Trade Marks Act - Petitioner has no locus to challenge order as petitioner is not claiming itself to be manufactory in Madhya Pradesh and registration of its label under M.P. Beer & Wine Rules : HC (See 'Legal Desk') SARFAESI Act - Discretion to grant reduction in pre-deposit rests with DRAT and Petitioner has failed to make out any ground for interference : HC (See 'Legal Desk') Constitution of India - Petitioner is entitled for Capital subsidy : HC (See 'Legal Desk') Coast Guard inks MoU with Jindal Steel for boosting indigenous manufacturing capacity (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') PMLA - Considering involvement of applicant in selling fake Remdesivir injection at higher price, applicant is not entitled for anticipatory bail : HC (See 'Legal Desk') Arbitration Act - Any amicable settlement not incompatible with arbitration agreement is encouraged by Arbitral Tribunal : HC (See 'Legal Desk') M.P. Nagar Tatha Gram Nivesh Adhiniyam, 1973 - Order passed by respondents is devoid of merit as land of petitioner is left open for purpose of any future road expansion : HC (See 'Legal Desk') Arbitration Act - Since appellant has failed to establish loss suffered, Arbitral Tribunal rightly rejected appellant's claim in this regard : HC (See 'Legal Desk') PMLA - Arrest order and consequent remand order are not illegal : HC (See 'Legal Desk') Keel-laying ceremony performed at Goa Shipyard (See 'Corp Brief') Companies Act - Winding up proceedings pending before High Courts, which are at nascent stage and have not progressed to advanced stage, can be transferred to NCLT : HC (See 'Legal Desk') SEBI Act - Extension of time can be allowed to SEBI to complete investigation : SAT (See 'Legal Desk') Arbitration Act - Respondent no.3 is not liable for repayment obligations of financial facilities extended by appellant to respondent no 1 company : HC (See 'Legal Desk') Mineral production grows by 8 percent in February (See 'Corp Brief') SARFAESI Act - Court refrains to adjudicate matter on merits when matter is already pending in DRAT : HC (See 'Legal Desk') Coal production in April up by 7.4% (See 'Corp Brief') SEBI Act - Appellants have made case for stay as rigours of directions of SEBI order would adversely affect business of Appellant as well as their clients : SAT (See 'Legal Desk') Trade Mark Act - Marks 'BETSONE' and 'BETASON' are deceptively similar to registered trademark 'BETNESOL' and visually, phonetically and structurally alike, with minimal alterations : HC (See 'Legal Desk') Voting by tribal communities blossoms as ECI's outreach to them bears fruit (See 'Corp Brief') SARFAESI Act - No fault can be found with respondent financial institution invoking Section 14 of SARFAESI Act by approaching District Magistrate, Rewa : HC (See 'Legal Desk') Ministry of Parliamentary Affairs observes Swachhata Pakhwada (See 'Corp Brief')

Print

RBI rationalises MDR for Debit Card Transactions

Published: Dec 08, 2017

By TIOLCORPLAWS News Service

MUMBAI, DEC 08, 2017: THE Reserve Bank of India has specified the maximum MDR applicable to debit card transactions, which has been revised. Based on consultations with stakeholders on the "Draft Circular - Rationalisation of Merchant Discount Rate (MDR) for Debit Card Transactions", as also taking into account the twin objectives of promoting debit card acceptance by a wider set of merchants, especially small merchants, and ensuring sustainability of the business for the entities involved, it has been decided to rationalize the MDR for debit cards based on the following criteria:

  1. Categorisation of merchants on the basis of turnover.

  2. Adoption of a differentiated MDR for QR-code based transactions.

  3. Specifying a ceiling on the maximum permissible MDR for both 'card present' and 'card not present' transactions.

Accordingly, the maximum MDR for debit card transactions shall be as under:

Sr. No Merchant Category Merchant Discount Rate (MDR) for debit card transactions (as a % of transaction value)
  Physical POS infrastructure including online card transactions QR code-based card acceptance infrastructure
1. Small merchants
(with turnover upto Rs. 20 lakh during the previous financial year) 		Not exceeding 0.40%
(MDR cap of Rs. 200 per transaction) 		Not exceeding 0.30%
(MDR cap of Rs. 200 per transaction)
2. Other merchants
(with turnover above Rs. 20 lakh during the previous financial year) 		Not exceeding 0.90%
(MDR cap of Rs. 1000 per transaction) 		Not exceeding 0.80%
(MDR cap of Rs. 1000 per transaction)

Banks shall ensure that the MDR levied on the merchant shall not exceed the cap rates as prescribed above, irrespective of the entity which is deploying the card acceptance infrastructure at the merchant location. Banks are also advised to ensure that merchants on-boarded by them do not pass on MDR charges to customers while accepting payments through debit cards. The above instructions shall be effective from January 1, 2018. These instructions are subject to review.

TIOL CORP SEARCH

TIOL GROUP WEBSITES

taxindiaonline
taxindiainternational
tioltube
taxindiaonline
A Taxongo Website. Copyright © 2016-2022 tiolcorplaws.com All rights reserved.