National News
Tiffany & Co. Acquires Historic Titanic Pocket Watch for $1.97 Million
Tiffany & Co. has set a new record with the acquisition of a rare 18k gold pocket watch for $1.97 million. The timepiece, once owned by Captain Arthur H. Rostron of the RMS Carpathia, was a gift from three Titanic survivors—Mrs. John B. Thayer, Mrs. John Jacob Astor, and Mrs. George D. Widener—who expressed their gratitude for his heroic efforts in rescuing passengers after the Titanic sank.
The pocket watch, purchased from Henry Aldridge and Son Ltd., is engraved with a heartfelt message from the survivors and features the monogram “AHR” on its caseback. This historic artifact honors Captain Rostron’s courage and pivotal role in saving hundreds of lives. Christopher Young, Vice President of Creative Visual Merchandising at Tiffany & Co., emphasized the significance of the acquisition, stating that it highlights the brand’s long-standing connection to history and its role in the luxury world.
National News
MDR For UPI: Credit Card Bill Payments and Jewellery Purchases Remain Free For Consumers
Consumers Are Advised That Merchant-Imposed Surcharges On Card Or UPI Payments Violate Current Payment Guidelines
Following recent industry discussions regarding the updated Merchant Discount Rate (MDR) framework for Unified Payments Interface (UPI) transactions, financial experts and industry leaders have clarified that individual consumers will not incur any additional charges when paying credit card bills or purchasing high-value items like jewellery via UPI apps.
Zero Fees on Credit Card Bill Payments via UPI
Despite the implementation of the revised UPI MDR structure, consumers using UPI-enabled applications to pay their credit card bills remain entirely exempt from MDR fees.
No Cost Impact for Users: Cardholders can continue paying their bills through standard UPI QR codes or app-based transfers without losing reward points, credit float advantages, or incurring extra costs.
Understanding BBPS Fees: While standard bank-to-bank UPI transfers do not carry MDR, credit card bill payments processed through the Bharat Bill Payment System (BBPS) may incur small convenience or processing fees set directly by participating payment platforms under their own commercial terms—not as part of the UPI MDR framework.
Framework for Jewellery Purchases and High-Value Merchants
For high-value retail transactions, including jewellery purchases, regulatory guidelines mandate that the burden of MDR falls strictly on merchants, not customers:
Consumer Exemption: Merchants and payment platforms are prohibited from passing MDR charges or platform surcharges directly onto buyers.
Capped MDR for Jewellers: Under the revised Person-to-Merchant (P2M) framework for transactions exceeding Rs 2,000, jewellers and high-value merchants absorb a capped MDR of 0.4% (up to a maximum limit of Rs 300 per transaction for purchases of Rs 75,000 and above).
Payment Transparency: While jewellers absorb nominal fees for bank-linked UPI transactions, standard credit card fees continue to apply to credit card swipes and RuPay-credit card UPI transactions.
Consumers are advised that merchant-imposed surcharges on card or UPI payments violate current payment guidelines.
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