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of <h1>India mandates electronic payment facilitation for businesses over Rs. 50 crores; banks must refund illegal charges.</h1> The Government of India mandates businesses with a turnover exceeding Rs. 50 crores to facilitate payments through specified electronic modes under section 269SU of the Income-tax Act, 1961. Section 10A of the Payment and Settlement Systems Act, 2007 prohibits banks from imposing charges on payments via these modes, effective from January 1, 2020. Despite this, some banks have been charging fees, violating the law and risking penalties under sections 271DB of the Income-tax Act and 26 of the PSS Act. Banks are instructed to refund any collected charges and cease imposing fees on such transactions.
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