After announcing zero MDR charges for using RuPay and UPI, Govt. has now announced a steep fine of Rs 5000 per day, if any business doesn’t accept UPI and RuPay debit cards as mode of payments from customers.
Businesses and firms, which have more than Rs 50 crore annual revenues, should mandatorily provide UPI and RuPay mode of payment to their customers.
In case they are not able to do it, then Govt will impose a penalty of Rs 5000 per day on these businesses.
Hence, only those businesses which have Rs 50 crore or more annual revenue will be impacted here.
This new rule will be imposed from February 1st, 2020.
These new rules have been announced by Central Board of Direct Taxes (CBDT).
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In case they are not able to do it, then Govt will impose a penalty of Rs 5000 per day on these businesses.
Hence, only those businesses which have Rs 50 crore or more annual revenue will be impacted here.
This new rule will be imposed from February 1st, 2020.
These new rules have been announced by Central Board of Direct Taxes (CBDT).
More
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