality.
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"Supreme Court Declines Interim Stay on 0.4% UPI MDR, Puts Government, RBI and NPCI on Notice"
The Supreme Court on Monday refused to grant an interim stay on the government’s new merchant discount rate framework that imposes a 0.4% charge on certain UPI transactions above Rs 2,000, allowing the policy to remain on track for an October 15 rollout. The court, however, issued notices to the Union government, the Reserve Bank of India, the National Payments Corporation of India and other respondents after a public interest litigation challenged the levy’s legality.
Supreme Court Declines Interim Stay on 0.4% UPI MDR, Puts Government, RBI and NPCI on Notice
R
RDU Global Wire
BFSI & Fintech Desk
New Delhi, India Just now (01:48 PM IST)•5 min read
The Supreme Court on Monday refused to grant an interim stay on the government’s new merchant discount rate framework that imposes a 0.4% charge on certain UPI transactions above Rs 2,000, allowing the policy to remain on track for an October 15 rollout. The court, however, issued notices to the Union government, the Reserve Bank of India, the National Payments Corporation of India and other respondents after a public interest litigation challenged the levy’s legality.
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