Aam Aadmi Party's traders' wing today asked Union Finance Minister Arun Jaitley to waive off the MDR, a concession given to petrol pump dealers, as it was eating into the profits of merchants.
Banks are the conduit through which the benefits of a high deposit base are likely to accrue. But if banks use it as a toll gate and start charging for every transaction, the economy would go back to its old ways.
To promote cash-less transactions, the government had waived the Merchant Discount Rate (MDR) on fuel purchase post demonetisation for consumers. But after the expiry of the 50-day window, the banks have decided to levy MDR on petrol pump owners.
At the same time, mobile recharge facility with old Rs 500 notes will not be available. However, people can deposit invalid Rs 500 currency in their bank accounts.
Over 4,800 petrol pumps across the country are dispensing Rs 2,000 per card a day through POS machine swipes and have dispensed Rs 65 crore in the past two weeks.
With banks struggling to cope with rush to get alternative currency, the government has extended use of old defunct Rs 500 and Rs 1,000 notes for paying household utility bills, fuel, taxes and fees and purchases from co-operative stores till November 24.
The KSP was inaugurated by the Commanding Officer, Indian Army and Border Roads despite temperature being a minus 15 Degree Celsius.
Finance Minister P Chidambaram today said it is being found difficult to charge a market price for luxury cars and a subsidised price for farmers and transport trucks at the same petrol pump.
The Federation of All India Petroleum Traders (FAIPT), an umbrella body which claims representation of most of the 42,000 petrol pumps in the country, today said its members have not gone on strike and fuel stations were operating normally.
To promote penetration of insurance in the country, IRDA today proposed to rope in kirana shopowners, chemists shops and petrol pump operators to sell micro insurance products.
Supply of petrol and diesel are likely to take a hit next week, as the petrol station owners have decided to join the all India strike call given by the Federation of All India Petroleum Traders on April 23.