Finance Minister Nirmala Sitharaman clarified that the proposed Merchant Discount Rate (MDR) on select high-value UPI transactions is not a tax or cess, and its collections will not go to the government. She explained that MDR is a charge within the digital payments ecosystem, shared among participants to maintain infrastructure, and will not be passed on to consumers. The NPCI's new framework, effective October 15, applies a 0.4% MDR on person-to-merchant UPI transactions above Rs 2,000, with most transactions remaining free and small merchants exempt.
Shares of fintech firms, particularly Paytm, saw significant movement after the Indian government introduced a 0.4 per cent fee on UPI transfers exceeding Rs 2,000 made to merchants, effective October 15.
Neeru Dhanda and Kynan Chenai secured a historic mixed team trap shooting gold at the Asian Games, making Dhanda the most successful Indian athlete with three medals. Dhanda, who also won individual gold and team silver, overcame illness and fatigue, while Chenai provided crucial stability, using his father's lucky gun barrel.
'And now since Lakshmi Mittal owns Rajasthan Royals, he will never let Vaibhav Sooryavanshi go anywhere. And if it ever happens, not just me... the entire IPL world of owners are waiting.'
The NCP (SP) has demanded a complete rollback of the 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15. The party termed the move a "direct assault" on small traders and shopkeepers, accusing the Modi government of "double standards" by burdening small merchants while large industrialists benefit from loan write-offs.
Germany secured their first win under new coach Juergen Klopp against Serbia in the Nations League. Portugal continued their strong run despite Cristiano Ronaldo's absence, while the Netherlands staged a comeback draw against Greece. Other results included Wales beating Norway and Ireland drawing with Austria amidst protests.
Five-time world champions Brazil have arrived in Kolkata for a high-profile friendly match against India.
Teenager Kumkum Mohod clinched a historic gold medal in the women's individual recurve event at the Asian Games in Nagoya, defeating South Korea's Oh Yejin in a thrilling shoot-out.
The Indian men's hockey team is set to face Malaysia in the Asian Games final, aiming to defend their gold medal and secure a spot in the 2028 Los Angeles Olympics. After a challenging semifinal win against Pakistan, India will need to tighten their defence against an unbeaten Malaysian side. The match holds significant personal milestones for Indian captain Harmanpreet Singh and veteran Manpreet Singh, with high stakes for both nations.
India's men's hockey team successfully defended their Asian Games gold medal by defeating Malaysia 5-1, securing a direct qualification for the 2028 Los Angeles Olympics.
'UPI has been free since Covid, so why is the government charging us now?'
Former NITI Aayog vice-chairman Rajiv Kumar has urged the government to maintain zero-fee UPI transactions for several more years, arguing that the benefits of UPI as a public good outweigh the costs. This comes amidst the government's recent decision to introduce a 0.4% fee on person-to-merchant UPI transactions above Rs 2,000 from October 15, a move that has drawn criticism.
The Indian government has introduced a 0.4 per cent Merchant Discount Rate (MDR) on UPI payments exceeding Rs 2,000 made to merchants, effective from October 15, with a comprehensive framework set to take full effect by October 15, 2026. This policy aims to regulate transaction fees while protecting small merchants and person-to-person transactions.
Uruguay head coach Diego Forlan discusses the team's recent World Cup group-stage exits, emphasising the need for calm and confidence in rebuilding the squad. He highlights his philosophy of hard work, adaptability, and playing good football, while acknowledging the pressure of managing a national team with a rich history. Forlan also reflects on his initial games as coach and the importance of team cohesion.
Indian benchmark indices, Sensex and Nifty, closed flat on Friday, with elevated crude oil prices due to geopolitical uncertainties and a rebound in US Treasury yields making investors cautious and preventing a decisive market rally.
A chargesheet filed by Pune Rural police reveals how Siya Goyal and her alleged lover Chetan Chaudhary meticulously planned the murder of realtor Ketan Agarwal. The accused reportedly researched online about past deaths at Lohagad Fort and methods to conceal evidence, including studying a 2025 death at the same location, to make Agarwal's murder appear accidental.
Industry body Assocham has welcomed the new UPI framework for large-value merchant transactions, effective October 15. This framework introduces a 0.4 per cent Merchant Discount Rate (MDR) on person-to-merchant UPI payments exceeding Rs 2,000, with a cap of Rs 300 for transactions over Rs 75,000. The move aims to enhance UPI sustainability, support innovation, and mitigate fraud, while protecting small merchants and ensuring most everyday transactions remain free.
EPF wage ceiling rising to Rs 25,000 could increase employer statutory contributions by Rs 1,200 monthly per employee.
A Public Interest Litigation has been filed in the Supreme Court challenging the Centre's decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI person-to-merchant transactions exceeding Rs 2,000. The plea argues that the levy was introduced without adequate statutory safeguards, transparency, or public consultation, and questions its constitutional validity and potential adverse effects on merchants and consumers.
Economy passengers are paying more year-on-year while business travellers are paying less.
The US Citizenship and Immigration Services (USCIS) has announced a significant increase in fees for the EB-5 Immigrant Investor Programme, effective November 30. This programme allows foreign investors, including many from India, to obtain permanent residency by investing in US commercial enterprises and creating jobs. The fee hikes, some more than doubling, are intended to fund USCIS operations, which are largely supported by fees rather than taxes.
Before protesting against the State, the citizen should not have to ask: Sir, may I protest, please?, asserts Prem Panicker.
