Mandatory electronic payment acceptance requires businesses above a turnover threshold to provide prescribed digital payment facilities, with daily penalties.

A new provision requires persons carrying on business whose total sales, turnover or gross receipts in the immediately preceding previous year exceed a specified turnover threshold to provide facilities for accepting payments through the prescribed electronic modes. Failure to provide such prescribed electronic payment facilities attracts a daily monetary penalty, subject to proof of good and sufficient reasons, with penalty imposition by the Joint Commissioner. A consequential amendment prohibits banks and system providers from imposing any charge for using the prescribed electronic payment modes.

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