New Delhi: If you run a business, then this news is of your great use. Actually, the Finance Ministry is going to change the rules for taking payments from 1 November 2019. According to the new rule, it will be mandatory for traders to take digital payments from 1 November. Apart from this, no fee or merchant discount rate (MDR) will be charged for digital payment from customers or merchants. The Central Board of Direct Taxes (CBDT) has issued this directive to implement the order of Union Finance Minister Nirmala Sitharaman in the General Budget.

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It is noteworthy that the Modi government has taken this important step to promote digital payments and curb black money. According to the latest circular of CBDT, according to the new rule, it will be mandatory for traders with turnover above Rs 50 crore to provide payment electronic mode to customers from 1 November 2019.

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The CBTD has also invited applications from interested banks and companies providing payment systems, who want their system to be used in this work and the government should also recommend their system as a qualified system for this purpose. Interested banks and companies can submit their applications by 28 October. Along with this, you can also mail to dirtp14@nic.in till 28 October.

Complete all your bank-related work today, tomorrow is strike and then Diwali holiday