DFS clarifies no US pressure on UPI MDR decision
India's Department of Financial Services clarified there was no US pressure in the UPI MDR decision. Coverage notes that MDR applies to UPI transactions with GST, and that foreign credit card participation concerns have been addressed without external pressure. The government frames the move as neutral and aimed at supporting Indian UPI apps, while NPCI’s circular is described as not giving foreign cards an advantage.
Key facts
- 01DFS issued a clarification stating there was no US pressure in the UPI MDR decision
- 02MDR applies to UPI transactions and GST will be applicable
- 03NPCI circular offers no advantage to foreign credit cards
- 04Govt sources say there will be full input tax credit and no net revenue for the government
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- No US pressure in UPI MDR decision; NPCI circular offers no advantage to foreign credit cards: FinMin · The Economic Times Tech
- Govt denies foreign pressure behind UPI MDR, says charge will help Indian UPI apps · The Hindu Business
- MDR on UPI not imposed due to external pressure, say govt sources · The Economic Times Tech
Corrections
- · Removed 2 facts that belonged to a different story.