[GTO]

Originally Posted by Highh5

I got it on my Amex Card. So i think it is not limited for PSU Bank Cards Only

My Am-Ex already gives me 3% cashback. So, will this 0.75% be over & above the 3%? Wow, that means my cars just became ~4% more fuel efficient .

[amtak]

Originally Posted by GTO

My Am-Ex already gives me 3% cashback. So, will this 0.75% be over & above the 3%? Wow, that means my cars just became ~4% more fuel efficient .

I too received the same SMS; My worry is, they should not reduce it from 3% to 0.75 stating it to be a govt. regulation

[Highh5]

Originally Posted by GTO

My Am-Ex already gives me 3% cashback. So, will this 0.75% be over & above the 3%? Wow, that means my cars just became ~4% more fuel efficient .

Yes it is. I got two different entries of credit. One is of 3% and another of .75%.
One more point if you refill using AmEx Card from HP Petrol Pumps then you got 3% cashback excluding 2.5% surcharge. So basically i saved 2.5% surcharge, 3% cashback from AmEx and .75% from government.

[speedmiester]

AMEX is providing 3% cashback only until Feb 2017, it is a promotional offer. Also this is applicable only at HPCL stations. At other bunks 2.5% surcharge is applicable, so effective discount will be 0.75%+0.5%

[PraNeel]

Originally Posted by speedmiester

AMEX is providing 3% cashback only until Feb 2017, it is a promotional offer. Also this is applicable only at HPCL stations. At other bunks 2.5% surcharge is applicable, so effective discount will be 0.75%+0.5%

You are correct, however 3% cahback is for HP, IOCL, Shell and BP. This is displayed once I log in to my Amex account.



One can also use Standard Chartered Super Value Titanium card which waives off 2.5% surcharge and gives 2.5% cashback at any fuel outlet in India. Minimum transaction needs to be 750 Rs.

[Born 2 Be Wild]

Originally Posted by AutoNoob

Yes. Actually the PSU companies are being reimbursed by Govt, whereas private companies aren't.

At present the 0.75% cashback is being deducted from the Card Batch settlement at EOD from the payout to the pumps account effective next day. So as of now, its the pump dealers paying this 0.75% cashback. There is no clarity on when the pump owners will get this 0.75% reimbursed and what mechanism will be put in place. Till now there have been but mere assurances that we will get our money back but no results.

Originally Posted by narayan

The petrol bunk owners are using this opportune moment to renegotiate their merchant discount rates with the acquiring banks given that the alternate payment mode which is cash is being rationed. Will backfire on them because cars will now start filling for smaller values than before whereas they would be filling full tank. They would fall in line within a few days I think

FYI pumps till now had Bank EDC machines on the forecourt, which banks had a direct tie up with the parent oil company. For eg HPCL has a tie up with ICICI Bank and Axis Bank, hence all HPCL Pumps have to compulsorily have card swipe machines of these banks installed as per the agreement with the banks. Only incentive for the dealer was the machine was free of cost and no charges levied on us. Parent company pocketed 1.2% and the bank took the rest. So all the while, people paying surcharge on these machines were directly benefiting the oil company the friendly neighbourhood bank.

Now post demonetization, suddenly if the banks decide to levy a MDR on the dealers, no dealer is going to absorb this loss as the margins on oil sales are minuscule. If it was the oil companies and the banks making merry for so many years, ideally they should decide who is getting the shorter carrot!

That's why the dealers planned to stop use of swipe machines and there are still some sane people in the govt who realized these chaps do have a valid point. Hence it was decided that either the banks or the Oil companies will bear it - in what ratio is totally their call.

Originally Posted by rkg

The banks have become greedy and imposed additional 1% transaction fee on fuel purchases. thats the cause. it is differed till Jan 13th.

Cashless system is a boon to intermediaries, as it is a perpetual source of income on every transaction done. Government also benefits with Service tax on every transaction and also IT and sales tax.
That's the reason everyone is jumping into this.

Ideally, there should be no charge for using debit cards and e wallets as the customer is using his own money. In addition, both merchant and government are saving on physical handling of cash and higher tax compliance.

Absolutely bang on target.

Originally Posted by deehunk

The problem for the bunk owners is the fear of getting exposed to actual sales of diesel and petrol. If e-currency is used then the input stock v/s output sales can be tracked which will harm their adulteration business. The banks also have self interest in discouraging electronic transactions as they do not want to lose their high profile customers. But our PM's exercise of demonetization proved that black money was not hidden in other countries but it had a safe haven in the banks within India.

This post really cracked me up and made my day

FYI pump owners prefer E transactions - the amount we pay in cash handling charges every month to the banks is more then enough to employ four more employees! And on top of that, the hassle of carrying that much cash each day to the bank.

Also, E- currency has no way of tallying input outflow logarithm that you have just mentioned.

Also wouldn't know which part of the country you are in, but all metros have automated pumps where stocks and sales are monitored digitally. So there is no other business other then selling what it is you receive.

[pawan_pullarwar]

I have accounts in Kotak and ICICI. Kotak is charging customers for fuel surcharge. While if I filled up using ICICI, they don't charge and I got 0.75 cashback.

