The impasse over the payment of merchant discount rate (MDR) charges on fuel purchases via debit cards seems to have reached a conclusion with oil retailing companies – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp – agreeing to pay the charges, reports the Mint today.
The move will excuse the buyer, who currently pays the fee, and the fuel dealer from making payment. MDR, a fee charged by the bank, is currently applicable at 1 percent on credit card and 0.25-1 percent on debit card use via swipe machines.
The government had waived MDR at fuel stations till December 31 to encourage cashless transactions after it kicked off the demonetisation exercise, which had led to a sudden shortage of high-denomination notes. Read More…
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