No debit card transaction charges for purchases below Rs. 2000
Posted on: 02/Jan/2018 11:32:55 AM
During the central cabinet ministry level meeting conducted the last month, approval on a trial basis was given to the proposal that there should be no transaction charges for using debit cards for purchases below Rs. 2000 – this was in order to encourage the trend of cashless transaction among the public with the above debit charges to be paid by the government.
Accordingly, for cashless transactions using debit cards and BHIM (Bharat Interface for money) under UPI (Union Payment Interface) on the basis of Aadhar cards, there will be no transaction charges for the purchases made for below Rs. 2000.
This scheme came into effect from yesterday (1st January 2018). This will be active for the next 2 years. The Central government Secretary of the Financial Services, Rajeevkumar, informed that the government is expected to incur a loss of Rs. 2512 Crores due to this concession.
