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RBI to reimburse banks MDR charges effective January 1

First such claim may be made by April 30, 2017 for the quarter ending March 31, 2017

Press Trust of India  |  Mumbai 

RBI
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The Reserve Bank will start reimbursing charges to for payments made since January 1 through debit cards by citizens, in line with the government's move to further digital solutions.

In December 2016, the government had decided to absorb the merchant discount rate (MDR) charges in respect of transactions for making payments to it. The move was aimed to encourage people to use digital payments post demonetisation.

"In order to operationalise the (government's direction), the Reserve Bank will reimburse on debit cards used for payment of tax and non-tax dues to the government of India with effect from January 1, 2017," the central bank said in a notification.

have been asked to forward their claim for reimbursement of along with statutory auditor's certificate, as in the case of agency commission claims, to RBI's Nagpur office on a quarterly basis.

Also, the will have to certify that charges for transaction amounts up to Rs 1 lakh have not been collected from the payer.

The have been asked to file claim by April 30 for the quarter ending March 2017. 

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RBI to reimburse banks MDR charges effective January 1

First such claim may be made by April 30, 2017 for the quarter ending March 31, 2017

First such claim may be made by April 30, 2017 for the quarter ending March 31, 2017
The Reserve Bank will start reimbursing charges to for payments made since January 1 through debit cards by citizens, in line with the government's move to further digital solutions.

In December 2016, the government had decided to absorb the merchant discount rate (MDR) charges in respect of transactions for making payments to it. The move was aimed to encourage people to use digital payments post demonetisation.

"In order to operationalise the (government's direction), the Reserve Bank will reimburse on debit cards used for payment of tax and non-tax dues to the government of India with effect from January 1, 2017," the central bank said in a notification.

have been asked to forward their claim for reimbursement of along with statutory auditor's certificate, as in the case of agency commission claims, to RBI's Nagpur office on a quarterly basis.

Also, the will have to certify that charges for transaction amounts up to Rs 1 lakh have not been collected from the payer.

The have been asked to file claim by April 30 for the quarter ending March 2017. 
image
Business Standard
177 22

RBI to reimburse banks MDR charges effective January 1

First such claim may be made by April 30, 2017 for the quarter ending March 31, 2017

The Reserve Bank will start reimbursing charges to for payments made since January 1 through debit cards by citizens, in line with the government's move to further digital solutions.

In December 2016, the government had decided to absorb the merchant discount rate (MDR) charges in respect of transactions for making payments to it. The move was aimed to encourage people to use digital payments post demonetisation.

"In order to operationalise the (government's direction), the Reserve Bank will reimburse on debit cards used for payment of tax and non-tax dues to the government of India with effect from January 1, 2017," the central bank said in a notification.

have been asked to forward their claim for reimbursement of along with statutory auditor's certificate, as in the case of agency commission claims, to RBI's Nagpur office on a quarterly basis.

Also, the will have to certify that charges for transaction amounts up to Rs 1 lakh have not been collected from the payer.

The have been asked to file claim by April 30 for the quarter ending March 2017. 

image
Business Standard
177 22