{"id":258873,"date":"2021-12-22T10:30:14","date_gmt":"2021-12-22T05:00:14","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=258873"},"modified":"2021-12-22T10:17:59","modified_gmt":"2021-12-22T04:47:59","slug":"meity-introduces-incentive-scheme-for-promotion-of-rupay-debit-cards-and-low-value-bhim-upi-transactions","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/12\/22\/meity-introduces-incentive-scheme-for-promotion-of-rupay-debit-cards-and-low-value-bhim-upi-transactions\/","title":{"rendered":"MeitY introduces incentive scheme for promotion of RuPay Debit cards and low-value BHIM-UPI transactions"},"content":{"rendered":"<p style=\"text-align: justify;\">On December 17, 2021, the Ministry of Electronics and Information Technology has notified the decision of the Government to incentivise the acquiring Banks by paying percentage of value of RuPay Debit cards transactions (P2M) and low-value BHIM-UPI transaction (upto Rs. 2000) (P2M), for a period of one-year w.e.f. April 01, 2021.<\/p>\n<p style=\"text-align: justify;\">\n<h4 style=\"text-align: justify;\">Key provisions:<\/h4>\n<p style=\"text-align: justify;\">\n<ul style=\"text-align: justify;\">\n<li>The Banks would be required to show at least 10% YOY growth rate in number of RuPay Debit card transaction and 50% YOY growth rate in number of BHIM-UPI transactions at the end of the last quarter of scheme.<\/li>\n<li>To reduce the financial burden on the Government, lower incentive rate has been proposed on transactions done at merchants under Industry Programmes.<\/li>\n<li>Reimbursement of the claims will be done on quarterly basis. On successful submission of the claims, 95% of the claimed amount will be reimbursed to the Banks after each quarter. The remaining 5% of the claimed amount of each quarter will be released at the end of last quarter of the scheme.<\/li>\n<li>The incentive will be shared by the acquiring banks with other stakeholders. The distribution of the incentive amongst the stakeholders will be decided by NPCI in consultation with the Banks.<\/li>\n<li>The Scheme is applicable to the Banks having operations in India and transactions done in India.<\/li>\n<li>The operational guideline for implementation of the scheme will be issued to the acquiring banks by MeitY in consultation with NPCI.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<hr \/>\n<h4 style=\"text-align: justify;\"><span style=\"color: #000080;\">*Tanvi Singh, Editorial Assistant has reported this brief.<\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>On December 17, 2021, the Ministry of Electronics and Information Technology has notified the decision of the Government to incentivise the acquiring <\/p>\n","protected":false},"author":121,"featured_media":255939,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-258873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MeitY introduces incentive scheme for promotion of RuPay Debit cards and low-value BHIM-UPI transactions | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Based on Section 10 A of the Payment and Settlement Systems Act, 2000, any charge including the Merchant Discount Rate shall not\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/pbs.twimg.com\/media\/EgqjKAvUYAI5W3C?format=jpg&name=900x900","width":350,"height":200,"srcset":"https:\/\/pbs.twimg.com\/media\/EgqjKAvUYAI5W3C?format=jpg&name=900x900 1x, https:\/\/pbs.twimg.com\/media\/EgqjKAvUYAI5W3C?format=jpg&name=900x900 1.5x, https:\/\/pbs.twimg.com\/media\/EgqjKAvUYAI5W3C?format=jpg&name=900x900 2x"},"classes":[]},{"id":230154,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/05\/28\/scba-writes-to-secretary-general-supreme-court-requesting-inclusion-of-rupay-card-and-upi-for-payment-of-court-fees\/","url_meta":{"origin":258873,"position":1},"title":"SCBA writes to Secretary General, Supreme Court, requesting inclusion of RuPay card and UPI for payment of court fees","author":"Bhumika Indulia","date":"May 28, 2020","format":false,"excerpt":"SCBA writes to Secretary General, Supreme Court, requesting inclusion of RuPay card and UPI for payment of court fees. For the payment of Court Fees, the Supreme Court website is accepting payments from only four credit Cards i.e. Visa, Mastercard, Mistro and American express. It does not provide the facility\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2018\/09\/scba.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":176344,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/15\/govt-subsidize-mdr-charges-debit-card-bhim-upi-aeps-transactions-value-less-rs-2000\/","url_meta":{"origin":258873,"position":2},"title":"Govt to subsidize MDR charges on debit card\/BHIM UPI\/AePS transactions of value less than Rs. 2000","author":"Saba","date":"December 15, 2017","format":false,"excerpt":"The Union Cabinet has approved that the Merchant Discount Rate (MDR) applicable on all debit card\/BHIM UPI\/ Aadhaar enabled Payment System (AePS) transactions up to and including a value of Rs. 2000 will be borne by the Government for a period of two years with effect from 1st January, 2018\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/12\/DSC_4762-e1474523869607.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":223709,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/12\/31\/income-tax-16th-amendment-rules-2019-cbdt-notifies-modes-of-payment-for-s-269su-of-it-act-1961\/","url_meta":{"origin":258873,"position":3},"title":"Income-tax (16th Amendment) Rules, 2019; CBDT notifies modes of payment for S. 269SU of IT Act, 1961","author":"Bhumika Indulia","date":"December 31, 2019","format":false,"excerpt":"G.S.R. 960(E).\u2014In exercise of the powers conferred by Section 269SU read with Section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend Income-tax Rules, 1962, namely\u2014 Short title and commencement.\u2014(1) These rules may be called the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27691,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/11\/30\/condition-of-45-days-usage-extended-to-90-days-for-rupay-classic-cardholders-to-claim-an-inbuilt-accident-insurance-cover-of-rs-1-lakh\/","url_meta":{"origin":258873,"position":4},"title":"Condition of 45 days usage extended to 90 days for RuPay Classic cardholders to claim an inbuilt accident insurance cover of Rs.1 lakh","author":"Sucheta","date":"November 30, 2015","format":false,"excerpt":"Prime Minister Shri Narendra Modi in his Independence Day Speech 2014 announced Pradhan Mantri Jan Dhan Yojana (PMJDY) with an objective to cover all households with at least one bank account per household across the country. The Scheme also provided RuPay Debit Card with an inbuilt accident insurance cover of\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7228,"url":"https:\/\/www.scconline.com\/blog\/post\/2015\/06\/24\/finance-ministry-issued-draft-proposals-for-facilitating-electronic-transactions\/","url_meta":{"origin":258873,"position":5},"title":"Finance Ministry issued draft proposals for facilitating Electronic Transactions","author":"Sucheta","date":"June 24, 2015","format":false,"excerpt":"On 22 June 2015, the Ministry of Finance issued draft proposals for facilitating electronic transaction in pursuance of the announcement made by the Finance Minister in his budget speech for the Union Budget 2015-2016 that: \u201cOne way to curb the flow of black money is to discourage transactions in cash.\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/258873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/121"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=258873"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/258873\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/255939"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=258873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=258873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=258873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}