1. Petrol pumps not to accept debit, credit cards; Association sends e-cash warning

Petrol pumps not to accept debit, credit cards; Association sends e-cash warning

The petrol pump associations have today warned that they won't accept debit or credit cards from tomorrow, despite no notification from the RBI posted in this regard.

By: | New Delhi | Updated: January 8, 2017 8:41 PM
petrol Petrol pumps from today midnight won’t accept HDFC and Axis bank charge due to the levy charge.

The petrol pump associations have today warned that they won’t accept debit or credit cards from tomorrow, despite no notification from the RBI posted in this regards. For each payment on credit cards, banks charge 1 percent. They have also said that petrol pumps from today midnight won’t accept HDFC and Axis bank charge due to the levy charge.

Speaking to ANI, Delhi Petrol Dealers Association president Anurag Narain said, that from midnight petrol pumps won’t accep any credit or debit card of any bank. He furthersaid that banks have levied a fee of 1 percent, because of which petrol pumps have option but to stop EDC machines from operating.

Earlier in the day, the Tamil Nadu Petroleum Dealers Association had said that it received a notice from banks that a Merchant Discount Rate of one per cent will be taxed on all transactions done at the retail fuel outlets today midnight. As per KPMurali, the association had received the intimation from the banks on deciding to levy a Merchant Discount Rate (MDR) of one per cent plus taxes on all transactions done at petrol pumps. He also said that the move was unilateral by banks.

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Murali further said margins were fixed on basis of a per kilolitre and that they did not have chance to absorb these charges. He also alleged that banks were delaying payments” and not settling the entire dues. “The reconciliation of swipes to amount being credited to our accounts is causing a lot of hardships and losses to a large percentage of the dealer community,” he said in a statement.

(With inputs from PTI)

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