Supreme Court Refuses To Stay Charges For UPI Transactions Above 2,000
The Supreme Court of India has declined to stay the government's decision to impose a 0.4% merchant discount rate on UPI transactions exceeding Rs 2,000. The court has requested the Centre and the RBI to provide a legal justification for the new fee structure.
Why it matters
This decision impacts the cost structure of digital payments for merchants and clarifies the regulatory framework governing India's widely used UPI system.
The Supreme Court on Monday refused to stay the Centre's decision to impose charges for UPI person-to-merchant transactions above Rs 2,000.A bench of Chief Justice of India Surya Kant and Justices Joymalya Bagchi and V Mohana directed the Centre, the Reserve Bank of India and others to file their counter affidavits within four weeks.The top court has sought an affidavit from the Centre, explaining the basis for the decision.Read: Supreme Court Refuses Stay On Charges Above Rs 2,000.
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