The Reserve Bank of India on Friday decided to slash Merchant Discount Rate (MDR) charges on payments made through debit cards. For transactions of up to Rs 1,000, MDR will be capped at 0.25% of the transaction value. For transactions above Rs 1000, and up to Rs 2000, MDR will[Read More…]
Tag: Transactions
Service tax to be waived on card transactions up to Rs 2,000
Government will waive service tax on debit and credit card transactions of up to Rs 2,000 in a bid to promote digital transactions amid cash crunch following withdrawal of old Rs 500 and Rs 1,000 banknotes. The government has decided to “exempt services by an acquiring bank to any person[Read More…]