Electronic payment mode under section 50C now includes prescribed electronic methods beyond bank accounts, affecting payment routing. The amendment to section 50C replaces the phrase "bank account" in the second proviso of sub section (1) with "bank account or through such other ... Summary
Electronic payment mode under section 50C now includes prescribed electronic methods beyond bank accounts, affecting payment routing.
The amendment to section 50C replaces the phrase "bank account" in the second proviso of sub section (1) with "bank account or through such other electronic mode as may be prescribed," thereby permitting prescribed electronic modes in addition to bank accounts for the relevant transfers and enabling rulemaking to specify those modes.
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