PSA : Stop using BharatNXT immediately

[ChurningNoob]

Many have received email from Axis asking justification for using Bharthnxt app.

 

[4uziaul]

🤣🤣🤣

 

[VISHESH_BANSAL]

It isn't prohibited.
There was a loophole in which mdr was being borne by paytm until now.
There is always a mdr that is being paid so it becomes a cash advance transaction technically

Then tell Bank explicitly that Treat My Rotation as Cash Advances on Credit Card and deduct applicable Cash Advance charges on txn Amount and Hefty Interest applicable for Cash Advances.

Then may be Bank will close the Enquiry.

 

[Deleted member 9785]

i did use bharatnxt in axis vistara for 80k . I think i should close it immediately?

 

[Deleted member 11974]

Yup. That's why I said "officially". No bank will issue a credit card assuming/knowing that user will rotate money. And if MDR is the only criteria, Gambling and Crypto purchase should also be legal then. In the end, it comes down to playing against the rules and the system. Either bank or IT deptt will come after if they smell something fishy.

Crypto purchase is legal
Secondly you can gamble online using your credit card try it out.

 

[Deleted member 11974]

Then tell Bank explicitly that Treat My Rotation as Cash Advances on Credit Card and deduct applicable Cash Advance charges on txn Amount and Hefty Interest applicable for Cash Advances.

Then may be Bank will close the Enquiry.

Well the bank charges mdr from bharatnxt that's why it's cost of credit is covered.
The bank is just pissed that someone is making money of them.

 

[VISHESH_BANSAL]

It's simple: they require an invoice. As per the original post screenshot, generating an invoice for money rotation through Bharatnxt is it possible?

Suppose we Paid to a Builder for rendering Construction Services via BharatNXT

Then Builder will issue us a GST Paid Payment Receipt in our name.
Show this Receipt to Bank and Bank will.will close the Case.

Where only roation is involved we did not availed any good or Services against which Payment is made.

Now from where someone would produce Invoice/ GST/Tax paid Payment Receipt for Goods and Services which actually does not exist.

Here Fake invoices comes into existence.

Fake invoicing is done for availing input tax Credit.

Now I think GST department will see the first case of Fake Invoicing for Availing Air Miles Credit🤣

 

[grshnehete]

Anyone on the forum received such email?

 

[Deleted member 11974]

Suppose we Paid to a Builder for rendering Construction Services via BharatNXT

Then Builder will issue us a GST Paid Payment Receipt in our name.
Show this Receipt to Bank and Bank will.will close the Case.

Where only roation is involved we did not availed any good or Services against which Payment is made.

Now from where someone would produce Invoice/ GST/Tax paid Payment Receipt for Goods and Services which actually does not exist.

Here Fake invoices comes into existence.

Fake invoicing is done for availing input tax Credit.

Now I think GST department will see the first case of Fake Invoicing for Availing Air Miles Credit🤣

Let's say I have to pay college fee for a family member.
If I pay for 10 20 of his friends through axis magnus would it raise a inquiry ?

 

[satviksehgal]

Anyone on the forum received such email?

1-2 people have. My sense is continuous transactions every month totalling to high amounts.

 

[ChurningNoob]

@ChurningSidd
Can you please tag the person who received this notice?

Everyone including me have a bunch of questions to ask him/her, and at a large it would be beneficial for beginners!

I am just a communicator buddy

 

[Chaitanya-a]

I am just a communicator buddy

Btw bro its BharatNXT. Edit the topic if you can.

 

[VISHESH_BANSAL]

Let's say I have to pay college fee for a family member.
If I pay for 10 20 of his friends through axis magnus would it raise a inquiry ?

All depends on Axis.

On what basis Axis is sending notices to Customers ?
Exact criteria no one knows.

We are just assuming if this happens or that happens then one will recieve the notice

 

[Deathsnatcher]

Let's say I have to pay college fee for a family member.
If I pay for 10 20 of his friends through axis magnus would it raise a inquiry ?

lmao surely it will
but you can say its one person fees unless they ask you to show up

 

[Deleted member 11974]

lmao surely it will
but you can say its one person fees unless they ask you to show up

because currently i have paid fees for my family member and 5 of his freinds totalling to around 2L
i just wanted to be on the safe side

 

[Deleted member 13981]

Crypto purchase is legal
Secondly you can gamble online using your credit card try it out.

Crypto was my bad, got it confused with my present country. And as far as gambling and other stuff is concerned.. Doing things just because one can do, draws the line. This is why not everyone received notice in this case. Few people made their choices knowing about the consequences and now they are facing them. Those who can prove their transactions are genuine, will definitely be fine.

In the end it boils down to our perception. Some people use credit card to manage their expenses and earn cashback/rewards, others to make money out of bank's pocket.

I'm not a judge of the right or wrong here, but justifying every loophole, exploit and workaround to fool an institution beats the very purpose of an instrument like credit card. I hope this story settles down soon and people don't have to lose their cards and points.

 

[Deleted member 11974]

Well if banks were losing money on this transactions they will definately take action. but since the rp is being given out of the mdr which is being paid by the merchant or customer i dont see any problem

 

[venkateshr]

Even in February people took it casually and continued to rotate in lakhs, so now this was bound to happen.
There is an identification terminology called "MID". Please research about it before doing MS.

MID what is the full form. Didn't get the context. Is it some sort of identifier for banks?

 

[vaibhav111vaibhav111 is verified member.]

because currently i have paid fees for my family member and 5 of his freinds totalling to around 2L
i just wanted to be on the safe side

don't sweat over it, what is done is done. now don't use bharatnxt for now and use magnus for personal use and pray axis don't go over each and every individual who have use bharatnxt whether amount is lakhs or thousand.

 

[phildunphy]

Many have received email from Axis asking justification for using Bharthnxt app.

View attachment 20434

Anyone else got this email?

 

[RewardsAlert]

MID what is the full form. Didn't get the context. Is it some sort of identifier for banks?

MID refers to Merchant Identification number, which is basically a unique code assigned to every merchant.
It helps a bank in various ways and one of them is to filter out all trxns pertaining to a single merchant like BharatNXT in this case.
Some people are under the impression that bank cannot track it because it falls under utility category.

So, instead of devaluing/removing Utility MCC from Axis HNI cards, they directly filtered MID.