Digital payment mandatory for big traders from November 1, Finance Minister Sitharaman announced

Oct 19 2019 02:08 PM
Digital payment mandatory for big traders from November 1, Finance Minister Sitharaman announced

New Delhi: A big news has come to light regarding the payment transaction. Actually, from November 1, the new rule is going to apply in the case of money transactions. According to this, it will be mandatory for traders to take digital payment from next month itself. The Finance Ministry has given information in this regard. According to the information received, no fee or merchant discount rate will be charged from customers or merchants for this.

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It is noteworthy that this step has been taken by the government to promote the digital economy and curb black money. According to the new rule, this new rule will apply to businessmen with a turnover of more than 50 crores. However, this rule has not yet been implemented for small traders.

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In his budget speech, Union Finance Minister Nirmala Sitharaman had said that business establishments with an annual turnover of more than Rs 50 crore should offer their customers a digital mode of low-cost payment and the cost incurred on transactions would be reduced by the Reserve Bank of India.

(RBI) and banks should bear. Following this announcement, the Income Tax Act as well as the Payment and Settlement Systems Act 2007 was amended. CBDT has said in a circular that the new provisions will come into force from November 1, 2019.

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