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Petrol pumps extend payment through cards but only till 13 January, 2017.

Demonetization effect made the whole country go digital in payment forcefully or by choice. Petrol pumps have been facing a…

By Administrator in News on January 9, 2017

Demonetization effect made the whole country go digital in payment forcefully or by choice. Petrol pumps have been facing a lot of problems since the ban of currency notes. Acceptance of payments through cards and digitally makes the country’s economy go cashless which isn’t great. Banks have decided that petrol pumps can accept cards only until Jan 13. The reason behind this is that there is a levy of 1% charged to petrol pump for transactions in cards then in cash.

On Sunday, After there has been successful Government intervention thankfully the dates have just extended, but there is no permanent solution to it. The All India Petroleum Dealers Association (AIPDA) is the finance and petroleum ministries which say that HDFC and other banks have been clear that 0.25-1% charge on transactions with the debit card and if any other card total 1% fees will be legally charged on the petrol pumps.

On fuel purchase post-demonetisation for consumers had waived the Merchant Discount Rate (MDR) to promote cashless transaction by the Govt. Banks were as if waiting for the 50-day period to get over immediately they started levying charges on payment through cards for the petrol pumps.  Petroleum Minister Dharmendra Pradhan said that the charges levied by MDR will be exactly applied how the RBI wants it to happen but who will take the hit?

After all the issues and discussion the Banking and oil marketing companies are seriously looking forward to for the whole conclusion because after a point of time no one is going to be ready to bear the extra charges for fuel consumption. The ministry still feels that people who believe in cashless transaction will surely support the whole go and will continue to pay through cards.

Here are some reactions on Twitter of people after the Big news.

Not all banks have charged the transaction fee yet. Check fo yours.

Feature image source: @hindustan times.

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