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of <h1>Businesses with Sales Over Rs. 50 Crore Must Accept Digital Payments, Per Section 269SU of Finance Bill 2019-20.</h1> The Finance Bill 2019-20 introduces a mandate requiring businesses with sales exceeding fifty crore rupees to accept payments through specified electronic modes, aiming to promote a digital economy and curb black money. Section 269SU of the Act will enforce this requirement, effective from November 1, 2019. Non-compliance will incur a daily penalty of five thousand rupees unless justified by valid reasons, as determined by the Joint Commissioner. Additionally, amendments to the Payment and Settlement Systems Act, 2007, will prohibit banks or system providers from imposing charges for using these prescribed electronic payment methods.
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