The Kerala Legislative Assembly on Thursday passed a motion urging the central government to withdraw the proposed Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000. The National Payments Corporation of India (NPCI) had planned a 0.4% MDR on person-to-merchant UPI transactions above Rs 2,000 from October 15, but postponed it to after Diwali after strong pushback. Chief Minister V D Satheesan said the MDR works like a tax, raising business costs that ultimately hit consumers amid high inflation and seriously affecting small and medium businesses. UDF and LDF MLAs warned it could generate black money and cause major price increases, and claimed over Rs 12,000 crore would go to American companies. The BJP argued it would not affect the general public or small merchants, since the MDR does not apply to transactions up to Rs 2,000.
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