[bordeaux]

I didn't get an SMS about the cashback credit but it is correctly reflected in my account statement. Also, it's not an immediate thing. It's credited after a week or so.

[gupta_chd]

Originally Posted by GTO

My Am-Ex already gives me 3% cashback. So, will this 0.75% be over & above the 3%? Wow, that means my cars just became ~4% more fuel efficient .

Originally Posted by speedmiester

AMEX is providing 3% cashback only until Feb 2017, it is a promotional offer. Also this is applicable only at HPCL stations. At other bunks 2.5% surcharge is applicable, so effective discount will be 0.75%+0.5%

I am getting 2.5% surcharge waiver + 2.5% cash back since ages (I mean at least 4-5 years) + additional 0.5% these days on ICICI Platinum/Coral credit cards on HP pumps. It is a good option too. Also there are some reward points credited too.

[saket77]

I have filled fuel many times after this scheme was announced. Paid using my debit card at all times.
Never got even a paisa as cash back!
Wonder what's the issue?

[Sree73]

Originally Posted by saket77

I have filled fuel many times after this scheme was announced. Paid using my debit card at all times.
Never got even a paisa as cash back!
Wonder what's the issue?

+1
I have used my credit card at Shell twice after this announcement. Did not receive any discount so far.

[hothatchaway]

Using my HSBC Classic credit card (visa) I got the .75% cashback for one transaction on fuel worth Rs 1000 but not another which was for Rs 1500. Both at BPCL outlets albeit separate ones. When contacted, was told that the cashback has to be initiated by the fuel pump and not the bank itself, no answer to what is then the customer supposed to do, visit the pump and follow up?!

They continue to levy the fuel surcharge and provide an option that if you want it waived, enroll for the waiver by paying a flat fee upfront! Wonder what happened to the govt's message to encourage digital transactions by waiving the fuel surcharge.

[deehunk]

Originally Posted by Born 2 Be Wild

This post really cracked me up and made my day
FYI pump owners prefer E transactions the amount we pay in cash handling charges every month to the banks is more then enough to employ four more employees!
Also wouldn't know which part of the country you are in but all metros have automated pumps where stocks and sales are monitored digitally.so there is no other business other then selling what it is you receive.

Glad to hear that you were happy, I certainly stay in a Metro and know how well the bunk owners supported Modi's call for giving cash to people who swiped their cards at the fuel stations. The digital monitoring is not tamper proof, otherwise this thread would have not been on the forum.

http://www.team-bhp.com/forum/indian...s-operate.html

[Born 2 Be Wild]

Originally Posted by deehunk

Glad to hear that you were happy, I certainly stay in a Metro and know how well the bunk owners supported Modi's call for giving cash to people who swiped their cards at the fuel stations. The digital monitoring is not tamper proof, otherwise this thread would have not been on the forum.

http://www.team-bhp.com/forum/indian...s-operate.html

Now thats cracked me up further
Last time I checked giving cash to customers was a govt initiative to be excuted by the banks by providing a separate EDC terminal for cash dispensing against swiping and ironically the very same banks have failed to dipense in most cases a rupee of the amount given out in cash by bunks to customers against swiping so yeaah ranting on the net without facts is a luxyry every mortal has!

And most probably sir, you would not even know an iota about automation at pumps without even knowing the name of the service provider and setup used and still rant on the net because hell it is tax free to do so lol! Also there is a lot of other information on the net,
like who killed JFK, what happened to MH370 and where is Hitler's gold so lets believe it all lol.

Originally Posted by hothatchaway

Using my HSBC Classic credit card (visa) I got the .75% cashback for one transaction on fuel worth Rs 1000 but not another which was for Rs 1500. Both at BPCL outlets albeit separate ones. When contacted, was told that the cashback has to be initiated by the fuel pump and not the bank itself, no answer to what is then the customer supposed to do, visit the pump and follow up?!

They continue to levy the fuel surcharge and provide an option that if you want it waived, enroll for the waiver by paying a flat fee upfront! Wonder what happened to the govt's message to encourage digital transactions by waiving the fuel surcharge.

That's the irony of the whole situation let me explain: The entire credit/debit card batch in the EDC that is settled by the pump at EOD is credited to our bank accounts minus the 0.75% so we are taking the 0.75% hit upfront. The GOI and the oil companies are yet to decide on how we get it back!

Now banks that aren't giving it back to customers and are simply eating into that 0.75% and that's the irony! Its a good scheme ruined by to many cooks cooking the broth!!

And all the "bhakts" will be screaming their lungs out that they have been robbed by the bunks

[deehunk]

Originally Posted by Born 2 Be Wild

Now thats cracked me up further
so yeaah ranting on the net without facts is a luxyry every mortal has!

Thanks for enlightening me and other fellow members about the financial operations at fuel stations. Please make me understand why there is a discrepancy in dispensing fuel and how it gets accounted at the end of the day.
My views were based on the recent experience at few fuel stations, when I asked for cash against swiping of Card as directed by GOI, my request was rejected. I could see big bundles of Rs.100 stacked in front of me.