The GST Council is set to discuss the application of GST on merchant fees for UPI transactions exceeding Rs 2,000. This comes as a new Merchant Discount Rate (MDR) of 0.4% (capped at Rs 300) is effective from October 15 for such transactions, which, as a service, would typically attract an 18% GST levy. The Council's decision is anticipated to consider consumer interests, with merchants potentially able to claim Input Tax Credit.
The Finance Ministry has clarified that the decision to impose a 0.4% Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000 was made independently, refuting claims of foreign influence. The ministry stated the policy aims to build a self-sustaining digital payments ecosystem, with MDR funding infrastructure and supporting small merchants.
Indian benchmark indices, Sensex and Nifty, saw an early rebound after significant losses, driven by value buying, though elevated oil prices and anticipation of the US Federal Reserve's policy decision tempered gains. Track Sensex, Nifty on September 16.
A member of the National Traders' Welfare Board (NTWB) has urged the central government to withdraw its decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000, effective from October 15. He warned that the new charge, which will be borne by merchants, could negatively impact business growth and lead to higher prices, contradicting the government's 'ease of doing business' policy.
Indian hockey stars Hardik Singh and Manpreet Singh shared their thoughts on the recent Asian Games gold medal win, which also secured their qualification for the LA 2028 Olympics. They discussed their dietary plans, coach Craig Fulton's positive influence, and the team's belief in their attacking prowess.
India finished fourth at the Aichi-Nagoya Asian Games with 85 medals, a significant dip from the previous edition's record haul. While traditional strongholds like shooting and athletics underperformed, breakthroughs in archery, wrestling, golf, boxing, hockey, and cricket showcased a broadening sporting base. The performance serves as a reality check on sustaining progress towards top global rankings and highlights areas for improvement in mental conditioning and preparation.
Most Indian investors start their investment journey with the wrong question. They ask, "Which fund will give the highest return?" instead of "How do I structure my investments so that I pay less tax, manage risk effectively, and still compound wealth over time?"
India's bowling attack, particularly veteran Ravindra Jadeja, is under immense pressure to deliver an improved performance in the third and final ODI against the West Indies in Mullanpur. With the series already secured, the focus shifts to addressing the team's struggles in picking up early wickets and containing runs, especially in the powerplay and middle overs.
What happens to my money if the market falls off a cliff tomorrow? Sandipan Roy, CIO, Motilal Oswal Private Wealth has the answer.
Samajwadi Party president Akhilesh Yadav has criticised the BJP government's proposed Merchant Discount Rate (MDR) on high-value UPI transactions, calling it a "chungi" (tax) on digital payments. He alleged the move was an attempt to extract money from people's transactions, contradicting the government's goal of a trillion-dollar economy. The new UPI framework will impose a 0.4% MDR on person-to-merchant transactions above Rs 2,000 from October 15, with certain sectors having a flat Rs 5 MDR.
The Finance Ministry has refuted allegations that US pressure influenced the decision to levy a 0.4% Merchant Discount Rate (MDR) on select UPI payments. It clarified that NPCI guidelines prioritise RuPay credit cards on UPI to foster a domestic payment ecosystem and that the MDR introduction aims to create a sustainable revenue model for smaller domestic companies, thereby protecting India's sovereignty in digital payments.
The Indian women's recurve archery team secured a historic gold medal at the Asian Games by defeating 10-time Olympic champions South Korea. The team, comprising Ankita Bhakat, Kirti Sharma, and Kumkum Mohod, displayed exceptional nerve in challenging conditions.
BJD chief Naveen Patnaik has voiced concerns over the Centre's decision to introduce Merchant Discount Rate (MDR) charges on UPI transactions above Rs 2,000 from October 15, urging protection for small traders and common people. This move has sparked a political debate, with the BJP defending the charges as beneficial for digital infrastructure and largely not impacting consumers, while the Congress and traders' associations criticise it as an additional burden.
The Congress party has criticised the government's new 0.4% charge on UPI transactions above Rs 2,000 for merchants, terming it a "Modi tax". Opposition leaders, including Rahul Gandhi and Mallikarjun Kharge, allege that this move will ultimately burden consumers through price hikes and accuse the government of succumbing to American pressure to dilute India's zero-MDR policy. The government states the charge will support banks and fintechs.
The Indian government has introduced a 0.4% transaction fee on Unified Payments Interface (UPI) payments exceeding Rs 2,000 for merchants, effective October 15, marking the end of nearly six years of free service. Person-to-person transfers and small-value transactions below Rs 2,000 remain free. The new Merchant Discount Rate (MDR) is capped at Rs 300 for transactions above Rs 75,000, with differentiated rates for essential sectors and investments, and safeguards to prevent costs from being passed to consumers.
Cristiano Ronaldo abruptly left Portugal's training camp in Copenhagen, plunging his international future into doubt, shortly after coach Jorge Jesus acknowledged tensions between them. Ronaldo stated he would reveal the reasons for his departure 'in due course'.
Experts laud the decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000, effective October 15. This move, along with a dedicated fund for small merchants, is seen as crucial for creating a sustainable digital payments ecosystem, incentivising expansion in rural areas, and funding innovation while keeping most transactions free for users.
Merchants will be subject to an 18 per cent Goods and Services Tax (GST) on the Merchant Discount Rate (MDR) for UPI payments exceeding Rs 2,000, but can mitigate this burden by claiming input tax credit (ITC), according to tax experts.
