Centre rules out UPI fee rollback

New Delhi: The Union government has ruled out any rollback of the proposed 0.4 per cent Merchant Discount Rate (MDR) on Unified Payments Interface (UPI) transactions above Rs 2,000, saying the decision has already been taken and will come into effect from October 15. “There is no question of a re-think,” a top government official said, when asked whether the Centre was considering withdrawing the proposed MDR on high-value merchant transactions.

The decision comes amid sharp criticism from Opposition parties, traders and sections of the digital payments ecosystem who dubbed the move as 'Modi Tax'. Congress leader

Rahul Gandhi criticised the PM saying: “Modiji has a completely diff concept, he's neither left or right he has decided to completely lie down straight in front of Donald Trump. He's put a tax on every single Indian person by taxing UPI and giving huge amount op money to the United States.”

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