Businesses to Pay Rs 5000 Fine/Day for not Offering Digital Payment Facilities

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Businesses to Pay Rs 5000 Fine/Day for not Offering Digital Payment Facilities

G Plus News | January 02, 2020 19:01 hrs

GUWAHATI: With effect from February 1, businesses will have to pay stringent fines for not accepting digital payment facilities for consumers. 

The fine will amount to Rs 5000 per day for businesses with an annual turnover with more than Rs 50 crores.

This was stated recently by the Central Board of Direct Taxes (CBDT) in a circular which said that these businesses must offer digital modes of payments like BHIM UPI, UPI QR code, Debit cards, Aadhar Pay, NEFT, RTGS among others.

The move has been taken with a view to encourage digital payments. 

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