Politics Wrap: India — Today's Developments

The government's 0.4% Merchant Discount Rate (MDR) on UPI transactions above ₹2,000 has erupted into a full-blown political war. The new fee, set to kick in from October 15, is designed to create a revenue stream to fund UPI's infrastructure and security. But the opposition has branded it a "Modi Tax", alleging it will hurt small merchants and consumers.

In Committee

A heated debate is raging in the Parliamentary Standing Committee on Finance. Congress MP...